Verifying transactions by computation and earning a reward
Mining is the work of checking that transactions are valid and writing them into the blockchain. The participant who first meets the condition receives newly issued coins as a reward. It takes a great deal of electricity and hardware, and the competition tightens as more participants join. In some designs the reward shrinks on a fixed schedule.
In Bitcoin a block is settled roughly every 10 minutes, and that round's reward is issued.
For learning, not investment advice. Decisions are your own.
StockFit · TrueNorthLabs Inc.