Bitcoin Blocks

May 11, 2020, was a big event for Bitcoin miners. The third halving transitioned, cutting the supply of bitcoin in half, from 12.5 to 6.25 BTC every ten minutes for every mined block. But what exactly is mining? It is a universal term associated with the Bitcoin network and many other cryptocurrencies. Yet many explanations go only as far as indicating the importance of processing transactions, securing the network, and making transactions near-instant. This guide lets you understand what happens…

Several things happen before an operation is included in the system when transacting on the Bitcoin network.  Unconfirmed transactions first accumulate in a pool known as mempool. Then, miners choose a transaction at random (but most prefer those with high fees) and add it to a transaction block. They then verify the transaction by solving complex mathematical problems, i.e., Proof of Work.  Next, the network confirms the block and adds it to the blockchain. Blocks added to the blockchain amount…