Definition
Bitcoin mining is the process by which new transactions are verified and added to the blockchain. Miners use specialized hardware (ASICs) to repeatedly hash block headers until they find a hash below the current difficulty target. The first miner to find a valid hash broadcasts their block to the network and earns the block reward.
Mining serves two critical functions: it creates new Bitcoin (monetary issuance) and it secures the network against double-spending attacks. The energy expenditure required for mining makes it prohibitively expensive to rewrite transaction history.
In Simple Terms
Using specialized hardware to validate Bitcoin transactions and earn block rewards by solving cryptographic puzzles.
The process of using specialized hardware to solve cryptographic puzzles, validate Bitcoin transactions, and add new blocks to the blockchain in exchange for block rewards.