Mining features in 5 minutes

Mining is the process when the executed operations are recorded in a blockchain. It is also known as the getting of cryptocurrency. The main goal of mining is achieving consensus among the network nodes as to which transactions can be called legitimate.

In addition, mining is the only option for issuing coins of the popular Bitcoin cryptocurrency.

The process is particularly resource-intensive, since it is necessary to maintain the blocks obtained in the appropriate amount, which was mined earlier.

Each block include important information that the mathematical calculation has been successfully completed. The release of the cryptocoins is a reward for the mining process. This happens in a decentralized manner. This suggests that there is no control over emissions.

Therefore, right now it is possible to get acquainted with a more perfect service CredoMine. Also it is possible to receive 1000 GH / s as a gift for registration.

You can get a certain number of coins. Thus, the network is protected from possible over-expenditure of funds, which also preserves anonymity at the time of working with the cryptocurrency.

What is it hashing?

All operations in the network are publicly available. The main task of miners is to select a hash, suitable for all operations on the network. This makes it possible to obtain a secret key. The process is long enough, since there can be many combinations.

Miner may face such a concept as the Hash Rate or, in other words, the speed of the mathematical calculation, which is often used. It is measured through hashes per second (H / s).

Hash, which miners actively select, is a quantity consisting of several parts. This is the hash of the previous block, the sum of the control numbers of the operations performed for the last ten minutes, and an arbitrary number. The system conditions can be satisfied only by a single value, which is modified after the block has been closed. This happens with each block. Also, the miner also receives his reward, which varies depending on the used system.

Features of mining

This can be compared with a lottery, since many people search for a suitable hash at the same time. So, the first who counts the hash, will receive a reward.

The system works, observing all the rules, so if the block was closed, get a reward for it or change something is simply impossible.

Since the mining process became more and more difficult each time, it was virtually impossible to obtain cryptocurrency alone. Therefore, miners decided to unite into so-called pools, when the computer capacities of several people were organized into one group to create new blocks. The remuneration is appropriately divided among all participants evenly, according to the entered capacity / hash.