What Is Crypto Mining?


The only was to send money electronically has always been to rely on a centralized inter-media say someone like PayPal & what Paypal does is, it keep track of money that i have in my account, say i loaded it from my bank account or I got paid by another Paypal user. and then Paypal lets me send the money I have, and tell other that they received money from me. Paypal just keeps these ledger transactions. So with Paypal, there is one ledger and is held by the company.

With blockchain network, that ledger is distributed across every participant. So anybody who is connected to the network has a copy of it on their computer, in full, going all the way back to the history of the network when it has created the first ledger.

Now how does this new information is added to that ledger? well that this role miners play. they listen for the transaction messages that validly signed on the network and they bundle them into what we call a block. they announce this block and say now you all take this and this to your copy of ledger. we call that ledger a block-chain because the miner has just announced a block and that block is mathematically linked to all the blocks in the past and they are chained together like a big long string. what they are doing is providing a public good, they are relaying transactions, validating signatures, putting them into a block, adding their block to the block chain and distributing that to all people on the network. they are given a reward by the network for performing this public good.

This reward comes in when a miner is allowed to stick in the ledger of transactions for that 10 minutes, one special transaction, and it says i the miner pay myself 12.5 coins. and they came from nowhere. this is the only time on blockchain network that anyone is allowed to ever have the transaction that didn't have any inputs. that literary created money out in the air. at some point, somebody started calling this activity of getting new blockchains by providing this public good on the network "Mining". it's like digging into the side of the mountain and getting gold.

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