What is Cryptocurrency Mining?
cryptocurrency mining in simple terms cryptocurrency mining is like solving puzzles to verify transactions and add them to the digital book of transactions which is the blockchain it’s a crucial part of making sure cryptocurrencies work smoothly and securely let’s create an example John sends one Bitcoin to George before George receiv received the one Bitcoin the transaction is being processed by Bitcoin miners to verify the transaction but there is a lot of Bitcoin miners around the world let’s estimate it around tens of thousands of active miners all Bitcoin miners are in a big Grace to figure out a really tough M problem The Miner with the fastest computer has the best chance to win if they win they can confirm a bunch of Bitcoin transactions and earn some Bitcoin as a reward the stronger the computer the better chance they have of winning but having a strong computer needs a lot of energy compared to simple mining machines the powerful ones use up a ton more energy thousands of times more and this energy use keeps growing because everyone wants to win miners keep getting better computers that need even more energy so Bitcoin mining uses more and more energy over time once the Bitcoin bu resolve George will now receive the one Bitcoin from joh
What is Cryptocurrency Mining?
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