Glossary - ChicksX

Mining is the process of validating and adding transactions to a blockchain, earning cryptocurrency rewards.

Mining is a fundamental process in blockchain networks. It involves validating and recording transactions on the blockchain by solving complex mathematical problems. Miners use specialized hardware to compete in solving these problems, and the first to succeed gets to add a new block of transactions to the blockchain. In return, they receive cryptocurrency as a reward. This process ensures the security and integrity of the network. While energy-intensive, mining is crucial for decentralized networks like Bitcoin, maintaining transparency and trust without the need for intermediaries.