Cryptocurrency mining is an important process of the cryptocurrency system. It means that transactions involving cryptocurrencies are validated and recorded into the blockchain ledger. Once a miner confirms a transaction, the data is disseminated in the network and becomes an unchangeable part of the digital filing ledger called the blockchain.
It’s like being a member of a community who volunteers to be part of the neighborhood watch and keeps their eye out for any signs of criminal activity. For their contribution, the volunteer is paid a token fee.
Here’s an interesting detail. Maintaining the ledgers in a blockchain takes a lot of computing power. So those who help maintain the ledgers get paid in the form of cryptocurrency tokens for their efforts.
Other interesting terms…
