Digital Currency Mining

By mdaasan | Global Financial System | 26 Mar 2022

Bitcoin mining is the process of creating a new currency using computers to solve algorithms and decipher complex mathematical codes.

Bitcoin users, euphemistically called “miners”, save and record data and transactions in accounting chains, each called a “blockchain”, which is similar to a general ledger in the world of accounting.

The process of saving and recording data in the block chain requires highly efficient and effective computers.

Since the currency is decentralized, it is not under the control of governments.

It is constantly updated by a network of purpose-built computers around the world.

On average, one bitcoin mining process takes about 10 minutes on the network to solve a complex program and process a block. The process ends with the use of a large amount of electrical energy due to the desire of many to mine the currency to obtain in return the bitcoins and the exemption from transaction processing fees.

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Global Financial System
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