Contest !! || Crypto mining fundamentals
Assalamualaikum dear brothers and sisters |
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Hope you all are doing well and good and enjoying the best days of your life. im @danish578 from Pakistan and you are reading my bloq On steemit platform.You all are welcome here with my deep of heart.
by @khursheedanwar
Write any three primary purposes of crypto mining? |
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AssalamuAleikum, I am going to share with you all 3 purposes of crypto mining. Hope this information will prove to be quite helpful for everyone.
Security of the network: In the step one i will tell you that mining helps to secure the blockchain network by validating transactions and ensuring consensus among the participants.
Issuing new coins: Mining is a process by which new coins are generated, and they are added to the supply and then circulated, and for this people use various machines and devices like esics.
Transaction verification: Now talking about the third point, it is revealed that these mining machines are used to verify transactions and the users who do mining get rewarded for it or it is used for transaction verification of the blockchain.
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What is the role of hash functions in crypto mining |
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Hash function is a unit called power, i.e. 1000 hashes, 2000 hashes, the more hashes you have, the more mining power you have.
As I am telling you this with an example that if you staked $500 and you are getting 10% APR annually then your APR will be $50 in 1 year.
And similarly if you staked $1000 and you get 10% APR from it then your APR will be $100 in 1 year. Similarly, the more hash power you have, the more mining power you have and the more blocks will be verified and you will get rewarded.
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How proof of work and proof of stake mining can be differentiated? |
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Proof of Work and Proof of Stake are both terms used in mining terminology and both methods are used to verify transactions and create new blocks on the blockchain network.
Proof of Work requires miners, it is not just one person, many people work together and invest in hardware and electricity which is used.
And Proof of Stake requires less investment or we can say it requires less energy if we compare it with Proof of Work.
for participate in this contest.
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Greetings friend, you have written well on the topic given and thanks for the invitation, hopefully I get to participate soon. 👍
Thank you very much that you read my post after seeing my invitation and found it valuable. And you should definitely participate. Perhaps your participation will increase my knowledge further.
Hello @danish578
It is incredible that the HASH, although the truth at first glance is not so easy to understand, once analyzed you understand a little better the subject. But the hashes serve as much as for the strength of mining and encrypt the blocks that are being added to the chain. It is very interesting.
success
Thanks alot sir for this great comment im glad to see that you read my whole post