What is mining?
Cryptocurrency mining is the process of validating and recording transactions on a blockchain network. Miners use computational power to solve complex mathematical problems and are rewarded with new units of cryptocurrency.
Transaction validation:
Mining verifies and adds transactions to the blockchain, creating a secure and transparent chain of blocks.
Mathematical problems:
Miners compete to find the solution to a complex mathematical problem, which requires significant processing power.
Reward:
The miner who finds the solution first is rewarded with new cryptocurrencies and transaction fees.
Network security:
Mining helps maintain the security and integrity of the blockchain network.
Example:
In #Bitcoin, miners compete to validate transactions and, if successful, are rewarded with new bitcoins.
