Miner Definition

Mining is based on blockchain technology. Concretely, new blocks are created which can process and log new bookings. These new blocks are mined by solving complex cryptographic problems. The level of difficulty is regularly adapted to the processing power of the entire available network. For creating new blocks the miner can keep a certain amount of the crypto currency. With more people joining the world of crypto currency, generating hashes for this validation has become far more complex over the years. Miners have to invest large sums of money on employing multiple high performance ASICs. Thus the value of the currency obtained for finding a hash often does not justify the amount of money spent on setting up the machines, the cooling facilities to overcome the heat they produce, and the electricity required to run them. Apparently, Iceland has become a paradise for cryptocurrency miners due to cheap electricity.

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