FUNDAMENTALS OF COMPUTER

Detailed explanation-1: -Anyone can apply to become a Blockchain miner. These Blockchain miners install and run a special Blockchain mining software that enables their computers to communicate securely with one another. Once a computer installs the software, joins the network, and begins mining bitcoins, it becomes what is called a ‘node.

Detailed explanation-2: -In Bitcoin, the blockchain is updated by miners who solve computational puzzles to release new coins. Since the blockchain is decentralized, there is no central authority to control the currency. Therefore, miners are effectively “minting” the currency.

Detailed explanation-3: -Bitcoin mining is a complex computational and technological process of validating the bitcoin transactions over the Bitcoin network. It is like a process of validating a block on the chain network and getting paid in Bitcoin. People who are involved in this process of mining are known as miners.

Detailed explanation-4: -A bitcoin node vs miner is both important for the health of the Bitcoin network, but they have different roles. Miners are responsible for verifying transactions and adding them to the blockchain, while nodes keep a copy of the entire blockchain and relay transactions.

Detailed explanation-5: -Blockchain does not store any of its information in a central location. Instead, the blockchain is copied and spread across a network of computers. Whenever a new block is added to the blockchain, every computer on the network updates its blockchain to reflect the change.