How Does Bitcoin Mining Work?

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daniel.jacksond
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⌛ What does it mean to mine something that doesn't physically exist? How does bitcoin mining work? And why might it use so much electricity?

Bitcoin mining is a type of game involving exceptionally difficult calculations to “guess” a number with certain characteristics. The first miner to guess the number correctly is rewarded with Bitcoin, giving the game a very lucrative financial incentive. The result is a lot of machines using a lot of electricity to calculate as quickly as they can so as to win the game. The game is a fundamental part of Bitcoin’s blockchain architecture.

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Chapters:
0:00 Bitcoin mining
1:26 It's a game
3:12 Throttling for speed
4:47 Lots of money
7:12 Lots of hardware
7:59 Bitcoin hackers
8:44 Lots of electricity

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Bitcoin Mining
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