Bitcoin mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks.
The block chain serves to confirm transactions to the rest of the network as having taken place. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Mining is also the mechanism used to introduce Bitcoins into the system: Miners are paid any transaction fees as well as a “subsidy” of newly created coins. This both serves the purpose of disseminating new coins in a decentralized manner as well as motivating people to provide security for the system.
Can I Mine Bitcoin on Ubuntu?
Yes, you can mine Bitcoin on Ubuntu. In order to do so, you will need to install some mining software.
There are a number of different mining software options available, and which one you choose will depend on your personal preferences. Once you have installed your chosen mining software, you will need to set it up with your Bitcoin wallet address so that any mined Bitcoins can be deposited there. After everything is set up, you can then start mining!.