How does Bitcoin work?
Bitcoin miners perform a function that is analogous to gold mining but very different.
While gold miners mine rocks to produce gold which has integrity and scarcity based
on internal characteristics based on atoms and chemical law Bitcoin miners mine numbers
which have integrity and scarcity based on internal characteristics based on cryptographic
protocols and mathematical law. Bitcoin mining is how the numbers and information
of the Bitcoin network is secured, validated and verified. The Bitcoin mining community
must solve a complex cryptographic math problem to create a block. Once solved the
answer can be easily verified by other Bitcoin miners. Blocks are solved approximately
every ten minutes and the difficulty of the complex cryptographic problem varies
based on the total computational power of the Bitcoin network. Additionally, miners
listen for transactions, which are ledger transfer announcements, broadcasted through