Let’s get back to our TBCC glossary.
Mining — is the technological process of gaining coins, like gold in the 19th century. It is the activity of creating new structures (usually new blocks in the blockchain) to ensure the functioning of cryptocurrency platforms.
• By mining, you can earn cryptocurrency without having to put down money for it.
• Bitcoin miners receive bitcoin as a reward for completing “blocks” of verified transactions which are added to the blockchain.
• Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.
• Double spending is a phenomenon in which a bitcoin user illicitly spends the same tokens twice.