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The procedure of using internal computer resources to verify transactions to synchronize the Bitcoin network is called mining. For users, mining is considered as a system of so-called bitcoin information processing. Initially, Bitcoin mining was designed to decentralize the system; each user can view the network protocol, but cannot individually control the system.
Mining can also be considered as a reward system for additional services, without which the security of network payments is impossible.
Each user can become a miner if they launch a digital-currency software on specialized equipment. Mining equipment monitors the ether of operations using a decentralized peer-to-peer system. The task is to process and review transactions and confirm them. Bitcoin miners receive profits from transaction fees from users of the system. As mentioned earlier, to confirm a transaction, it is necessary to include transactions in the blocks of mathematical modeling algorithms.
It is difficult to implement such justifications on their own; the specialization of miners is to perform calculations until the block is accepted by the system itself. As the number of miners increases, there is a problem finding a new block, with a delay of up to 10 minutes. It is important to keep track of the chronology in the blockchain. When 2 blocks are formed at the same time, miners deal with the first block first, but prefer longer chains of bitcoin blocks at the next block selection.
Bitcoin miners cannot engage in fraud to increase their own income, because Bitcoin nodes can reject a block that carries false data.
Is Bitcoin mining worth considering as a waste of electricity or on the contrary?
The use of electricity for the functioning of the transaction system and the security of the Bitcoin network can no longer be called in vain. Bitcoin provides for operating expenses, as well as the existence and implementation of any financial relationship.
In the future, mining will be even more optimized using special equipment that will consume many times less electricity. Mining should have operating costs directly proportional to the volume of supply and demand. Many miners stop their activities due to the fact that this type of activity has become too competitive and there is no way to earn a lot of money on this. A perfectly functioning mining network does not consume additional energy.
How can mining be considered as a security component?
The main advantage of mining is to prevent fraud in transactions. Users face restrictions when adding blocks to the chain, while maintaining the neutrality and transparency of the Bitcoin network. No one can block transactions at their discretion.
What is necessary for mining?
Initially, when the bitcoin payment network was just starting its work, the user could find the block by working on an ordinary computer. Today, mining is already a popular activity and the search for new blocks is quite a laborious process, so they use special equipment.