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judymcconville@roadrunner.com 2017-05-01 15:44:56 -07:00
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((("decentralized systems", "purpose of bitcoin mining")))The purpose of mining is not the creation of new bitcoin. That's the incentive system. Mining is the mechanism by which bitcoin's _security_ is _decentralized_.
((("decentralized systems", "bitcoin mining and")))The purpose of mining is not the creation of new bitcoin. That's the incentive system. Mining is the mechanism by which bitcoin's _security_ is _decentralized_.
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Miners validate new transactions and record them on the global ledger. A new block, containing transactions that occurred since the last block, is "mined" every 10 minutes on average, thereby adding those transactions to the blockchain. Transactions that become part of a block and added to the blockchain are considered "confirmed," which allows the new owners of bitcoin to spend the bitcoin they received in those transactions.