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judymcconville@roadrunner.com 7 years ago
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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. 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.

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