HackingTheUniverse

MINING

• The purpose of mining
  • Production of a cryptographic journal
  • Time delay and proof of work that serves to prevent counterfeiting
  • Currency expansion by creating new coin as mining rewards

• Process
  • A request for a new block is issued
  • There is a block calculation competition by miners
  • After a competition has been won, the new block hash is verified
  • A reward is issued in the form of a fraction of a coin

• Mining pools
  • A collective effort by miners
  • When the pool wins a reward, it is shared with miners according to work level
  • This creates more consistent earnings than solo mining

CYBER COINS

• Virtual money, encrypted record but no physical token
• Cyber currency exchanges exist to buy and sell

• Cyber coins:
  • Bitcoin
  • Litecoin
  • Ethereum
  • Bitcoin cash
  • … about 1,000 more