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Bitcoin Mining Continued..

In the previous blog, we have described about what a miner is, what does a miner do, and why do we need mining. Building on these points, in this blog we'll see what does a Blockchain look like, what does Proof-of-Work and mining difficulty mean, and how can you start mining for yourself.

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Bitcoin Mining

A miner, also known as a node, is nothing but a computer in the Bitcoin network. It plays a critical role in the security and functioning of the Bitcoin system. Each miner has a ledger, which contains the list of all the Bitcoin transactions done since the beginning. This ledger is nothing but the blockchain, briefly speaking the blockchain is a number of blocks linked with each other, so that it forms a chain. Any transactions that happen over the Bitcoin network are added (recorded) in the blockchain.

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Knowing Blockchain

Blockchain is a platform for handling digital assets. You can think of it as an online ledger. It works on a concept of distributed databases which are accessible to multiple entities at a time rather than a central authorized entity. Each “block” represents a set of transactions and “chain” ties them all together. A distributed network of computers verifies these blocks and pair them with previous block in the chain, thereby creating a chain of blocks or “Blockchain”.

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