Difference between revisions of "Mining"
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[[Mining]] is basically transaction verification. When a block of transactions has been validated, the person who successfully solves the problem first receives a reward such as a [[bitcoin]]. | [[Mining]] is basically transaction verification. When a block of transactions has been validated, the person who successfully solves the problem first receives a reward such as a [[bitcoin]]. | ||
| − | In early days, any computer could be used for mining, but the algorithm is designed to get harder and harder as more people get on the [[Blockchain]] so normal computers are now very inefficient at mining. Over time, people found that using computers with mining specific [[GPU]]s worked well and now the most efficient miners use [[Custom Mining Computers]]. Once the currency has been successfully mined it can be stored in a [[ | + | In early days, any computer could be used for mining, but the algorithm is designed to get harder and harder as more people get on the [[Blockchain]] so normal computers are now very inefficient at mining. Over time, people found that using computers with mining specific [[GPU]]s worked well and now the most efficient miners use [[Custom Mining Computers]]. Once the currency has been successfully mined it can be stored in a [[Cryptocurrency Wallet]]. |
Revision as of 22:32, 29 December 2017
Mining is basically transaction verification. When a block of transactions has been validated, the person who successfully solves the problem first receives a reward such as a bitcoin.
In early days, any computer could be used for mining, but the algorithm is designed to get harder and harder as more people get on the Blockchain so normal computers are now very inefficient at mining. Over time, people found that using computers with mining specific GPUs worked well and now the most efficient miners use Custom Mining Computers. Once the currency has been successfully mined it can be stored in a Cryptocurrency Wallet.
