For example If you have some btc in your wallet and you need to transfer some to your friend, you send them by entering their address in your wallet. Once you have made a transaction you will digitally sign the transaction and inform publicly that you are transferring some btc from your address to another. This unspent transaction gets stored in a block which is a collection of huge transactions like yours and it is protected by cryptographic numerical puzzle. The miner who confirms your transaction by solving complex puzzle gets rewarded by the network and your transaction is confirmed and btc is send to your friend.
If your transaction needs to get in the block you need to pay a miner fee and higher you pay more faster your transaction would enter the block and it will be confirmed. Hence a miner receives his fees from network in the form of newly mined coins which is 12.5 btc per block and your fees. This block reward would be reduced time to time and will become 0 when last bitcoin is mined,such that the network was designed.
To prevent the double spending everything is made public and once your transaction is complete your transaction would be feeded in the blockchain network and so the size of blockchain increases day by day.
Topic: How does bitcoin work? Who actually pays for the mining done? (Read 131 times)
The Bitcoin network itself pays the miners in the form of a block reward of 12,5 BTC plus transaction fees in each block.
Bitcoin miners are basically competing to find the solution to a mathematical puzzle, when this number is found they receive the block reward + fees.
Bitcoin transactions are also processed this way, each time a block had been found, transactions are added to the ledger (blockchain) and miners are rewarded for that.
I hope I've kept this simple enough to understand, all other articles explaining mining were pretty long.
In case you still want to know a bit more:
https://www.coindesk.com/information/how-bitcoin-mining-works/
Bitcoin miners are basically competing to find the solution to a mathematical puzzle, when this number is found they receive the block reward + fees.
Bitcoin transactions are also processed this way, each time a block had been found, transactions are added to the ledger (blockchain) and miners are rewarded for that.
I hope I've kept this simple enough to understand, all other articles explaining mining were pretty long.
In case you still want to know a bit more:
https://www.coindesk.com/information/how-bitcoin-mining-works/
How does bitcoin work? Who actually pays for the mining done?
Im new to but you can found the answer for this question just by type it at google search. But to make it easier for you, here visit this website https://99bitcoins.com/what-is-bitcoin-mining/
How does bitcoin work? Who actually pays for the mining done?
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