Related Terms. What Is Bitcoin Mining? Bitcoin mining is a business venture. The concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets.
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Read MoreParticipants with a small percentage of the mining power stand a very small chance of discovering the next block alone. Bitcoin alone uses more electricity than some entire countries. Even though bitcoin has gained wide acceptance across the globe, it still remains highly contested in some countries because of its decentralized nature and volatility and its exorbitantly high power consumption. Bitcoin is the first decentralized digital currency that allows peer-to-peer transfers without any intermediaries such as banks, governments, agents, or brokers, using the underlying technology of blockchain. However, each miner will be required to submit their share records.