Photo by Icons8 Team on UnsplashJack gives Mike a 20 dollar note \u2014 it can be a duplicate or counterfeit \u2014 not a possibility in Bitcoin transaction; first, because it is totally online; second, the transaction history is shared in the form of \u201cblocks\u201d with a lot of ledgers (in plain words: account books) distributed across the internet as chains, hence termed as blockchain. Someone breaking into a single ledger and counterfeiting Bitcoin is out of the question \u2014 all ledgers are redundant and will be automatically updated with all transaction records \u2014 it\u2019s like syncing your phone contacts to the cloud, except that you cannot delete any number.Why I\u2019m talking about Bitcoin transaction? Well, Bitcoin miners are the one who provides redundancy and security to those transactions in the blockchain, and in the process gets rewarded with new Bitcoins. I\u2019ll tell you how.All transaction records are stacked as blocks to be kept secured and redundant. The process of stacking blocks requires solving a complex mathematical problem as programmed by the inventor. A miner takes the job of solving that math problem using powerful computers, which makes the transactions secured, and in the process, new Bitcoins are generated as winnings.Random Hashes (Image by Sabrina Jiang \u00a9 Investopedia 2021)Miners generate \u201chash\u201d \u2014 a 64-digit hexadecimal number \u2014 as a key to make a block. By \u201cgenerate,\u201d I actually mean: \u201cguess.\u201d It\u2019s a guessing game for miners. Who will solve the math problem first depends on how fast they can generate hash; thus, increasing their probability of guessing the correct numbers. Therefore, the miner with the highest \u201chash rate\u201d is higher up in the game.Higher hash rate doesn\u2019t come cheap. It requires a lot of computing power. In the early days, it was possible to generate Bitcoins with personal computers. Then, miners\u2026<\/p>","protected":false},"excerpt":{"rendered":"
Photo by Icons8 Team on UnsplashJack gives Mike a 20 dollar note \u2014 it can be a duplicate or counterfeit \u2014 not a possibility in Bitcoin [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/3501"}],"collection":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/comments?post=3501"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/posts\/3501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/media?parent=3501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/categories?post=3501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/fr\/wp-json\/wp\/v2\/tags?post=3501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}