What is the role of miners in the bitcoin network and how do they contribute to the verification of transactions?

3 answers

• Kirby ThomasFeb 18, 2021 · 5 years ago
  Miners play a crucial role in the bitcoin network. They are responsible for verifying and adding new transactions to the blockchain. When a bitcoin transaction is made, it is broadcasted to the network and included in a pool of unconfirmed transactions. Miners then compete to solve a complex mathematical puzzle, known as proof-of-work, to validate the transactions. The first miner to solve the puzzle gets to add the block of transactions to the blockchain and is rewarded with newly minted bitcoins. This process ensures the security and integrity of the bitcoin network by preventing double-spending and maintaining a decentralized ledger.
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• Mogila228773Feb 15, 2024 · 2 years ago
  Miners are like the auditors of the bitcoin network. They verify the validity of transactions and ensure that no one can cheat the system. They do this by solving complex mathematical problems that require a lot of computational power. Once a miner solves the problem, they add the verified transactions to the blockchain, which is a public ledger that records all bitcoin transactions. This verification process is essential for maintaining the trust and integrity of the bitcoin network.
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• brian kunkelDec 05, 2023 · 2 years ago
  In the bitcoin network, miners are responsible for validating and confirming transactions. They do this by solving complex mathematical puzzles that require significant computational power. This process, known as mining, not only verifies the transactions but also adds them to the blockchain, which serves as a permanent and transparent record of all bitcoin transactions. Miners are incentivized to participate in this process through the reward of newly created bitcoins. By contributing their computational power, miners ensure the security and reliability of the bitcoin network.
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