So miners are securing the network and confirming bitcoin transactions within buyers and sellers. So every 10 minutes which means when the new form of bitcoins gets created, they get paid from them.
Functions of bitcoin mining;
- Secure the transactions
- Confirming transactions
- Issuance of new bitcoins
Well, the idea is simple. Let's grab an example from traditional currency. In traditional currency, the authority of money and issuing money is done by the central bank of the particular government or a country. But in bitcoins, the conditions are completely different. Like there is no accurate owner who is directly responsible for the transactions so the miners take that responsibility. And every 10 minutes miners get rewarded with new bitcoins for their service in the bitcoin network. Actually, this is not an easy piece, these are set in codes and miners have to use their computing power to generate new bitcoins where they cannot cheat in any corner.
Like the above examples, miners make secure the network where nobody can attack the network. On the other hand, reversing a bitcoin transaction is more difficult even to imagine because of the network hash power. And when the miners are located all over the world with distributed hash power. Then bitcoin will be the most secure place on the internet.
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