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What Is Mining? Bitcoin is really three things. First it is a protocol (or set of rules) that defines how the network should operate. Second it is a software project that implements that protocol. Third it is a network of computers and devices running software that uses to protocol to create and manage the Bitcoin currency. Mining is defined in the protocol, implemented in software, and is an essential function in managing the Bitcoin network. Mining verifies transactions, prevents double-spending, collects transaction fees and creates the money supply. Mining also protects the network by piling tons of processing power on top of past transactions. Mining verifies transactions by evaluating them against the transactions that happened before. Transactions cannot spend bitcoins that do not exist or that were spent before. They must send bitcoins to valid addresses and adhere to every rule defined by the protocol. With a frequency that is targeted at every 10 minutes, mining creates new blocks from the latest transactions and produces the amount of bitcoins defined by the current block reward (50 BTC until 10 Introduction to Bitcoin MiningPDF Image | Introduction to Bitcoin Mining 2012
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