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I'm looking to understand how minting new bitcoins and processing transactions relate on the bitcoin network.
It seems that the term "miner" may refer to machines looking to mint new coins and machines processing transactions.
I can't find any information on whether submitting transactions is directly tied to minting coins.
I'm interested in processing pending transactions. What does the process of finding unconfirmed transactions and submitting them into the blockchain look like? Is confirming transactions just as expensive as minting new coins?
Does bitcoin core's bitcoind expose unconfirmed transactions?
How do unconfirmed transactions get submitted into the blockchain?
Thank you!
Thanks for the info; I will definitely read up some more on mining and proof-of-work. Additional questions your response prompted are: How is a new block created? Who is allowed to create a new block? How is the block -- not just a transaction -- broadcast to the network? Thanks! – berto – 2017-12-15T21:11:13.933
1I marked your question as a duplicate. Read the duplicate question and It's answers. That should tell you what you want. – Jestin – 2017-12-15T21:13:06.480
Yep, I just read it, and the pieces are coming together. As I understand it now "mining" is finding the block, or the box that a bunch of transactions go in. And, in order to incentivize, finding a block currently carries a reward. – berto – 2017-12-15T21:37:25.867
Thank you for the
getrawmempoolcommand! – berto – 2017-12-16T12:58:03.763