What is cryptocurrency mining?
If you have been following cryptocurrency news, you have surely heard of "cryptocurrency mining"; here we are not talking about any excavation or digging work; cryptocurrency mining refers to the process of creating a new digital currency and adding it to the blockchain network by using a computer or processor to solve algorithms and decode complex mathematical codes.
Mining is also the process of validating transactions on the network and adding all related details in the form of blocks to the existing blockchains on the blockchain. Every user who validates a transaction is called a "miner".
Mining requires computers with powerful processors to solve complex algorithms, and the first user to solve the algorithm receives a portion of the reward in the form of currency for recording completed transactions and adding them to the blockchain system, a process known in the cryptocurrency field as "proof of work" (or PoW).