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The Intricacies of Cryptocurrency Mining
It is necessary to remember what cryptocurrency mining is. Mining means acquiring new Bitcoins without having to buy the cryptocurrency from someone; you get them through computational effort.
To make it easier to understand, we can compare this process to gold mining. You can buy the precious metal somewhere, or you can venture out and search for a nugget in nature. All miners need to work is a specialized computer for the job—nothing fancy beyond that.
Understanding the Blockchain
When a new Bitcoin is created, miners dive into a massive database called the blockchain, which acts like a ledger where all transactions are recorded. They solve cryptographic puzzles and compete for the same block of transactions. It’s like a race where everyone is competing to solve the puzzle first. And what’s the prize for winning this race? New Bitcoins.
The Rewards of Mining
They are rewarded with Bitcoin fragments that were not yet circulating on the network and transaction fees paid by users. These fees help keep users mining, as they are responsible for validating transactions and securing the network. Cool, right?
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