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- Updated README to accomodate for changes - Updated footer and roadmap for multi-lingual readiness - Updated yml files for an 'untranslated' string - Added an 'untranslated' snippet to all untranslated files - Added a 'template' language for new languages to be made easily - Added link to Monerujo site to Downloads page - CSS updates
21 lines
1.3 KiB
Markdown
21 lines
1.3 KiB
Markdown
---
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layout: moneropedia
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entry: "Mining"
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terms: ["mining", "miner", "miners"]
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summary: "the process of cryptographically computing a mathematical proof for a block, containing a number of transactions, which is then added to the blockchain"
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---
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### The Basics
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Mining is the distributed process of confirming transactions on the public ledger of all transactions, aka @blockchain. Monero nodes use the block chain to distinguish legitimate transactions from attempts to re-spend coins that have already been spent elsewhere.
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Monero is powered strictly by Proof of Work. It employs a mining algorithm that has the potential to be efficiently tasked to billions of existing devices (any modern x86 CPU and many GPU's). Monero uses the @CryptoNight Proof of Work (@PoW) algorithm, which is designed for use in ordinary CPUs and GPUs.
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The smart mining feature allows transparent CPU mining on the user's computer, far from the de facto centralization of mining farms and pool mining, pursuing Satoshi Nakamoto's original vision of a true P2P currency.
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As of June 2017, botnets made of hacked computers account for a not-insignificant portion of the miners on the Monero network. This is due to the profitability of mining on CPUs via the @CryptoNight algorithm.
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{{ page.summary | capitalize }}.
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