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The best place to start is by asking, what is bitcoin mining? As a form of digital currency it exists only in lines of computer code. This significant difference is what drives the way bitcoins are created. Unlike a physical form of currency which is printed onto a tangible piece of paper, bitcoins exist only in a digital sense. Nevertheless, in order to maintain a system of exchange, there still has to be a method of creating printing the currency and tracking how many bitcoins are in circulation.
This process is accomplished by Bitcoin mining. Mining is, by simple definition, a process of adding transactions to the public ledger of past Bitcoin transactions. The ledger of past Bitcoin transactions is known as the block chain, meaning it is a simple chain of blocks. The central purpose of the block chain is to confirm transactions that are taking place in the Bitcoin market.
Think about it this way. This was the manner in which records were kept prior to the digital era. A ledger allowed the bank to know how much money you had in your account and it facilitated the transfer of that money to another entity. The block chain is very much like that type of ledger with a notable difference. It only exists in a digital sense. To further simplify this explanation, the block chain is the digital record of Bitcoin transactions. Bitcoin nodes use the block chain to separate legitimate transactions from fraudulent ones attempting to spend bitcoins that have already been spent.
Bitcoin mining exists to provide a means for Bitcoin nodes to reach a secure, tamper-resistant consensus. Mining also provides the means for the creation of new bitcoins. Miners are paid transaction fees, and they also receive a percentage of newly created bitcoins. This process, though it seems difficult to comprehend, is what maintains the decentralized nature of the currency.
It also assists in motivating miners to provide security for the overall system. The process is referred to as mining because it closely resembles the process of mining other commodities such as gold and silver. That setting keeps me at about 4. Butterfly Labs is a company that has drawn a fair amount of controversy for what the Bitcoin community at large perceives as a string of broken promises.
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