Produce Bitcoins That Are Worth Anything

produce bitcoins

Mining is what allows bitcoin to operate without a central authority.  The output of mining is a blockchain that is used to determine that coins have not already been spent.

Compensation to the miners for doing this work occurs in the form of currency issued.  Each day about 7,200 BTC is issued to miners (50 BTC per block, a block about once every 10 minutes).

Written on 10 Jun 2011.