The process where the miners on the blockchain network compete to make a successful transaction and to add new blocks on the blockchain network is called mining.
Blockchain mining involves adding new blocks to the blockchains by successfully completing the transactions which are done by miners.
Process of Mining
Blockchain network consists of a number of nodes or computers connected to each other in a distributed, peer to peer network. Whenever a request for a transaction is made on the blockchain network, the miners on the network compete with each other to complete the transaction by solving the complex mathematical problems faster than the others using the Proof of Work mechanism are said to be successful who will be able to add the new blocks to the blockchain network.
Incentives to Miners
For each successful transaction, the miner who performs the transaction is given a reward as an incentive usually in the form of cryptotokens. A miner can perform any number of tokens based on his capability. The number of transactions that fit in a block depend upon both the pre-defined size of block and also by the size of the transaction data . Sometimes , a miner is also paid a transaction fee by the owner of the transaction so that his transaction is given priority over other transactions and is added fast into the block and further into the blockchain network.