Blockchain: The Algorithmic approach to

Bitcoin Mining

As we see a global trend towards e-currency, it is important to analyse the

first and market dominating cryptocurrency, Bitcoin. Termed as a Peer-
to-Peer Electronic Cash System, Bitcoin has been a topic of many
controversies as we look at a future based on decentralized, publicly
accessible, cryptocurrency. The success of Bitcoin relies on the fact that it
is impervious to control by any government or financial corporation and
it is unshaken by economic tendencies which affect fiat currencies. The
cryptographic algorithm used for Bitcoin is known as Blockchain, which
is a public ledger that records bitcoin transactions. This technology is
based on decentralization, openness, and permission-less access to
transactions and so our paper looks into the intricacies behind Blockchain
and how it was able to revolutionize the market. The introduction of a
new Bitcoin requires a great amount of computational power and we shall
also discuss the various Hashing methods applied by miners. Finally we
shall understand how Bitcoin was able to dominate market capitalization
and the anti-inflationary system it uses to promote an eventual cap in its
creation by 2140.