Saturday, June 11, 2016

Why would these bitcoin miners do this very helpful thing for all of us?

A good place to start in answering this question is in trying to understand why these people are called "bitcoin miners" in the first place. Going back decades or even centuries, a gold miner was someone who spent their days hammering away in mines or panning in river beds attempting to find and extract valuable, previously undiscovered gold. And, if they were successful, all the time, energy and money they had spent would be made up for in the highly valuable gold they were able to extract and take with them.

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In a somewhat similar fashion, when bitcoin miners use their sophisticated, expensive computers to do the very difficult work of verifying the tens of thousands of bitcoin transactions happening everyday, they are automatically compensated with an amount of new bitcoin as payment. Just like newly discovered gold, this new bitcoin has value, and acts as an incentive for bitcoin miners to dedicate their time, money and computers to helping support the bitcoin network.

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