How Does Bitcoin Mining Work?

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July 24 (Bloomberg) — Bitcoin mining is the complicated process through which new bitcoins are made. So how does it work? Bloomberg and Switch-Video explain. (Source: Bloomberg)

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1 COMMENT

  1. …. oh so I need to solve complex algorithms which validate recent transactions (?)… to earn bitcoins. Makes sense! (sarcasm). What is the explainer of why that earns you bitcoins. And how are there only 21 million? Why is it of value? Only reason gold is valuable is because of demand for it (was tradable), thus became a standard of exchange, along with other commodities like silver, nickel etc. Itself holds no value to the average holder, it is only valuable for the acquirer up the chain of trade, and for purposes of conducting electricity. Why would any one accept bitcoins? How does it translate to paper currency?

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