Bitcoin Block-Chain Mining

Among the many cryptocurrencies, the most popular is bitcoin. It is a direct electronic system that deals with money and lets us make payments over network. To verify bitcoin transactions involving payments between users, we need to mine the data involved in these transactions. Data mining keeps a record of the various payments made and the services used in an organized form. Since mining is the bedrock of bitcoin framework, it is very important to make sure that the mined data is unalterable and complete by repeatedly verifying and adding new transactions. For this purpose, we use various algorithms and protocols, along with satisfying proof-of-stake and proof-of-work. These algorithms are studied and compared, and it is proposed that we could switch to proof-of-stake for bitcoin to make it more energy efficient as well as cost effective.