How Bitcoin Mining Works

How Bitcoin Mining Works
TL;DRBitcoin mining is the process of discovering new blocks, verifying transactions and adding them to the Bitcoin blockchain.Each time a new block is discovered, the successful miner is granted the right to fill that block with new transaction data. In return for dedicating time and resources to performing this task, winning miners receive a free amount of newly minted bitcoin known as a “block reward” as well as any fees attached to transactions they store in the new blocks.The process of giving successful miners newly minted bitcoin is exclusively how new coins enter circulation.Why do people mine bitcoin?There are two…