LearningA Cryptocurrency Mining Primer

Cryptocurrencies

In 2008 Blockchain technology was invented to serve as the decentralized, peer to peer, public transaction ledger for the Bitcoin cryptocurrency. Since its invention blockchain has spawned countless cryptocurrencies with a combined market value today over $256 Billion with more than $10 Billion traded in millions of transactions every 24 hours.

All these millions of transactions taking place on blockchain networks are dependant upon blockchain ‘mines’ or ‘farms’ – specialized computers and software that are designed to use  highly complex, computational algorithms to securely write each transaction into the ledger and confirm it’s validity. Without blockchain miners, a blockchain network would not exist.

Miner steps in a
Blockchain transaction

At the core of blockchain technology are the concepts of decentralization and distribution which provide scalability and security for the transaction ledger; anyone, anywhere in the world, with the right computer, software and internet access, can start a blockchain mine, and each mine created increases the resiliency of the entire network and ensures that there are no single points of failure.

Blockchain Blockchain
distributed

A distributed, decentralized ledger

At the core of blockchain technology are the concepts of decentralization and distribution which provide scalability and security for the transaction ledger; anyone, anywhere in the world, with the right computer, software and internet access, can start a blockchain mine, and each mine created increases the resiliency of the entire network and ensures that there are no single points of failure.