101 : Crypto Mining

Have you every thought from where does crypto come into existence - the answer is Mining. Lets decode crypto mining 🚀

What is Crypto Mining?

Mining is the process by which new cryptos are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger's maintenance and development.

"Mining" is performed using sophisticated hardware that solves an extremely complex computational math problem.

The first computer to find the solution to the problem receives the next block of crypto and the process begins again.

Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the network's total mining power.

You need either a graphics processing unit (GPU) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.

It's a small and crisp introduction to Mining. We'll discuss more about mining in the next one. That's it for the day, Web3shala Signing Off ✌🏻

Have a nice day :)Keep Learning 🙏🏻