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CONCLUSION To conclude, bitcoin mining is the theoretically decentralised process where anyone can add a block of transactions to the bitcoin blockchain, without needing permission from any authority, and getting paid in bitcoins for it. It is made deliberately difficult, using proof of work as a defence against Sybil attacks. The mining difficulty increases with the network hashing power, so the more processing power across the whole network, the, the more power someone needs to assert control over the network. It works well until any entity or coordinated group controls too much of the hashing power, at which point they can control various aspects of the system. Currently 90% of blocks are mined by known ‘pools’ or syndicates of miners, and if a few pools join together, they could effect changes and assert control over the network. Puzzled by some of the terms used in these gentle introduction series. Please visit our glossary for a complete terminology breakdown. www.bravenewcoin.com/bitcoin-basics/glossary/ A GENTLE INTRODUCTION TO BITCOIN MININGPDF Image | Introduction To Bitcoin Mining
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