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What is Miner

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)
DOI: 10.4018/978-1-5225-2255-3.ch242
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
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.
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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.
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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.
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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.
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