Bitcoins Mining split #bitcoin diagram

Just tweeted(July 21, 2014 at 03:59PM):

There are generally two types of articles out there describing how bitcoins are mined: the dense and technical, or the simple and vague. This article will attempt to strike a balance between the two by starting with the foundations of Bitcoin and working up. You probably know that mining creates new bitcoins, but its underlying purpose is actually to verify transactions, keep the record of those transactions up to date, and secure the bitcoin network from thieves and hackers. See here

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