What is bitcoin mining?

According to Investopedia “Bitcoin mining is performed by high-powered computers that solve complex computational math problems; these problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.”
When the complicated maths problems are solved, new bitcoin are produced. Also by solving the equations bitcoin miners create the bitcoin payment network trustworthy and secure. This works by verifying bitcoin’s transaction information.
When mining bitcoin, there are some key things to bear in mind. The block reward is the amount of new bitcoin mined and this is halved every 210,000 blocks (around four years). This halving takes place to ensure bitcoin remains scarce, and therefore inherently valuable.
A 2020 report from Statista showed 65.08 percent of bitcoin mining was done in China, 7.24 percent in the US, 6.9 percent in Russia and 6.17 percent in Kazakhstan.
Bitcoin mining takes up a lot of power and needs some hefty computer equipment. Mining also is a difficult process, in order to keep the circulating bitcoin at a stable amount.

Sven Franssen