Introduction: What is Bitcoin Mining?
Bitcoin Mining Defined: A brief explanation of Bitcoin mining as the process of verifying and adding transactions to the blockchain while earning rewards in the form of new bitcoins. Why It Matters: Highlight the importance of mining in maintaining the security and decentralization of the Bitcoin network.
Understanding the Basics of Bitcoin Mining
Proof of Work (PoW): Explain Bitcoin’s consensus mechanism, which requires miners to solve complex mathematical puzzles (hashes) to verify transactions. Blockchain and Transactions: Discuss how mining adds new blocks to the blockchain and why it’s vital to Bitcoin’s structure. Mining Rewards: Introduce block rewards (currently 6.25 BTC per block as of 2024) and transaction fees earned by miners.
