08 Jul '13, 10pm

The 3 purposes of bitcoin mining

July 9th , 2013 – There are some common misconceptions about bitcoin mining and for most people who are new to bitcoin , it’s been a strange weird concept. In the most basic of terms , bitcoin mining is the processing of transactions.A bank spends billions of dollars every year in infrastructure to process their transactions and that’s why they charge you fees. 1. Processing of transactions With bitcoin, it’s the miners who have to do the processing of transactions and it’s the miners therefore that receive a small reward for tthe processing work . The transactions are processed in 10 minute blocks and they are called blocks. For every block ,there is a small reward and they’re also fees that are given to the minors in each block . It’s not a magic creation process of just magically tapping out new bit coins out of the ether , there’s a lot of hard work goes into processin...

Full article: http://financesoul.com/2013/07/08/the-3-purposes-of-bitco...

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