How To Mine For Bitcoins Digital Currency

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How To Mine For Bitcoin Digital Currency

Bitcoin mining is so called because it resembles the mining of other commodities: it requires exertion and it slowly makes new currency available at the rate at which commodities like gold are mined from the ground.

Mining, or generating, is the process of adding transaction records to Bitcoin public ledger of past transactions called “block chain”, as it is a chain of blocks.  The block chain serves to confirm transactions to the rest of the network as having taken place.  Bitcoin nodes use the block chain to confirm legitimate transactions from attempts to re-spend coin that have been used elsewhere.

Mining is intentionally designed to be resource-intensive and difficult so that the number of blocks found each day from miners remains steady.  Individual block must contain a “proof of work” to be considered valid.  This “proof of work” is a piece of data…

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