Irish Independent - Business Week - - TECHNOLOGY -

WHO gets to be a miner? Any­body, so long as you have re­ally fast com­put­ers, a lot of elec­tric­ity and a de­sire to solve puz­zles. The trans­ac­tion data in each batch is en­crypted by a for­mula that can be un­locked only through trial-and-er­ror guess­ing on a mas­sive scale. The min­ers put large-scale com­put­ing power to work as they com­pete to be the first to solve it. If a miner’s an­swer is ver­i­fied by others, the data is added to a linked chain of blocks of data and the miner is re­warded with newly is­sued Bit­coin.

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