Cryptocurrency mining is the process of adding transaction records to the underlying blockchain. A miner is the computer, or ‘node’, that performs this process.
Beyond creating new cryptocurrencies for profit, crypto miners also help maintain the security and integrity of a blockchain by verifying transactions and adding them to the distributed ledger. This process is known as a consensus mechanism, which involves using sophisticated hardware and solving complex mathematical problems.
In return for the miners’ computing power, the network rewards them with its native cryptocurrency once the mining process is complete. For example, once a miner successfully adds a block of transactions to the Bitcoin network, they receive a sum of BTC.
