What Is Mining?

What Is Mining?

What Is Mining? – “Mining is the process of hashing the block header repeatedly, changing one parameter, until the resulting hash matches a specific target.” In Blog , “What Is a Cryptocurrency?,” you learned about the tribespeople of Yap and their huge stone coins called Rai coins that are mined on islands hundreds of miles away across the Pacific. The work involved to obtain a stone coin has always been a  significant undertaking, so the expense and work involved gives a Rai coin its accepted value. When we played with…

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What Is a Cryptocurrency?

What is Cryptocurrency?

What Is a Cryptocurrency? – Over the past few years, the term cryptocurrency has become a well-used term in financial circles, new business plans, and news headlines. Often the term is associated with criminal activity on the so called “dark web,” but more recently with the increasing value of currencies like Bitcoin, the word, concept, and products are entering mainstream consciousness. But what really is a cryptocurrency and how does it work? In this chapter, we will examine the concept, the history, and the uses for cryptocurrencies and look at…

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