CryptoURANUS Economics: Virgin Bitcoin: Defined in CryptoCurrency


Saturday, August 11, 2018

Virgin Bitcoin: Defined in CryptoCurrency

Virgin Bitcoin: Defined in CryptoCurrency

Virgin bitcoin is an amount of brand new bitcoin created by a computer that was mining. 

Mining is a computer process of recording and verifying information on the digital record known as the blockchain.

In bitcoin and other cryptocurrencies, mining also requires computers compete with each other to solve a complicated math problem.

A reward is given to the computer that solved the math problem first and this is known as virgin bitcoin.

A Bitcoin that has been received by a miner as a block reward, and thus has never been “spent” before. There is no benefit to a Bitcoin being a virgin Bitcoin.

1 comment:

power said...

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