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mr_lebowski

(33,643 posts)
6. Your reading is not unreasonable given only basic knowledge on Bitcoin ...
Tue Oct 30, 2018, 01:43 AM
Oct 2018

Totally get why you're saying that.

In reality, the process described here:
"When you and others announce transactions to a blockchain network, computers on that network race to solve a complicated mathematical puzzle based on those transactions. A computer that succeeds announces it to the network, and the transaction is accepted if other computers verify that none of the assets in question were already used"

Is NOT, in fact, a description of 'mining'.

Thus, this article is poorly written, in that it indirectly conflates 'mining' with 'block chain reconciliation' ... they're actually two different things. A 'miner' may, or may NOT take part in reconciliation, and others may take part in reconciliation withOUT being Miners.

That action of 'Mining', by what are known as 'miners', is what uses up vast amounts of power, and it is specifically the process of 'creating' Bitcoins, not 'spending them'.

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