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]]. | + | 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 [[cryptocurrency]] has been successfully mined, it can be stored in a [[Cryptocurrency Wallet]]. |
== Nefarious behavior == | == Nefarious behavior == | ||
* [[Cryptojacking]] | * [[Cryptojacking]] | ||
Revision as of 19:29, 1 January 2018
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 cryptocurrency has been successfully mined, it can be stored in a Cryptocurrency Wallet.
