Bitcoin mining and how does it work?

You may also like...

1 Response

  1. HMark says:

    Thanks for the effort but this does not answer the question of what crypto mining is. It answers the how but not the what. “…solving complex math problems”. What math problems? Where do these come from? Why? Who creates them?

    “unlock a block on the chain” – similar questions as above and who creates a “chain”? Where does the value come in for an economic exchange like buying an apple? Does some idle billionaire somewhere pay someone to create a match puzzle for which he offers a reward? I can see the issue of controlling supply of the store of value and medium of exchange which is just like the fiat money we have now. The fiat money we have now is based on the market belief (people’s faith) in a symbolic object to which represents value of a commodity and/or someone’s effort to create something desirable to someone else. How does crypto mining do this? At this point, it sound like it’s just fun to solve someone else’s puzzles. So I’m missing something here…

Leave a Reply

Your email address will not be published. Required fields are marked *

Type above and press Enter to search. Press Esc to cancel.