Mining the Next Big Cryptocurrency

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asked Mar 13, 2024 in Electron Microscopy by ariaeve (160 points)

crypto miners in Dubai, armed with specialized hardware and software, dedicate their computational resources to solving these cryptographic puzzles. Miners compete against each other to be the first to solve a block of transactions, with the successful miner rewarded with newly minted coins and transaction fees. This process, known as Proof of Work (PoW), not only incentivizes miners to participate in the network but also serves as a mechanism for reaching consensus and preventing double-spending attacks.

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