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@ -1,7 +1,7 @@
[[mining]] [[mining]]
== Mining and Consensus == Mining and Consensus
The word "mining" is somewhat The ((("mining", "purpose of")))((("bitcoins", "mining", "purpose of")))word "mining" is somewhat
misleading. By evoking the extraction of precious metals, it focuses our misleading. By evoking the extraction of precious metals, it focuses our
attention on the reward for mining, the new bitcoins created in each attention on the reward for mining, the new bitcoins created in each
block. Although mining is incentivized by this reward, the primary block. Although mining is incentivized by this reward, the primary
@ -27,7 +27,7 @@ Mining
is one of the mechanisms by which Bitcoin's _consensus security_ is _decentralized_. is one of the mechanisms by which Bitcoin's _consensus security_ is _decentralized_.
==== ====
Miners record new transactions on the global blockchain. A Miners ((("bitcoins", "mining", "operational overview", id="bitcoin-mining-overview")))((("mining", "operational overview", id="mining-overview")))record new transactions on the global blockchain. A
new block, containing transactions that occurred since the last block, new block, containing transactions that occurred since the last block,
is _mined_ every 10 minutes on average, thereby adding those is _mined_ every 10 minutes on average, thereby adding those
transactions to the blockchain. Transactions that become part of a block transactions to the blockchain. Transactions that become part of a block
@ -51,7 +51,7 @@ In some protocols built on top of Bitcoin, the topological order of
Bitcoin transactions is also used to establish a sequence of events; Bitcoin transactions is also used to establish a sequence of events;
we'll discuss that idea further in <<single_use_seals>>. we'll discuss that idea further in <<single_use_seals>>.
Miners receive two types of rewards in Miners((("bitcoins", "mining", "incentives")))((("mining", "incentives")))((("incentives"))) receive two types of rewards in
return for the security provided by mining: new bitcoins created with each return for the security provided by mining: new bitcoins created with each
new block (called the _subsidy_), and transaction fees from all the transactions included in new block (called the _subsidy_), and transaction fees from all the transactions included in
the block. To earn this reward, miners compete to satisfy a challenge the block. To earn this reward, miners compete to satisfy a challenge
@ -94,7 +94,7 @@ decentralized consensus mechanism that underpins Bitcoin's security.
To understand mining and consensus, we will track Alice's transaction To understand mining and consensus, we will track Alice's transaction
as it is received and added to a block by Jing's mining equipment. Then as it is received and added to a block by Jing's mining equipment. Then
we will follow the block as it is mined, added to the blockchain, and we will follow the block as it is mined, added to the blockchain, and
accepted by the Bitcoin network through the process of emergent accepted by the Bitcoin network through the process of ((("bitcoins", "mining", "operational overview", startref="bitcoin-mining-overview")))((("mining", "operational overview", startref="mining-overview")))emergent
consensus. consensus.
=== Bitcoin Economics and Currency Creation === Bitcoin Economics and Currency Creation