Bitcoins are the cryptocurrency or the digital currency which is used for our online financial transactions. Bitcoin mining or mining bitcoin is the procedure or the process of maintaining or keeping records on the blockchain which is called the Bitcoin blockchain. These Bitcoins were developed by an unknown group of people and there is no board or organization to have control over it. The participants who participate in this procedure or the process of keeping or maintaining the records are called the miners. These miners keep the ledger of the blockchain complete by considering them as the unit of the transactions which are new into a block that is done the verification by the nodes on the network of the Bitcoins called the Bitcoin network.
Miners and mining of the bitcoins
After the block is successfully mined, the miner will be applying the mathematical formula of numbers as well as the letters to the block which is in general known as the SHA-256 cryptographic hash of the block which is the previous one. The formula is done with the solution once the transactions which can you are added to the blockchain thus forming the block and it is circulated formerly throughout the network for the process and the procedure of verification. After completing the above process and the procedure, the miner will be getting the reward with an amount of 12.5 bitcoins by the network of bitcoins that is the bitcoin network.
The main reason behind calling this particular procedure mining because the Bitcoins will be hiding under the design of the protocol, this can be explained when considering the metal gold. Gold is not in the form which is seen as an ornament or coin before it gets mined and in the same way, is the bitcoin.