Blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, transactions can be confirmed without the need for a central clearing authority. Blockchain enables the existence of Cryptocurrencies (among other applications like fund transfers, settling trades, voting, and many other issues). A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Bitcoin is the best known example.

Crypto mining is not simply a way of creating new coins but also involves validating cryptocurrency transactions on a blockchain network and adding them to a distributed ledger. Now since this can be manipulated digitally, only verified miners are assigned with this responsibility. Thus, new coins are generated to reward miners for their work in securing the network. Since distributed ledgers lack a centralized authority, the mining process is crucial for validating transactions. Miners are, therefore, incentivized to secure the network by participating in the transaction validation process that increases their chances of winning newly minted coins. Crypto mining is somewhat similar to mining precious metals. While miners of precious metals will unearth gold, silver, or diamonds, crypto miners will trigger the release of new coins into circulation. For miners to be rewarded with new coins, they need to deploy machines with good hash rates that solve complex mathematical equations in the form of cryptographic hashes. A hash is a truncated digital signature of a chunk of data. Hashes are generated to secure data transferred on a public network. Miners compete with their peers to zero in on a hash value generated by a crypto coin transaction, and the first miner to crack the code gets to add the block to the ledger and receive the reward.

One thing for sure is that the earlier you get into this space the better. For aspiring crypto miners, curiosity and a strong desire to learn are simply a must. The crypto mining space is constantly changing as new technologies emerge. The professional miners who receive the best rewards are constantly studying the space and optimizing their mining strategies to improve their performance. We at Mbminers are always available for guidance with our expertise.