What is the purpose of mining in Bitcoin?

Vaibhav Kothia May 30, 2023 0 Comments

The purpose of mining in Bitcoin is to secure the network and verify transactions. This is done by miners who use powerful computers to solve complex mathematical problems. The miner who solves the problem first is rewarded with newly created bitcoins and transaction fees. For example, if Alice sends Bob 1 BTC, the miner who verifies the transaction is rewarded with newly created bitcoins and the transaction fee.