Bitcoin evaluation and examination of its mining method

The word mining in the world of cryptocurrencies means producing and confirming cryptocurrency transactions by solving computer problems. Since cryptocurrencies like Bitcoin are decentralized in nature, their network requires people around the world to work to advance this network and provide services to the network. Rewards are considered for people who participate in this and will be awarded in the form of digital currencies. In fact, Bitcoin is a type of electronic money that does not involve an intermediary entity in its issuance, transfer, and management, and its control is in the hands of the people. With its emergence, Bitcoin fulfilled the long-standing dream of completely digital money and put the world on the verge of a financial revolution. Bitcoin is a cryptographic digital currency that has received attention in the technology world today. Therefore, the purpose of this article was to define Bitcoin and how to mine it. For this purpose, the strategy and process of Bitcoin mining were examined using a modeling method, and the results of these studies showed that the Bitcoin system lacks a stable, rule-based, and incentive-compatible system. Although users in this system are subject to rules, their behavior is stabilized only by agreement. Bitcoin is also modifiable by government rules, which means that when the rules change, the Bitcoin system also changes.

کلیدواژه ها:

Bitcoin ، Digital Money ، Encryption ، Extraction