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January 16, 2024, 01:45:16 PM |
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Miner don't buy but create new Bitcoin by solving very complex math problem which verify transaction in the currency, if a Bitcoin is successfully created the miner gets paid by the already notified amount of Bitcoin in solving these math problem and adding a block successfully miner requires the use of expensive computer and very high amount of electricity, to finish the mining process miners must be the first to get to the correct or close anwer to the question. When you guess to get the correct answer its term proof-of-work and when a block is added to a blockchain successfully, there miner will be paid and the reward amount is half almost every four years or at every 210,000 blocks being mined.
Application -Specific Integration Circuit is the computer hardware is needed when mining because it consumes high amount of electricity and has reduced the profit of the miners .
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