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Educational Byte: Cryptocurrency Mining and Centralization Issues
This story was originally published on HackerNoon at: https://hackernoon.com/educational-byte-cryptocurrency-mining-and-centralization-issues.
Crypto mining creates new tokens in several networks, including Bitcoin. But it also can be a source of centralization and censorship.
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Crypto mining is a cryptographic process in which machines solve very complex calculations that allow for the creation of new blocks and the release of new tokens inside a distributed network. It’s an effective way to avoid double spending and create non-government-backed money, but it also uses a lot of electrical energy.
Published on 4 months ago