Mining in cryptocurrency refers to introducing new cryptocurrency into the system. Like mining silver or gold, the miner requires to scoop the sand or use advanced mining machines; crypto miners need a GPU (graphics processing unit) or an ASIC (application-specific integrated circuit) to perform the mining. Crypto mining is performed by solving a complex math problem. The first computer that solves it gets awarded (Bitcoin miners will get Bitcoin as a reward). After that, the following “block” of the cryptocurrency process begins.
In addition to introducing new cryptocurrency into circulation, mining also plays a vital role in validating new crypto transactions in the blockchain. The entire crypto ecosystem is working on a decentralized system with no central authority; the miners help authenticate the transaction through PoW (proof-of-work).
CoinSwitch Kuber doesn’t offer crypto mining.
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