Why Mine Crypto? Beyond releasing new coins into circulation, mining is central to Bitcoin’s (and many other cryptocurrencies’) security. It verifies and secures the blockchain, which allows cryptocurrencies to function as a peer-to-peer decentralized network without any need for oversight from a third party. And it creates the incentive for miners to contribute their computing […]
Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with […]
Blockchain is made up of blocks of data. These blocks are stacked on the top of one another, like Legos, hence forming a blockchain. However, a block cannot be added randomly to the blockchain. Before adding this block, all the transactions within this block have to be validated to ensure everything is fine. The process of validating these […]