WHAT IS CRYPTOCURRENCY MINING

Here is the complete details of cryptocurrency mining

WHAT IS CRYPTOCURRENCY MINING


A decentralised (sometimes referred to as peer-to-peer) network of computers is used to "mine" the majority of cryptocurrencies. The mechanism that updates and secures the network by continuously checking the public blockchain record and adding new transactions is known as mining, which does more than just produce additional bitcoin or Ethereum.

In theory, anyone with access to the internet and a computer can start mining. It's important to remember that mining isn't always profitable before you get too excited. You might find that you spend more on mining than you make back in bitcoin, depending on the cryptocurrency you're mining, the speed of your computer, and the price of power where you live.


As a result, the majority of cryptocurrency mining nowadays is carried out by businesses that specialise in it or by huge numbers of people who all donate their processing power.

How does the network motivate miners to contribute to blockchain upkeep? Again using Bitcoin as an example, the network runs a lottery in which all of the global mining equipment competes to be the first to complete a mathematical challenge, which also verifies and adds new transactions to the blockchain. Each winner receives fresh bitcoin that can later be bought on the open market.

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