Crypto mining is the process of verifying and adding new transaction records to a blockchain․ It’s how new cryptocurrencies are released into circulation․
Table of contents
How Crypto Mining Works
Miners use powerful computers to solve complex cryptographic puzzles․ The first miner to solve the puzzle gets to add the next block of transactions to the blockchain and is rewarded with newly minted cryptocurrency․
Cloud Mining
Cloud mining allows users to rent computing power from data centers to mine cryptocurrencies without owning or managing hardware․
Benefits of Cloud Mining
- Lower barrier to entry
- No need to purchase or maintain hardware
- Potential for stableyield-based income
Platforms offering Cloud Mining
Platforms like IEByte, KuCoin (KuMining), and StormGain provide cloud mining services, democratizing access to industrial-scale crypto mining․
Mining pools
Mining pools are groups of miners who combine their computing power to increase their chances of solving blocks and earning rewards․ Rewards are then shared proportionally among the pool members․
