Mining represents the creation of new units of some types of digital currencies. And it consists of solving mathematical problems in a competition with countless other people, who try to reach the same solution. The first person to arrive at the solution of the problem receives the reward for the work, which requires a lot of processing power. Whoever has more computing power has a better chance of finishing this “race” ahead of the others.
The procedure, in theory, is simple: the user has to solve a problem with complex mathematical calculations on his or her computer. Every ten minutes, a new problem is added to the blockchain to be solved. Whoever manages to solve the problem sends the solution to the blockchain. If it is right, the user earns cryptocurrency units for the work. In short, cryptocurrency mining is about finding the key that encrypts the blocks, called “hash”.