Contest !! || Crypto mining fundamentals

Hello Everyone,

I hope you guys are doing well. My name is Zubair Ahmad and I am from Pakistan. I hope you enjoy my post and support me.

I would like to thanks to @khursheedanwar for organization this contest.

I likely to invite to invite
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@robin42
@memamun
to participate in this beautiful contest.

Crypto mining.

Source

In simple word crypto mining is the kind of mining which verify the transactions and add this transaction and add them to the block chain.

Some of the primary purpose of crypto mining are.

1. Verifying and secure network.

The first primary purpose of crypto mining is to secure the blockchain network by verifying transactions. Crypto mining is like a digital security guard for a security purpose and also making sure everything goes smoothly and have a safely.

2. Transactions Conformation.

Crypto mining verify and conform transactions making sure that transaction valid and follow the rules of the blockchain.

3. Creates new coin.

The third primary purpose of crypto mining is the rewards miners with new coins for their work in securing and confirm the network.

Harsh faction play an important role in crypto mining. It help the miner to secure and verify their transaction on the transactions.

I gonna explain you step by step which help you for better understanding. Here are the step.

1. Verification of transaction.

First step of hash functions is to help verify transactions by creating a unique and rare digital fingerprint for each of the transaction.

2. Creating of block.

Miners uses the hash functions is to create a unique hash for each block, which connects it to the previous one block.

3. Proof-of-work.

Hash function are used to solve the complex mathematical puzzles which is to require significant computational power.

4. Security.

At the last hash functions is make it extremely difficult to change or control transactions within a block and even a small changes would result in extremely different hash.

Here are the differentiated between proof of work and proof of stake mining.

Proof of Work (PoW)

As I tell us I the upper lines is that proof of Work mining is to compete to solve complex mathematical puzzles by expending computational power. The first miner is to find a conform solution gets to add a new created blocks to the blockchain and is to rewarded with new coin which is newly mine. PoW mining is known for its energy-intensive nature, requiring significant computational resources to participate in the validation process.

Proof of Stake (PoS).

Proof of Stake mining build on a different mechanism to confirm transactions and to secure the network. Instead of solving puzzles like proof of word, PoS miners are chosen to create new blocks based on the number of coins that they hold and are willing to "stake" as securily. This method is considered more energy-efficient instead of PoW mining and promotes decentralization by rewarding participants based on their stake in the cryptocurrency.

Best Regards,

@xubair