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What is Bitcoin mining? SoCal miner explains the process
Bitcoin mining is the process of verifying blocks of bitcoin payments and adding those transactions to a massive public ledger.
Yasar was recently in his home country of Turkey, which took steps to try to ban Bitcoin before reversing course. He lives in Los Angeles most of the time but travels the world educating people about Bitcoin and has a mining operation in Canada consisting of about 1,200 computers.
What You Need To Know About Bitcoin
“When I first started mining, I could mine a lot of bitcoins on a simple PC computer,” Yasar said. “Now you need thousands of computers to verify one block.”
The mining operation looks like a data center. People don’t sit behind the computers. Instead, the computers do the verification work autonomously and are programmed to solve increasingly difficult cryptographic puzzles to verify transactions.
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Yasar explained how the puzzles generated by the bitcoin software are extremely difficult to solve, using lots of computing power pooled together. Miners also compete against each other to solve the puzzles because the reward is a certain number of new bitcoins.