BITCOIN (BTC)

A type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank; a unit of bitcoin.

BLOCKCHAIN

A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

BLOCK

A file that contains a “permanent” record of transactions.

MINING

The processing of transactions in the digital currency system, in which the records of current Bitcoin transactions, known as a blocks, are added to the record of past transactions, known as the blockchain.

HASH RATE

The Measure of a Miners Performance – the number of calculations a miner can perform in 1 second as it works to find a solution for a block.

BLOCK REWARD

The amount of BTC “awarded/earned” for successfully mining/verifying a block.