The algorithm that concurrently secures the Bitcoin blockchain, processes transactions, facilitates consensus, and mints new bitcoin. In PoW, Bitcoin miners compete to solve complex cryptographic puzzles with computing power, which is measured in hashrate. The first Bitcoin miner to solve the block is rewarded with bitcoin (plus transaction fees) and wins the right to update the blockchain.

More technically, miners fund find a numeric solution to the SHA-256 algorithm that meets a