MINING
THE ENGINE THAT FUELS THE BITCOIN ECOSYSTEM
Mining is a system that verifies transactions and provides security to the Bitcoin blockchain; it is how new bitcoins enter the market.
HOW IT WORKS
Blocks
Bitcoin transactions are pooled together in a “block”.
Solving the Block
Once a block is formed, miners compete to solve a puzzle. The puzzle is difficult to solve, yet simple to verify (think like sudoku).
Verifying the Block
Once a miner solves the puzzle for a block, the transactions in that block are “verified” by the network. The new block of verified transactions is attached to a chain of prior blocks, hence “blockchain”.
Block Reward
For solving the puzzle, a miner is rewarded with bitcoin. The current block reward is 6.25 BTC per block. Blocks are solved, on average, every 10 minutes.
MINING WITH MARATHON
Marathon Controls
Its hash rate
Cost of electricity
Corporate expenses
Marathon does not control
Price of bitcoin
Price of miners
Block reward & blocks per year
Network hash rate
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