Curious about blockchain technology in cryptocurrency
What is mining in cryptocurrency?
Mining is the process of adding transactions to the blockchain network and validating them by solving complex mathematical problems using powerful computers. This process is crucial for maintaining the security and integrity of the blockchain network. In cryptocurrency, miners compete to solve the mathematical problems and add the next block to the blockchain. The miner who solves the problem first and adds the block is rewarded with newly created cryptocurrency units and transaction fees. Mining also helps to prevent doublespending and ensures that the transactions are irreversible.