2022-01-30, 02:10 AM
In order to reach a consensus on which transaction blocks should really be added to the block chain and in order to simply create these blocks of data, some users participate in the so-called mining process. understand that in order to use cryptocurrency, it is not necessary to “mine” it — ed.).
These so-called miners use the computing power of their hardware to perform more and more complex mathematical calculations in order to "prove work". Proof-of-work is one form of blockchain economic regulation. It was invented in order to prevent various attacks using computing power, such as fake records, transaction denials, spam, and so on.
Since efficient mining is now extremely expensive (when it comes to “major” cryptocurrencies, such as Bitcoin), an individual cannot start adding his own blocks around the rules without the approval of the entire network. Others simply do not recognize them as real. Global changes are possible only with a concentration of 51% of computing power, which will only lead to the creation of a new "branch" of blocks - the so-called fork. In fact, this has happened more than once since the technology is almost a decade old. At the same time, the fork branch is not compatible with the original one, but can develop in parallel.
These so-called miners use the computing power of their hardware to perform more and more complex mathematical calculations in order to "prove work". Proof-of-work is one form of blockchain economic regulation. It was invented in order to prevent various attacks using computing power, such as fake records, transaction denials, spam, and so on.
Since efficient mining is now extremely expensive (when it comes to “major” cryptocurrencies, such as Bitcoin), an individual cannot start adding his own blocks around the rules without the approval of the entire network. Others simply do not recognize them as real. Global changes are possible only with a concentration of 51% of computing power, which will only lead to the creation of a new "branch" of blocks - the so-called fork. In fact, this has happened more than once since the technology is almost a decade old. At the same time, the fork branch is not compatible with the original one, but can develop in parallel.