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Oct 24, 2017 All of the miners in the network are searching for a solution that fits the difficulty criteria and they do so by processing running their mining rigs to try and find the solution. This is why its called proof of work as its proof is the probability of finding a correct solution usually takes an average of ten minutes.

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Bitcoin uses the hashcash proof-of-work function in its mining core and validation of blockchain transaction log. In creating these hashcash proofs-of-work, bitcoin miners deploy huge amount of resources in the form of mining hardware (capital investment) and electricity (operational investment), who are in turn rewarded