What is Bitcoin Mining?

Concept introduced in the year 2009 by Satoshi Nakamoto. Whether, Satoshi Nakamoto is a real name or a pseudonym of an individual or is it a group? Nobody knows. The search still goes on. Bitcoin is a digital currency with an open source code as well as an online payment system.

Bitcoin transfer is based on a peer to peer platform relying on in-house transaction confirmation and authentication without third party intervention.

All transactions are recorded into a public ledger called the Blockchain which is open to all for inspection.

Bitcoins are not produced like regular currencies in mints but are mined like gold. Mining of Bitcoins will cease in the year 2140. Only 21 million Bitcoins will ever be created. Bitcoin is finite like gold.