mining

The process of maintaining this untrusted public ledger is called mining. The Bitcoin user network for cryptocurrency transactions is based on the network of miners, who record these transactions on the blockchain;

Recording a series of transactions is trivial for modern computers, but mining is difficult because Bitcoin's software makes this process artificially time consuming. If there are no additional difficulties, people can cheat transactions to enrich themselves or bankrupt others. They can record fraudulent transactions in the blockchain and accumulate a large number of trivial transactions on top of it, making it impossible to solve the fraud.

Similarly, it is easy to insert fraudulent transactions in past blocks. This network will become a chaotic, junk-filled competitive ledger, and Bitcoin will be worthless.

Combination; Proof of Work & Combination with other encryption technologies is Satoshi's breakthrough. Bitcoin's software adjusts the difficulties faced by miners in order to limit the network to a new 1-megabyte transaction block every 10 minutes. In this way, the transaction volume can be digested. The network has time to review new blocks and previous ledgers, and everyone can reach a consensus on the status quo. Miners are not adding data blocks to the distributed ledger to verify transactions purely to see the smooth operation of the Bitcoin network; their work will also be compensated. Below we will learn more about mining compensation.