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What is cryptocurrency mining?

Mining (usually referred to as “cryptocurrency mining” or “cryptomining) is the process of validating transactions and adding them to the blockchain ledger. Miners act as auditors, verifying transactions and ensuring they are all honest. The verification is done by solving complex cryptographic problems known as “hash puzzles.” For their effort in doing so, miners receive some of the cryptocurrency they are mining as it is released.

Cryptomining has become a popular way for people to earn some extra money on the side and there are now specific computer parts made for mining purposes. Though it may seem appealing as an easy way to earn money, cryptomining may prove to be very costly depending on one’s machine and their electricity costs.

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