What is cryptocurrency mining?
Mining is the lifeblood of the cryptocurrency world, verifying ongoing transactions and minting new circulating currencies. In simple terms, miners solve some complex mathematical problems to verify transactions. Mining cryptocurrency is the process by which miners use computing power and electricity consumption in exchange for block rewards, which are incentives for miners to maintain the blockchain technology behind cryptocurrency.
Benefits of mining cryptocurrency
If you are a cryptocurrency miner, this can be a good part-time job: with a simple analysis, you can generate passive income based on your computing power without taking any additional steps; next, you can become an important part of the crypto movement, because miners are the main contributors to the realization of decentralized finance; finally, you have a veto over any changes to the network protocol.
Generally speaking, anyone with a cryptocurrency wallet, an internet connection and powerful computing hardware can mine cryptocurrency, and can choose to mine alone or in a mining pool. If you go it alone, you will solve the hash alone, and now it is more of a collective effort in a mining pool, also based on the type of hardware deployed: CPU, GPU or professional ASIC miners.