Tandon in the News
NY University researchers explain why Bitcoin miners are losing money
- Nikhil Gupta for NEWSBTC March 6th, 2015
- Source: http://www.newsbtc.com/2015/03/06/ny-university-researchers-explain-bitcoin-miners-losing-money/
A team of two New York researchers, Luqin Wang and Yong Liu, has made commendable observations while putting under scanner the reason behind the increasing number of miners losing money in Bitcoinmining. The research paper titled, ‘Exploring Miner Evolution in Bitcoin Network’, characterizes the evolution of Bitcoin miners’ productivity, computation power and transaction activity by analyzing the full blockchain in Bitcoin network.
Bitcoin miners slug it out with each other to verify the transactions and keep the blockchain in sequence. The miner who successfully verifies the transaction and packs it into a new block is rewarded with some Bitcoins; the current reward being 25 Bitcoins/block.