What is Bitcoin mining?
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="800" height="533" />)
Bitcoin is often considered to be a “store of value” like gold, and like gold, new bitcoins are created by “mining” (up to a maximum 21 million coins).
Bitcoin mining is the process by which thousands of computers around the world compete to record and verify transactions on the network. These specialized computers known as ‘mining rigs’ perform the equations required to verify and record a new transaction.
In the early days, a typical desktop PC was powerful enough to participate, which allowed pretty much anyone who was curious to try their hand at mining. These days, however, the computers required are massive, specialized, and often owned by businesses or large numbers of individuals pooling their resources.
2 comments