Tuesday, May 24, 2022

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    Crypto Mining

    Cryptomining is the process of acquiring cryptocurrencies by solving cryptographic equations through computers. These puzzles tend to be as complex as the work involved in chipping away rocks, hence the name crypto mining.

    The crypto financial system utilizes complex algorithms for the verification of a transaction. The process involves confirming data blacks and adding the transaction to a blockchain. A blockchain is a database that stores information in blocks that are then chained together.

    This information is protected by a series of complicated equations which are solved by crypto miners. As a reward for adding a transaction to the ledger, by solving the equation, crypto miners get a small amount of cryptocurrency for themselves.

    Main ingredients in crypto mining:

    1. A high-performance computer
    2. Crypto wallet
    3. Mining Pool (a group of crypto miners)

    For fairness and clarity, the equations become harder as more computers get involved in solving them if in case the size of a mining pool increases.

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