Mining symbolizes the creation of massive wealth. We are all familiar with gold and diamond mining. However, mining requires colossal resource and labour.
Same is the case with Bitcoin mining. Large computational efforts are required for Bitcoin mining. The people who do mining are called Miners. Mining is important to validate transactions and including them in the blockchain.
Miners get rewards in form of Bitcoin for their efforts.
Nodes
To understand Mining having a good understanding of Nodes in blockchain is a must. A node is a powerful computer that runs the bitcoin software and helps to keep bitcoin running by participating in the relay of information. If one wants to run a node he/she needs to download bitcoin software and leave a certain port open.Nodes relay information of transaction across the blockchain. It runs like a chain where one node will transmit information to other nodes. In the process, it covers the entire network.
Some nodes are mining nodes. These group outstanding transactions into the blocks and them to the blockchain. They do it by solving the complex mathematical puzzle that is the part of the bitcoin program. The puzzle that needs solving is to find a number that, when combined with the data in the block and passed through a hash function, produces a result that is within a certain range. This is truly taxing task.
Solving the puzzle
How to get at a number by solving the puzzle. This is done by guessing at random. It is impossible to predict the outcome given the hash function. So, miners guess the mystery number and apply the hash function to the combination of that guessed number and the data in the block. The resulting hash has to start with a pre-established number of zeroes. There’s no way of knowing which number will work because two consecutive integers will give wildly varying results. What’s more, there may be several nonces that produce the desired result, or there may be none (in which case the miners keep trying, but with a different block configuration).
The miner who is successful in getting the number announces it to the rest of the node in the network. All other miner stop working on that block and start trying to find the mystery number for the next block. The winner get bitcoin as a reward
The complexity
The trouble of the figuring (the required number of zeroes toward the start of the hash string) is balanced much of the time, with the goal that it goes up against normal around 10 minutes to process a piece.
Why 10 minutes? That is the average time taken to solve the puzzle and going by the time consumed it is only meant that mining 21 million bitcoin will end by 2140(estimated)
On the off chance that you’ve made it this far, at that point congrats! There is still a lot more to clarify about the framework, yet at any rate, now you have a thought of the wide diagram of the virtuoso of the programming and the idea. Out of the blue, we have a framework that takes into account advantageous computerized moves in a decentralized, without trust and carefully designed way. The repercussions could be tremendous.
