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Author Topic: Mining Meaning - Definition  (Read 73 times)

Offline allcoinsmoon

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Mining Meaning - Definition
« on: October 30, 2018, 10:51:16 PM »
Mining is the term used for discovering and solving blocks on a blockchain.
A reward is given for solving the algorithm and lengthening the chain, called a mining reward.

The mining reward for the Bitcoin Blockchain is Bitcoin. Each blockchain offer it's own coin for the minners.

Mining is known to serve two major purposes;

1) Mining verify the legitimacy of a transaction

2) Mining motivates users to maintain a copy of the blockchain.

Below an explainer of the mining in the specific case of bitcoin:

Offline Ernestina

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Re: Mining Meaning - Definition
« Reply #1 on: January 04, 2019, 06:13:45 PM »
That's a down to earth information and i am sure every newbie would have an overview of mining.

Online Gwapoman

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Re: Mining Meaning - Definition
« Reply #2 on: January 04, 2019, 06:23:33 PM »
thanks for this post!im gonna repost it in our local board to help new users understand the basics of mining.

 

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