What Is Crypto Mining? Proof of Work Explained ⛏
Crypto mining is the process of validating transactions and adding them to a blockchain. Miners use powerful computers to solve complex mathematical puzzles, keeping the network secure and transactions verified ✔️
Proof of Work (PoW) is the consensus mechanism behind this process. In PoW, miners compete to solve these puzzles first. The first to find the solution adds a new block to the blockchain and earns a reward in crypto, like Bitcoin 🥇
Why does this matter? PoW makes it extremely difficult for anyone to alter past transactions. To change a block, you'd need to redo the computational work for that block and all subsequent ones, which is nearly impossible.
🤝 There are other consensus mechanisms besides PoW. For example, Proof of Stake (which is used by Ethereum) lets validators create new blocks based on the amount of crypto they hold and "stake."
Other consensus mechanisms include Proof of Authority, Proof of History, etc., each of which uses different methods to secure the network 🔗
Crypto mining is the process of validating transactions and adding them to a blockchain. Miners use powerful computers to solve complex mathematical puzzles, keeping the network secure and transactions verified ✔️
Proof of Work (PoW) is the consensus mechanism behind this process. In PoW, miners compete to solve these puzzles first. The first to find the solution adds a new block to the blockchain and earns a reward in crypto, like Bitcoin 🥇
Why does this matter? PoW makes it extremely difficult for anyone to alter past transactions. To change a block, you'd need to redo the computational work for that block and all subsequent ones, which is nearly impossible.
🤝 There are other consensus mechanisms besides PoW. For example, Proof of Stake (which is used by Ethereum) lets validators create new blocks based on the amount of crypto they hold and "stake."
Other consensus mechanisms include Proof of Authority, Proof of History, etc., each of which uses different methods to secure the network 🔗