Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Dreamer on April 02, 2021, 10:10:28 AM
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1. What are Miners?
Cryptocurrencies and fiat currencies differ in the way that new coins/cash are generated and issued in their respective ecosystems. Fiat currencies are printed by government-sponsored mints in response to a state authority’s direct orders, while cryptocurrencies are issued by a blockchain network according to a set of predetermined algorithms. Blockchain networks that create tokens based on Proof of Work schemes require mining, a complicated process. In brief, participants use hardware to run algorithms on specific software to verify transactions on the blockchain, add those transactions to the public ledger and in exchange receive the reward of a newly-created coin. We will break the mining process down step by step below.
2. Cryptocurrency Mining Step by Step
Read more: https://affiliatious.com/what-are-cryptocurrency-miners-how-does-cryptocurrency-mining-work/