There is a lot of information already about 'mining' BitCoin and other currencies....
I'll give you our quick take on it.
“Mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.”
https://en.bitcoin.it/wiki/Mining
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