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Learning & News => Further Education => For Beginners => Terminology => Topic started by: Mounty on July 01, 2018, 12:13:58 PM

Title: Mining Meaning - Definition
Post by: Mounty on July 01, 2018, 12:13:58 PM
Mining is the term used for discovering and solving blocks on a blockchain.
A reward is given for solving the algorithm and lengthening the chain, called a mining reward.

The mining reward for the Bitcoin Blockchain is Bitcoin. Each blockchain offer it's own coin for the minners.

Mining is known to serve two major purposes;

1) Mining verify the legitimacy of a transaction

2) Mining motivates users to maintain a copy of the blockchain.

Below an explainer of the mining in the specific case of bitcoin: