What is Bitcoin mining?
Bitcoin mining is a lot like a giant lottery where you compete with your mining hardware with everyone on the network to earn bitcoins. Faster Bitcoin mining hardware is able to attempt more tries per second to win this lottery while the Bitcoin network itself adjusts roughly every two weeks to keep the rate of finding a winning block hash to every ten minutes. In the big picture, Bitcoin mining secures transactions that are recorded in Bitcon's public ledger, the block chain. By conducting a random lottery where electricity and specialized equipment are the price of admission, the cost to disrupt the Bitcoin network scales with the amount of hashing power that is being spent by all mining participants. Refer from Internet .....
I'm making a blog series on how the blockchain and cryptocurrencies work and I'll be covering mining too, I'm making basic explanations for everyone to understand. But I'll cover advanced topics in the future too! come check it out if you are interested
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