Mining is a process in which transactions for various forms of cryptocurrencies are added to the digital blockchain ledger.
A miner conducting the mining process competes with other crypto miners that have complicated mathematical tasks to solve using cryptographic hash functions associated with a block of transaction data.
The first miner who solves the task is rewarded by being able to authorize the transaction. In return for the service (electricity) provided, he receives a share of the respective cryptocurrency. In order to compete with other crypto miners, a computer with special hardware is required (see also -> Asic).
Theoretically everyone can become a miner, but for most it is not worth it, because the financial expenditure in the form of electricity and hardware is high.
Therefore many so-called “Mining Pools” have emerged. There the billing services of the participants are bundled and the wages for the mining are shared.
Venmo now offers its more than 70 million customers the opportunity to buy, store and sell cryptocurrencies directly in the…