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What Is Bitcoin Mining?
Chances are you hear the phrase “bitcoin mining” and your mind begins to wander to the Western fantasy of pickaxes, dirt, and striking it rich. As it turns out, that analogy isn’t too far off.

Bitcoin mining is performed by high-powered computers that solve complex computational math problems; these problems are so complex that they cannot be solved by hand and are complicated enough to tax even incredibly powerful computers.
KEY TAKEAWAYS
Bitcoin mining is the process of creating new bitcoin by solving a computational puzzle.
Bitcoin mining is necessary to maintain the ledger of transactions upon which Bitcoin is based.
Miners have become very sophisticated over the past several years using complex machinery to speed up mining Operation

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Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency - is a type of money that is completely virtual. It's like an online version of cash. ... People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people.
bitcoins

a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.

"Bitcoin has become a hot commodity among speculators"

a unit of bitcoin.

"bitcoins can be used for online transactions between individuals"
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