What is the role of miners in the Bitcoin network?

3 answers

• Gitau ElijahNov 23, 2024 · 9 months ago
  Miners play a crucial role in the Bitcoin network by validating and verifying transactions. They use powerful computers to solve complex mathematical problems, which helps secure the network and prevent fraud. In return for their efforts, miners are rewarded with newly minted bitcoins. Without miners, the Bitcoin network would not be able to operate securely and efficiently.
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• kiran kumarMar 30, 2021 · 4 years ago
  Miners are like the backbone of the Bitcoin network. They ensure the integrity of transactions by confirming and adding them to the blockchain. This decentralized process eliminates the need for a central authority and provides transparency and security. Miners also compete to solve mathematical puzzles, and the first one to solve it gets to add the next block to the blockchain and receive a reward. So, miners not only secure the network but also create new bitcoins in the process.
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• rustproofSep 13, 2020 · 5 years ago
  In the Bitcoin network, miners are responsible for validating transactions and adding them to the blockchain. They do this by solving complex mathematical problems using their computational power. Once a miner solves a problem, they broadcast the solution to the network, and other miners verify it. If the solution is valid, the miner is rewarded with bitcoins. This process ensures the security and immutability of the Bitcoin network, as it would be extremely difficult for an attacker to alter the blockchain without controlling the majority of the network's computational power. At BYDFi, we also rely on miners to maintain the integrity of our platform and ensure the smooth operation of cryptocurrency transactions.
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