The Best Definition Of “Mining” I’ve Heard Yet!

From Robin Tiegland from the Stockholm School of Economics interview with RT

– Bitcoin mining is the process of using computer power to process Bitcoin transactions, secure the Bitcoin network, and ensure that the decentralized Bitcoin system is synchronized. When a person mines Bitcoins, he/she uses specialized Bitcoin software and hardware to perform certain tasks to confirm Bitcoin transactions occurring in the network. In return for conducting these tasks that make the Bitcoin network a secure payment network, individuals or pools of individuals are paid a fee, at the moment a block of 25 Bitcoins.

LINK

This entry was posted in Bitcoin Mining, Bitcoin Philosophy. Bookmark the permalink.

Comments are closed.