The Proof of Work 

Bitcoin mining is a process that brings into existence new coins that were previously locked away. Miners use powerful equipment to solve complex puzzles that reward new bitcoin. Often, these puzzles are so complex that no one person can solve them alone. As a result, miners work together in a team, otherwise known as a “pool” to solve these cryptographic calculations. The process is known as proof of work. 

Things weren’t always this way. When Bitcoin was new, it was possible to almost mine a coin instantaneously using a basic computer. It has been many years since its inception, however, and roughly every four years, the bitcoin software makes it twice as hard to mine by reducing the size of the rewards.  

Aside from mining new coins, Bitcoin miners also help to process transactions. Miners can choose transactions to bundle together into a block. This adds fees of different amounts to the sender when processing such transactions.