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I Mined Bitcoin for 1 Year (Honest Results)Verifying Bitcoin transactions and recording them on the blockchain involves solving complex algorithms. This is all part of Bitcoin's proof of. Bitcoin mining is the process by which transactions are verified on the blockchain. It is also the way new bitcoins are entered into circulation. A mining rig is a computer that is customized for cryptocurrency mining. A miner is used to help process transactions and secure the network of a cryptocurrency.