?? What is Bitcoin Mining?
Bitcoin mining is the process of adding transaction records to Bitcoin’s public LEDGER known as Blockchain. In simple terms, Bitcoin mining is the process of making computer hardware do a mathematical calculations for the Bitcoin network to confirm transactions and increase security, and there is an application or device that is designed mainly for Bitcoin mining that is known as ASIC Miner.
?? Bitcoin mining is the backbone of the Bitcoin network.
Miners provide security and confirm Bitcoin transactions.
The role of miners is to secure the network and to process every Bitcoin transaction.
Without Bitcoin miners, the network would be attacked and dysfunctional.
For this service, miners are rewarded with newly-created Bitcoins and transaction fees.
Miners are paid rewards for their service every 10 minutes in the form of new bitcoins.
?? What is ASIC Miner?
?? ASIC ~ An application-specific integrated circuit miner is a device that is designed mainly for Bitcoin mining.
?? So, we can say Bitcoin ASICs as a specialized Bitcoin mining computers or bitcoin generators.
?? ASICs or Bitcoin miners are electronic circuits, designed mainly for mining bitcoins.
?? In cryptocurrency, mining is the process of managing the blockchain.
?? ASIC miners review & verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain.
Fact: Each cryptocurrency has its own hash algorithm and ASIC miners are designed to mine using that specific algorithm. Several coins that use the same algorithm can all be mined by using a single ASIC miner.
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Important disclosure:
Please note that none of the above is financial advice. Information above is on the basis of facts of personal opinions. Please do your own study before making the decision on buying or selling any cryptocurrencies or any kind of related investments.
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