The concept of "mining" Bitcoin still eludes my comprehension..
The value of the coin comes from the work taken to produce it? I.e., the electricity, man hours, etc..?
The concept of "mining" Bitcoin still eludes my comprehension..
The value of the coin comes from the work taken to produce it? I.e., the electricity, man hours, etc..?
There are some really detailed papers out there explaining all of the ins and outs but for sake of brevity, yes you are correct. The value of the bitcoin is derived from PoW (Proof of Work) and usually measured in hashrate. Note the value and the price are not the same thing! :)