Bitcoin is a decentralized currency, meaning it is not overseen by any traditional governing body.
Every time an individual sends Bitcoin to another, the majority of computers in the network must verify the transaction.
This key is an algorithm-generated, 64-digit hexadecimal number that is less than or equal to the target hash, upon which is built the most recent block that was added to the blockchain.
As the value of Bitcoin rises, more and more people are incentivized to become miners.
China has recently begun to crack down on Bitcoin mining and trading, citing Bitcoin’s environmental toll as a major reason.
Crypto advocates say mining’s electricity consumption isn’t that bad compared to the environmental toll of global data centers and digital banking.