Role of Miners in Bitcoin
Miners play a crucial role in the Bitcoin network by validating and confirming transactions, maintaining the blockchain's integrity. They utilize powerful computational resources to solve complex mathematical problems, a process known as mining. When a miner successfully solves a problem, they create a new block that contains a bundle of verified transactions.
Each time a block is added to the blockchain, miners are rewarded with newly created bitcoins and transaction fees from the transactions included in that block. This process not only incentivizes miners to participate but also ensures that more bitcoins are gradually introduced into circulation, adhering to Bitcoin's limited supply cap of 21 million coins.
Additionally, miners contribute to the decentralization and security of the Bitcoin network. By processing transactions and maintaining a shared public ledger, they prevent double-spending and safeguard the network against malicious attacks. A higher number of miners increases the network's resilience and robustness, making it harder for any single entity to manipulate the blockchain.
Overall, miners are fundamental to the functioning of Bitcoin, enabling its decentralized nature while providing the necessary computational effort to secure and validate transactions in the blockchain.