Cryptocurrency Mining
The process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new cryptocurrency coins are released.
Business Glossary provided by Plannit.ai
Cryptocurrency mining involves using computer power to solve complex mathematical problems that validate transactions and secure the network. Miners are rewarded with cryptocurrency for their efforts. The process requires substantial computational power and often results in high electricity consumption. As part of the mining process, miners compete to solve a cryptographic puzzle, and the first to solve it adds a new block to the blockchain and is rewarded with transaction fees and newly minted coins.
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