Bitcoin Network

A network comprised of thousands of computers, all working to secure the network and confirm bitcoin transactions. Performing work on the Bitcoin Network by contributing hashing power is compensated with an award of bitcoins every 10 minutes and is awarded to only one party or mining pool at a time. The number of bitcoins awarded will decrease over time until all bitcoin have been created. At that time miners will be rewarded solely through transaction fees.

Reference:

Malone, J.A (2015). Glossary of Bitcoin Terms and Definitions. United States: Lulu Press, Inc

Leave a Reply

Your email address will not be published. Required fields are marked *