What is mining and what are miners doing?
The process of validating another person’s transaction by computer and then adding it to a long, public list called a blockchain that includes other transactions is called digital currency extraction.
In fact, digital currency extraction is the process by which transactions between users are verified and added to the blockchain general office.
The mining process is also responsible for introducing new coins into the existing stream, enabling cryptocurrencies to operate as a decentralized peer-to-peer network without the need for a central authority.
Individuals in exchange offices receive a “cryptocurrency reward” by performing mining processes. It is interesting to know that anyone with a computer and Internet access can become a miner.
Miners perform important functions such as solving math problems and verifying other users’ transactions over the Internet in the Chinese blockchain network.
They protect the blockchain from fraud and hacker attacks and ensure network decentralization. But you should know that the mining process is not always profitable. Depending on a number of factors – such as which digital currency you are extracting or computer speed and electricity costs in your area – the costs may ultimately outweigh the benefits.