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Bitcoin mining is a crucial part of the Bitcoin network. But to most Bitcoin holders it’s a relatively mysterious business. Mining is where Bitcoin connects the internet to the real world. A lot of electricity is needed for mining, and it’s crucial for the protection of the 7 million Bitcoins, worth today $7 billion, stored using Bitcoin’s decentralized financial records.
Mining is a very competitive business. Every 10 minutes, approximately, hundreds of thousands of Bitcoin mining computers around the world start competing for a new batch of 6.25 Bitcoins. The greater the quantity of mining chips that they are running, and the stronger they are, the higher the chances their owner have to win new Bitcoins.