We believe that in a decade the financial system of the internet — that is, commerce that happens on the internet — will be the largest financial system in the world. And it will be powered by crypto.
Blockchain miners is used to secure and verify bitcoin transactions. Mining involves Blockchain miners who add bitcoin transaction data to Bitcoin’s global public ledger of past transactions. In the ledgers, blocks are secured by Blockchain miners and are connected to each other forming a chain.
When we talk in-depth, as opposed to traditional financial services systems, Bitcoins have no central clearinghouse. Bitcoin transactions are generally verified in decentralized clearing systems wherein people contribute computing resources to verify the same. This process of verifying transactions is called mining. It is probably referred to as mining as it is analogous to mining of commodities like gold—mining gold requires a lot of effort and resources, but then there is a limited supply of gold; hence, the amount of gold that is mined every year remains roughly the same. In the same manner, a lot of computing power is consumed in the process of mining bitcoins. The number of bitcoins that are generated from mining dwindles over time. In the words of Satoshi Nakamoto, there is only a limited supply of bitcoins. Only 21 million bitcoins will ever be created.