What is Bitcoin Mining?

Paul Ratje | The Washington Post | Getty Images

To begin with, Bitcoin mining is an extremely complex process of verifying Bitcoin transactions and storing them in the public blockchain ledger. I want to simplify the concept for you so that you understand it easily as it took me longer than usual to get a hang of it.

Bitcoin is a useful way to spend and send money, but cryptocurrencies like Bitcoin aren’t made for free. They need to be mined which requires immense…