Blockchain miners are responsible for maintaining the ledger of all transactions that take place on the network. In order to do this, they need to solve complex mathematical problems called cryptographic puzzles.
When a miner successfully solves a puzzle, they are rewarded with a block of newly minted coins. The difficulty of the puzzles is adjusted so that on average, a new block is added to the ledger every ten minutes. This system ensures that the ledger is constantly being updated and that it is very difficult for anyone to tamper with it.
Other related questions:
Q: How is ledger maintained in blockchain?
A: The ledger is maintained by a network of computers, called nodes, that each have a complete copy of the ledger. When a transaction is made, it is broadcast to the network, and each node verifies the transaction before adding it to their own copy of the ledger.
Q: Who maintains Bitcoin ledger?
A: The Bitcoin ledger is maintained by the Bitcoin network.
Q: How does a blockchain ledger store transactions?
A: A blockchain ledger stores transactions in a digital format. Transactions are grouped into “blocks” and each block is chained to the previous block, creating a permanent record of all transactions.
Q: What is the technology used for maintaining the ledgers of cryptocurrency?
A: There is no one answer to this question as different cryptocurrencies use different technologies for maintaining their ledgers. Some popular options include blockchain technology, Directed Acyclic Graphs (DAGs), and Hashgraph.
- How does a blockchain transaction work? – Ledger
- Cryptocurrency Public Ledger Defined – Investopedia
- What Is Bitcoin Mining: How Does It Work, Proof … – Simplilearn
- 8. Mining and Consensus – Mastering Bitcoin [Book] – O’Reilly
- A Detailed Guide on How Cryptocurrency Mining Works
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- What is Blockchain Mining? – Intellipaat