What Is A Bitcoin Miner?

This started with algorithms (mathematical equations or processes) that could be easily answered, producing BitCoins. Of course, over time, answering these algorithms has become more difficult. Some people have grouped together to solve these equations and receive BitCoins based on their input to solve them. In some cases, people purchase mining software. There have been 14 million BitCoins mined with a limit of 21 million in existence. Since that represents 70%, realistically, mining is a harder process than thought. Mining was designed to be difficult, which limits the amount found. By 2140, miners will end up being dependent on transaction fees, based on the projection of the last BitCoin to be found.