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Mining

Mining is the act of validating blockchain transactions, which can be accompanied by an incentive for the miners, usually in the form of coins.

Where is it used? In the blockchain technology, miners provide security and confirm transactions. Thus, without miners, the network would be attacked and dysfunctional.

What’s the use of it? Issuance of new bitcoins (coins), confirming transactions, as well as security.

Interesting facts

  • Bitcoin and Ethereum mining together yearly consume more energy than 162 countries do.
  • Almost 79% of the world’s mining capacities are located in China.
  • Almost 900 new bitcoins are mined daily after the 4th Bitcoin Halving on May 11, 2020.