Mining

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word number: 76

Time: 2022-05-20 14:38:31 +0000

Simply a trustless consensus process of maintaining the blockchain, verifying transaction, and issuing new currency, in short becoming a bank. The process is also called mining because the bank is rewarded with coins for the work.

The cost of mining are basically:

  • Electricity
  • Internet Connection

If these are free, then it’s a guarantee profit. However, do consider resting your computer sometimes.

Algorithms

  • Proof of Work
  • Proof of Stake
  • Proof of Capacity