What is bitcoin mining?

Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger's maintenance and development. "Mining" is performed using sophisticated hardware that solves an extremely complex computational math problem.

Can you run a bitcoin miner on a mobile device?

Running a miner on a mobile device, even if it is part of a mining pool, will likely result in no earnings. Bitcoin "mining" serves a crucial function to validate and confirm new transactions to the blockchain and to prevent double-spending by bad actors. It is also the way that new bitcoins are introduced into the system.

How do bitcoin miners work together?

For this reason, with such fierce competition, most Bitcoin miners work together as part of a mining pool. As part of the pool, they combine their hash rate with improving their odds of solving a block on Bitcoin’s blockchain. Was this article helpful?

What is crypto mining?

Crypto mining is the process by which new units of digital currency are created. Here's how that works, the pros and cons of investing in your own mining rig, and the environmental impact of going all in Bitcoin.