What is Bitcoin Mining? A Step By Step Guide


Bitcoin mining is an essential part of the cryptocurrencies infrastructure. The bitcoin mining procedure helps to process transactions, generates new bitcoins and records the validated transactions to the public and immutable distributed ledger i.e. Blockchain.   
Every bitcoin miner is in competition with all the other miners in the network to be on the first ranking to correctly collect the transactions into a block by solving the unique mathematical problems.                
Currently, the network’s Hash rate is running at a remarkable 3,318,031,952 GH/s, establishing the bitcoin architecture each and every day. But many beginners discovering about bitcoin for the first time wonders, how does bitcoin mining really works:
Bitcoin Mining: How it works?
Bitcoin Mining: A Closer Look Under the Hood
Ref: Bitcoin.com [A mining device and software]
Bitcoin mining is a process that anyone can participate in by running specialized hardware and software. This specially designed Bitcoin mining hardware can process complex transactions and build blocks much more quickly and efficiently than regular computers.                         
When people transact with bitcoin then all of the network's nodes interchange the information about new transactions in a respective queue called a mempool. Blocks of transactions aren't received into the blockchain ledger until miners perform a hash function solving the puzzle, which in turn confirms the appropriateness of transactions in that respective block. This implies miners to mine blocks of transactions by hashing from a string of numbers and letters.          
A miner solves the problem with another chain of random digits by calculating a lucky hash outcome which is followed by a reward of 12.5 bitcoins and all the transactions fees. Hashing demands significant processing time and resources to solve these problems. Deciphering the cryptography in a hash function is not everyone's cup of tea and needs brute computational force. All the miners simultaneously trying to solve these problems create the network's hash rate. Once a puzzle is corrected by the miner the result is called proof of work.
The mathematical problems solved are impossible to estimate without facing the difficulty of finding a particular hash value. Mining rigs or devices that mine bitcoins continuously try and solve these puzzles over and over till the time miners get the right answer.
The procedure not only incentivizes miners monetarily but also ensures transactions are validated correctly. Every block hosts the hash of the last block mined before it. Thereby, making sure that the system maintains an appropriate chain of information which necessarily becomes tamper resistant.
Bitcoin mining can be difficult to learn when you’re first introduced to the cryptocurrency world. But, once you get a hold of the concept, it’s not so tough to learn the bitcoin mining process.
What do you think about the process of bitcoin mining? Let us know your thoughts in the comment section below.

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