Reading Time: < 1 minute

Mining is a transaction verification process that will add new blocks to the blockchain network. This is part of the process of verifying the authenticity of transactions and adding them to the record. Bitcoin is the largest crypto asset that uses this process. Furthermore, mining occurs in a network that uses Proof of Work consensus by miners who act as nodes.

However, Bitcoin mining is a process that requires a sophisticated computer device called an Application-Specific Integrated Circuit (ASIC). In this process, new Bitcoins are rewarded to miners and go into circulation.

Finally, examples of other crypto assets that use the mining process: Dogecoin (DOGE), Ravencoin (RVN), and Litecoin (LTC).

Explore Other Vocabulary ‚Üí