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Understanding ASIC Miners

  • Bitcoin miners review and verify previous bitcoin transactions and create new blocks so that the data can be added to the blockchain. 
    • ASIC Bitcoin miners are electronic circuits designed for the sole purpose of mining bitcoins.
    • Bitcoin miners perform complex calculations known as hashes, and each hash has a chance of yielding bitcoin. The more hashes you perform, the more chances you have of earning bitcoin. Most people join a mining pool to increase their chances of earning bitcoin. Mining pools pay for high value hashes known as shares.

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