The word bitcoin miners are the node in the network that always verifies newly broadcasted bitcoin transactions and adds them to the distributed digital ledger that is underlying blockchain. The miners ensure the authenticity of all the transactions which is made on the blockchain. This works by cracking the cryptographic code and they get incentivized for their services with bitcoin. For verifying the authenticity of the transaction, miners are supposed to process a hardware rig composed of ASIC miners, a good internet connection, bitcoin mining software, bitcoin wallet, and an effective cooling rig for the hardware.
How does it work?
Many people wonder that what bitcoin mining is exactly. By using the term ‘mining’ for any digital currency will be confusing. It does have a warrant for an explanation because not everyone understands its concept. Bitcoins doesn’t refer to physical money like traditional banknotes. The main reason behind this is calling the process “mining” is because bitcoins hide under their protocol’s designs. The process requires miners to compete with other miners on the network solving difficult math problems. They take the help of cryptographic hash functions that are associated with a block containing data.
Is bitcoin mining sustainable?
There is no way to know whether it is sustainable in the future or not. Now the people with the money and the resources to acquire high-powered mining rigs and to pay for the electricity needed for the operation can successfully obtain bitcoin. Anyone who can technically mine bitcoins, individual bitcoin is never going to make a profit as more money will be spent on electricity. So it is basically for big companies with a huge amount of capital and affordable access to the electricity required to power the mining hardware.