mining

Phonetic: /ˈmaɪnɪŋ/

Part of Speech: noun

Category: To be determined

The process by which blocks or transactions are verified and added to a blockchain using a Proof of Work (PoW) consensus mechanism. In order to verify a block, a miner must use a computer to solve a cryptographic problem. Once the computer has solved the problem, the block is considered “mined” or verified. On Bitcoin or other PoW blockchains, the first computer to mine or verify the block receives bitcoin, or the equivalent network token, as a reward.

Definition source: Consensys Software Inc., A Blockchain Glossary for Beginners

Sample sentence

N/A

Additional definitions

The verification of transactions on a blockchain network, in which transactions are added as entries into the blockchain ledger.

Source

Extended definition

No extended definition. ...yet

This word came from... the ether

Date first recorded: 2025-01-31

Commentary

No commentary on this. ...yet

Does this need to be better?

This glossary only gets good if we all complain. If you have a suggestion, open an issue on this project's GitHub repo.