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What is Cryptocurrency Mining – Blockchain 101

Now that we know a little bit about the structure of a blockchain and its components, we can explore how a blockchain is managed and maintained. How is data check for reliability and then put into blocks? What keeps the network running? The answer to these questions is a process known as “Mining”.

Since a copy of the blockchain is stored on each computer on the network, data can be retrieved relatively easily and quickly. This allows nodes on the network to act as reliable validators. These nodes are tasked with checking the reliability of information when a new block is being compiled by a block producer, the node selected to compile the next block. This process is also known as reaching consensus or mining.

Blockchain 101
Lesson 12

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