Miners aim to solve a hash puzzle by finding a hash value below a given target using a nonce. The difficulty of the puzzle adjusts every 2016 blocks, maintaining the rate of adding blocks to the blockchain at 10 minutes. When a miner solves the puzzle, a new block is created and validated by the network nodes. This process rewards the first miner with Bitcoin and adds more Bitcoins in circulation.
- Bitcoin mining is the process of verifying transactions.
- Miners earn Bitcoin rewards for creating new blocks.
- The mining difficulty adjusts every 2016 blocks.
- Each transaction is recorded in a public ledger indefinetly.
