Could miners collude to give themselves money or to fundamentally change the nature of Bitcoin? There are two questions in here. Let’s look at them separately. Could miners gang up and give themselves money? Mining itself is the process of creating new blocks in the block chain. Each block contains a list of all the … Read more
What is mining? Is mining used for some useful computation? Is it not a waste of energy? How does the proof-of-work system help secure Bitcoin?