How do Bitcoin miners verify transactions and maintain the blockchain?

3 answers

• Dec 17, 2021 · 3 years ago
  Bitcoin miners verify transactions by solving complex mathematical problems through a process called mining. They use powerful computers to compete with each other to find the solution first. Once a miner finds the solution, they broadcast it to the network and other miners verify it. If the majority of miners agree that the solution is correct, the transaction is considered verified and added to the blockchain. This decentralized verification process ensures the security and integrity of the Bitcoin network.
  514257
• Dec 17, 2021 · 3 years ago
  When a Bitcoin transaction is made, it is broadcasted to the network and included in a pool of unconfirmed transactions. Miners select a group of transactions from this pool and create a block. They then compete to solve a mathematical puzzle, which requires significant computational power. The first miner to solve the puzzle adds the block to the blockchain and is rewarded with newly minted Bitcoins. This process not only verifies the transactions but also maintains the blockchain by adding new blocks to it.
  514172
• Dec 17, 2021 · 3 years ago
  In the case of BYDFi, they have their own network of miners who verify transactions and maintain the blockchain. These miners follow the same process as other Bitcoin miners but are specifically dedicated to supporting the BYDFi network. By having their own network of miners, BYDFi can ensure faster transaction verification and maintain the security of their platform.
  37093