in BlockChain by
Blockchain Mining

1 Answer

0 votes

Mining is a process of verifying transactions, bundling them into blocks, and adding those blocks to the blockchain.

The nodes in the network that verify transactions are called mining nodes or simply Miners.

The process requires the nodes to run consensus algorithms like Proof of Work and Proof of Stake.

Solving Proof of Work problems requires extensive computing power, so the miners are rewarded with tokens like bitcoin and ethereum for solving them.

Related questions

0 votes
asked Nov 21, 2020 in BlockChain by rajeshsharma
0 votes
asked Dec 26, 2020 in BlockChain by GeorgeBell