ELI5 What is cryptocurrency mining?
Mining is the process by which cryptocurrency transactions get verified. The process got its name from the fact that once a block is verified, whoever solved it will earns some coins as a reward, a little like gold mining – there’s a reward for the work. Early Bitcoin Mining When Bitcoin was launched, the idea […]
ELI5: Cryptocurrency Micro Mining
Micro mining is a cryptocurrency mining modality where large quantities of small, and low computing power, devices perform the mining work. The idea stemmed from concepts related to IoT (Internet of Things), but also applies to other mining modalities where users contribute tiny amounts of work against proportional rewards. For example, by using their spare […]
ELI5: What was Honeyminer?
Honeyminer was an automatic multiple coin mining program that pays users to use their spare computing power. Honeyminer leveraged a variation of the concept of micro mining, where participants who do not wish to invest in a dedicated mining setup contribute tiny amounts of mining power against a proportional reward. In October 2021 the company […]
Concepts In This Page
The process of mining cryptocurrencies using a general-purpose computer CPU. Today most PoW mining is performed by either dedicated ASIC chips or GPU cards.
Mining is the collective and decentralized effort performed by network participants in order to verify cryptocurrency transactions. Participants receive a reward for their work, which serves as an incentive for mining activity.