What you need to know about mining Bitcoin in South Africa

Isn't mining the process of encrypting a new base block to the chain? Transaction records are done all the time but as I understand it isn't dependent on mining.
 
Decrypting. It's the miners job to confirm the transaction you pay a fee for the confirmation.
 
Decrypting. It's the miners job to confirm the transaction you pay a fee for the confirmation.
I thought that was the other users' job. Granted I don't know much about the technology but as I understand it miners create bitcoins by coming up with new cryptographic hashes, for lack of a better explanation or terminology. Or do they perform two functions?
 
I thought that was the other users' job. Granted I don't know much about the technology but as I understand it miners create bitcoins by coming up with new cryptographic hashes, for lack of a better explanation or terminology. Or do they perform two functions?

Miners get 'rewarded' with newly generated bitcoins for doing the decryption and entering the transaction into the ledger. This will continue until the maximum number of bitcoins is reached (21 million)
 
Is this like the back-end of the system?
Correct. Miners decide it's not worth it anymore and switch to ethereum then bitcoin is done for.

Majority miners are Chinese companies.
 
Correct. Miners decide it's not worth it anymore and switch to ethereum then bitcoin is done for.

Majority miners are Chinese companies.

Miners will likely just add a service charge when they can no longer generate enough bitcoins to make it worthwhile. I doubt bitcoin 'will be done for' - the model will change though you may end up with a situation where you can choose a miner to handle your transaction and miners will compete with deals and special offers etc
 
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