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  • Bitcoin miners review and verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain. 
  • What is ASIC Mining?

  • In cryptocurrency, mining is the process of managing the blockchain. 
  • Bitcoin miners review and verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain. 
  • An application-specific integrated circuit (ASIC) miner is a device that is designed for the sole purpose of mining—not coal, but rather digital currency. Generally, each ASIC miner is constructed to mine a specific digital currency. So, a Bitcoin ASIC miner can mine only bitcoin. Think of Bitcoin ASICs as specialized Bitcoin mining computers, or “bitcoin generators.”https://12ea7800963ffec019cbea4bac9dd936.safeframe.googlesyndication.com/safeframe/1-0-37/html/container.html

    The first miner to find the solution to the puzzle is able to authorize the transaction (to add bitcoin to the block). Each winner in the Bitcoin-mining lottery receives a reward (a certain amount of bitcoin). The reward includes all of the transaction fees for the transactions in that block, which motivates miners to collect as many transactions into a block as possible to increase their reward.

    Originally, Bitcoin’s creator intended for bitcoin to be mined on central processing units (CPUs)—your laptop or desktop computer. However, Bitcoin ASICs surpassed both CPUs and graphics processing units (GPUs) in terms of both their reduced electricity consumption and greater computing capacity. After gaining traction in mid-2013, when other hardware mining devices started hitting their bottlenecks in mining, Bitcoin ASIC miners have retained their lead.

    When we say the words “block” and “chain” in the context of blockchain, we are actually talking about digital information (the “block”) that is stored in a public database (the “chain”). The Bitcoin protocol is built on the blockchain. So, with the launch of Bitcoin in 2009 as the first cryptocurrency, blockchain technology had its first real-world application.

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