Bitcoin mining in 2023

Bitcoin mining is the process of creating valid blocks on a network that add records of transactions to a public ledger, which is called a blockchain. It is a key part of the cryptocurrency network because it solves the so-called - double-spending problem. The hash generated by miners is used as an identifier for each specific block and consists of data found in the block header. Cryptocurrency mining requires computers with special software designed to solve complex cryptographic mathematical equations. In the early days of the technology, cryptocurrencies like Bitcoin could be mined using simple processors that were also in regular PCs. Over the years, however, CPU chips have become impractical for mining most cryptocurrencies due to the increasing difficulty of hashrate.