Glossary 11
date: 03/08/2020
Cryptocurrency mining
The process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, cryptocurrency mining, altcoin mining, or Bitcoin mining.
Miners
Contributors to a blockchain taking part in the process of mining. Cryptomining is done by specialised computers. The role of miners is to ensure the network and to process every Bitcoin transaction. This can be done by solving a computation problem which allows them to chain together block of transactions.
Proof-of-Work
Proof-of-work is a mechanism for preventing double-spends, which is an occurrence when the same funds are spent more than once. The proof-of-work is the original consensus algorithm in a Blockchain network. In proof-of-work, miners has the data they want to add until they produce a specific solution.