Glossary - ChicksX

Miners validate cryptocurrency transactions, securing the network, and earn rewards by solving complex mathematical problems.

Miners are individuals or entities that validate and record cryptocurrency transactions on a blockchain network. They use computational power to solve complex mathematical problems, known as proof-of-work, which verifies transactions and adds them to the blockchain. Successful miners receive rewards in the form of newly minted cryptocurrency and transaction fees. This process is crucial for maintaining the integrity and security of decentralized networks like Bitcoin. By competing to solve these problems, miners ensure that no single entity can control the blockchain, making it a secure and transparent system for digital transactions.