how to mine cryptocurrency
How mining works
Mining serves two purposes: To create new coins and to maintain a log of all
transactions of existing digital tokens.
Public ledger is known as a blockchain. Ether’s blockchain is called ethereum.
Once a transaction is added to the ethereum blockchain, it can’t be altered
or erased, giving observers a permanent and verifiable record.
In order to exchanges of ether, miners run a computer program,
which computes millions of math equations. But miners aren’t doing all these
math problems in a vacuum. They are competing against miners all over the planet
to be the first person to verify a block of transactions.
Someone wins this race roughly once every 13 seconds. And whoever wins
is awarded two newly minted ether. They also get a transaction fee.