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@ -18,7 +18,7 @@ The word "mining" is somewhat misleading. By evoking the extraction of precious
Mining is the invention that makes bitcoin special, a decentralized security mechanism that is the basis for peer-to-peer digital cash. The reward of newly minted coins and transaction fees is an incentive scheme that aligns the actions of miners with the security of the network, while simultaneously implementing the monetary supply.
In this chapter, we will first examine mining as a monetary supply mechanism and then look at the most important function of mining, the decentralized emergent consensus mechanism that underpins bitcoin's security.
In this chapter, we will first examine mining as a monetary supply mechanism and then look at the most important function of mining: the decentralized emergent consensus mechanism that underpins bitcoin's security.
==== Bitcoin Economics and Currency Creation