Bitcoin mining is the process of verifying transactions on the Bitcoin network and adding them to a public ledger known as the blockchain.
Bitcoin mining involves solving complex mathematical problems and is performed by specialized computers called mining rigs. Miners are rewarded with newly minted bitcoins for their work and also receive transaction fees from users. The difficulty of the problems being solved increases over time, and so does the computational power required to perform the mining. As a result, bitcoin mining has become more centralized, with large corporations and pools of miners dominating the network.
Despite its centralization, bitcoin mining remains an important component of the Bitcoin network, as it ensures the security and integrity of the blockchain. By verifying transactions and adding them to the blockchain, miners help maintain the trust and stability of the Bitcoin system.
