Bitcoin mining is a process of digitally adding transaction records to the Blockchain. It is also known as the crypto mining process that is executed using enormous computing power. Each Bitcoin miner contributes to a decentralized P2P (Peer-to-Peer) network to ensure the payment network is secure and trustworthy.
The Blockchain network is a decentralized P2P network that contains a shared ledger. The network has no central authority, so the transactions are recorded, processed, and validated in the miner’s network. The data shared over in the network is completely transparent. Still, the sensitive and personal data regarding the members’ identity is always anonymous.
Here, the miners require validating blocks of transactions to access their blocked rewards. A new BTC is introduced when a new transaction block is added to the system.
