Term of the Moment

ARPAnet


Look Up Another Term


Redirected from: blockchain miner

Definition: cryptocurrency mining


The competitive process that verifies and adds new transactions to the blockchain, which is the fundamental architecture of a cryptocurrency. The miner that wins the competition is rewarded with some amount of the currency and/or transaction fees. Following are the ways mining is performed. See blockchain, Bitcoin mining and cryptojacking.

Individual Miners
Anyone can purchase specialized miner hardware and connect to the Internet. This was more feasible in the early 2010s than it is today. However, new currencies come online all the time, and regular computers or computers with high-end GPUs may be sufficient for mining. See miner hardware and GPU.

Mining Pools
Organizations combine their resources to obtain a huge amount of mining hardware. Mining pools are also open to the public, whereby anyone can add their computers to the network. See pool mining.

Cloud Mining
People can rent time on a cloud mining service and pay a monthly fee. See cloud mining.




Everything About Mining
Peter Kent and Tyler Bain explore crypto mining in depth. For anyone who wants to know the ins and outs of this complicated business, their book is must reading.