Mining

From CoinWiki
Revision as of 22:22, 4 January 2018 by QuintonP (talk | contribs)
Jump to: navigation, search

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, there are different ways to store your cryptocurrency.

Nefarious behavior