Mining is the process of validating transactions on a blockchain in exchange for fresh Bitcoin. This reward reduces transaction fees by providing a secondary incentive to contribute to the network’s processing capacity. The introduction of specialized processors such as FPGAs and ASICs running complex hashing algorithms has enhanced the rate of creating hashes, which validate any transaction.
Since the introduction of Bitcoin in 2009 and the subsequent explosion in Cryptocurrencies, there has been an arms race for cheaper yet more efficient devices.
Read the complete entry on our glossary: https://agrtech.com.au/glossary/cryptocurrency-mining/
