What is mining in cryptocurrency?

Joined
Oct 4, 2023
Messages
2,957
Highlights
12
Reaction score
236
Trophy Points
0
D Bucks
💵6.261450
Referral Credit
0
It seems that mining is a very versatile word in cryptocurrency now. I see in some post where people are referring airdrop as mining while others see staking as mining in place of real mining. Over time, cryptocurrency mining meaning is changing and getting a lot of newbies confused.
In you own understanding, what do you think mining means?
 
Mining regarding the process of verification of crypto transactions in the blockchain that applies a PoW consensus mechanism, so it must use devices or hardware such as rigs, GPUs, ASIC etc. Mining Crypto also uses software like BFGMiner. CGMINER, EASYMINER etc. While Airdrop is a free crypto distribution to the community or users usually as a means of marketing. While staking is a process of validation of crypto transactions in the blockchain that applies the PoS consensus, by storing and locking a number of crypto.
 
15,907Threads
115,719Messages
351Members
Niyi BrLatest member
Top