Mining (Crypto)

Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. When a transaction is made over a blockchain (for instance, when one user sends a few coins to another user’s address), the transaction information must be recorded and is thus put on a block. The encryption of this block is made by miners. Miners typically need large rigs of reliable, application-specific hardware to actually have a decent chance at being the first to verify and secure the block. Once a miner secures the block, the block is then added to the blockchain and must be verified by other nodes (computers) on the network in a process known as consensus.