New to Bitcoin & mining, and have a quirky question — because I am so new. Hoping someone here can help me out. Thx!
I don’t understand why mining is in the bitcoin eco-system, given the use of private keys.
How did mining come about?
Is mining there for the sole benefit of the miner (i.e., like mining for gold – while society would like more gold, it doesn’t need more gold in order to exist. Only the miner benefits from his/her labor). Or does the blockchain itself require that there be mining in order to keep the chain operating properly (like a cleaning crew, housekeeper or regulator)? Based on what I am reading, it sounds like mining may be there verify those who operate w/o private keys. Correct? Are there other reasons for or roles played by miners?
I’m asking the question, for I do not know whether or not the mining function is required in all forms of blockchains, such as private chains or smart contract configurations, for maintaining the health of such blockchain, or is it just indigenous to bitcoin.
Can anyone here clarify this for me? Thank you in advance for taking the time to help me out!
Submitted June 20, 2017 at 08:53PM by DaunaOdonata
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