Bitcoin Mining in Plain English
Coding in My Sleep explains Bitcoin Mining
My regular readers are probably aware by now that I more than dabble in Bitcoin Mining. If you don’t know what Bitcoin is – well first of all, you’re probably reading the wrong article, but go ahead and watch this video and you should be up to speed. One of the most common points of confusion for new Bitcoiners is the concept of mining. Most Bitcoin newbies can’t wrap their head around the concept and practically every article on the topic (this one included) will warn you that it’s highly technical and not for the faint of heart.
Still, the topic of mining seems to spawn the majority of the questions every time I talk to someone about Bitcoin – and why not? It is the mechanism by which the currency is issued, and issuance is a very important topic to grasp if you’re going to use and trust a currency and Bitcoin’s issuance mechanism is, unfortunately, quite complex and technical. This article is going to attempt the near-impossible: a thorough explanation of how mining works but without any of the specific details that might scare the non-techies in the room.