What is Mining

Mining is the process of getting new cryptocurrency coins through contributing to the upkeep of a currency's blockchain. Every validated transaction that has occurred is recorded by each node of a decentralized network on a blockchain. In currencies that use the Proof of Work consensus process, miners incur the computational expenses of complicated computer operations required to validate a new block for the blockchain. The miner who receives the first successful confirmation of the block receives coins from the blockchain's native cryptocurrency. The competitive component is eliminated by the revised Proof of Stake approach. Instead, it chooses a node to validate the new block depending on its stake in the currency. Transaction fees are paid to Proof of Stake miners. The mining power measurement is better known as “Hashrate.”

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