Eli5: how does one mine for bitcoins.

Question

I understand that it’s computers but who owns these computers and can you mine for bitcoins in any location or are certain locations better than others.

In: Technology

Answer 1

The actual ELI5 version is that your computer does a bunch of complex math used to verify transactions other people have done through the Blockchain. There is a correct answer and your computer is trying to do the math to find that answer. Whoever does the math first gets a % of a coin. So the faster your computer can do math the more likely your odds are.