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Understanding ASIC Miners

  • In cryptocurrency, mining is the process of managing the blockchain. 
  • What Is an ASIC Bitcoin Miner?

    There are no physical “coins” in bitcoin, only balances kept on a public ledger in the cloud, that—along with all bitcoin transactions—is verified by a massive amount of computing power. Bitcoin is backed by millions of ASICs around the world called “miners.” By mining bitcoin, you can earn cryptocurrency without having to put down money for it. It is also the only way to release new bitcoin into circulation.

  • Bitcoin miners review and verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain. 
  • In cryptocurrency, mining is the process of managing the blockchain. 
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