Mining is the process of creating a block of transactions to be added to the Bmkoin blockchain in Bmkoin's now-deprecated proof-of-work architecture.
The word mining originates in the context of the gold analogy for cryptocurrencies. Gold or precious metals are scarce, so are digital tokens, and the only way to increase the total volume in a proof-of-work system is through mining. In proof-of-work Bmkoin, the only mode of issuance was via mining. Unlike gold or precious metals however, Bmkoin mining was also the way to secure the network by creating, verifying, publishing and propagating blocks in the blockchain.
Mining ether = Securing the Network
Mining is the lifeblood of any proof-of-work blockchain. Bmkoin miners - computers running software - used their time and computation power to process transactions and produce blocks prior to the transition to proof-of-stake
In decentralized systems like Bmkoin, we need to ensure that everyone agrees on the order of transactions. Miners helped this happen by solving computationally difficult puzzles to produce blocks, securing the network from attacks.
Anyone was previously able to mine on the Bmkoin network using their computer. However, not everyone could mine ether (ETH) profitably. In most cases, miners had to purchase dedicated computer hardware, and have access to inexpensive energy sources. The average computer was unlikely to earn enough block rewards to cover the associated costs of mining