COIN MINING
How Coin Mining Works


Unlike paper currency which a government decides when to print and distribute. Coin is not controlled and monitored by governments. Miners (Coin Finder) utilize specialized software to find them for exchange.

All confirmed transactions from the start of a cryptocurrency’s creation are stored in a public ledger. The identities of the coin owners are encrypted, and the system uses other cryptographic techniques to ensure the legitimacy of record keeping. The ledger ensures that corresponding “digital wallets” can calculate an accurate spendable balance.

Also, new transactions can be checked to ensure that each transaction uses only coins currently owned by the spender. Mining is the process of confirming transactions and adding them to a public ledger. In order to add a transaction to the ledger, the “miner” must solve an increasingly-complex computational problem (sort of like a mathematical puzzle).

Mining is open source, so anyone can confirm the transaction.
The first “miner” to solve the puzzle adds a “block” of transactions to the ledger.
The way in which transactions, blocks, and the public blockchain ledger work together ensures that no one individual can easily add or change a block at will.
Once a block is added to the ledger, all correlating transactions are permanent and a small transaction fee is added to the miner’s wallet (along with newly created coins).
(Excerpt from http://cryptocurrencyfacts.com)