WHAT'S THE MEANING?
Bitcoin mining is the act of helping the Bitcoin networks complete its transactions. In the process, getting rewarded by the system for it. Mining is a metaphor on how miners dig up precious stones from the ground. Bitcoin miners make new Bitcoins by helping users relay information and complete transactions.
DID YOU KNOW?
The process of Bitcoin mining might sound futuristic and needs big mega-computers. Almost anyone can get involved in bitcoin mining. Coin Desk, a site dedicated to Bitcoin mining provides more information about this. They state that one only needs a "node" and a strong supply of electricity. A node is a computer with a powerful GPU like the 8GB version of the ZOTAC GeForce GTX 1080 or the MSI AMD Radeon RX 500. A "miner" can start his "digging" by downloading the free Bitcoin software. Then start helping relay transaction information with other nodes in the Bitcoin network.
To start, miners need to group transactions into "blocks" and put them to a "blockchain". Miners need to beat other miners in guessing the answers to complicated math puzzles. These puzzles usually have an answer that ranges between 0 and 4,294,967,296. Once a miner's node answers the puzzle, the block is then placed on the blockchain. The miner then gets rewarded with newly created or mined Bitcoins. The losing miners get notified that the block is already in the chain, and they start to answer the next puzzle. Bitcoin started with powerful PC hardware rigs. Now, it is possible to manage everything on smartphones. There is no shortage of free bitcoin mining apps for the iOS or Android bitcoin miner apps.