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What is Miner

Chapter 242
Encyclopedia of Information Science and Technology, Fourth Edition
A computer of group of computers that do bitcoin transactions (adding new transactions or verifying blocks created by other miners. Miners are rewarded with transactions fees.
Published in Chapter:
Has Bitcoin Achieved the Characteristics of Money?
Donovan Peter Chan Wai Loon (University of Malaya, Malaysia) and Sameer Kumar (University of Malaya, Malaysia)
Copyright: © 2018 |Pages: 7
DOI: 10.4018/978-1-5225-2255-3.ch242
Abstract
Bitcoin is a peer-to-peer network that facilitates transactions between parties minus the proof requirement of an appointed third party; i.e. banks or financial institutions. Accurate understanding into the implementation of bitcoin can be acquired from data of the universal record of bitcoin transactions. Although, data from numerous websites show that bitcoin daily transactions count has reached capacities of tens of thousands, it is widely believed that most of these transactions comprise of activities between speculators, and only a few are actually used for trading of goods and services. The paper looks if bitcoin has achieved the characteristics of money. For it to survive, bitcoin must overcome the problems of its unconventional pricing mechanism, shortage of vendors who accept it, and the circuitous way of obtaining it.
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More Results
Chapter 11
Blockchain for Islamic Financial Services Institutions: The Case of Sukuk Financing
Mining is a process of adding transactions to the large distributed public ledger of existing transactions which are known as the block chain. The person involved in mining is hence called a miner.
Published in Chapter: Blockchain for Islamic Financial Services Institutions: The Case of Sukuk Financing; From: FinTech as a Disruptive Technology for Financial Institutions
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Chapter 6
Distributed Technologies and Consensus Algorithms for Blockchain
A node in a blockchain network that runs a consensus algorithm to decide on the next block to be added to the blockchain.
Published in Chapter: Distributed Technologies and Consensus Algorithms for Blockchain; From: Novel Research and Development Approaches in Heterogeneous Systems and Algorithms
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Chapter 9
Evolution of Cryptocurrency: Analysing the Utility, Legality, and Regulatory Framework in India
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Chapter 4
End-to-End Tracing and Congestion in a Blockchain: A Supply Chain Use Case in Hyperledger Fabric
Miners validate new blockchain transactions and record them on the blockchain. Miners compete to solve a difficult mathematical problem based on a cryptographic hash algorithm.
Published in Chapter: End-to-End Tracing and Congestion in a Blockchain: A Supply Chain Use Case in Hyperledger Fabric; From: Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector
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Chapter 10
Blockchain Technology: Concepts, Components, and Cases
Miner is an actor who participates in cryptocurrency transactions, and in turn, plays a crucial role both in creating new cryptocurrencies and in verifying transactions on the blockchain. It adds new blocks to the existing chain, and ensures that these additions are accurate.
Published in Chapter: Blockchain Technology: Concepts, Components, and Cases; From: Industry Use Cases on Blockchain Technology Applications in IoT and the Financial Sector
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