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What is Mining or Minting- Simple Explanation.

Crypto Mining
Crypto Mining

In this article I will try to explain what is mining or minting in plane English so that anyone regardless of his technical background could understand it.

First of all I want to make it clear that mining and minting are used interchangeably in crypto world but there is a little difference between them. I have explained this in my another post Proof of Work vs Proof of Stake vs Other Protocols- Comparison.

The term 'mining' is most popular, so for simplicity we will only use the term 'mining'. So let's understand what is mining.

Mining is basically a process to generate new coins and validate the transactions in a blockchain. All cryptocurrencies are based on some kind of blockchain technology. Every transaction people do gets recorded on blockchain. For eg. Suppose Ram sends BFX Coins to Shyam. As soon as the transaction happens transaction is sent to the mining devices or mining pools for validation. Miners or mining pools validate the transaction by solving complex mathematical problem and confirm the transaction. After a minimum number of confirmations are received from different miners the transaction is considered valid and recorded on the next block in the blockchain. Miners get the rewards in form of coins in return of the work or validation they are doing for the blockchain network. All the coins given in rewards are newly mined coins. This is how new coins are generated through mining.

How Mining of BFX Coin Can be Done?

So in case of BFX mining packages they are actually creating a mining pool in which our coins will be kept or staked for a certain period of time in staking wallet. And we all receive our share of rewards according to the no of coins we have staked and the no of days we are staking. Please beware that people are trying to stake their coins in their personal wallets in PC, but it is not that easy because only those wallets are lucky enough to get the change to solve or validate the transactions first which have a huge amount of coins. That's why we need to stake our coins in a pool wallet, because the number of coins in a pool will obviously be high so the chance of getting the reward will also be higher.




Happy Mining :)
Email: bfxcoin.info@gmail.com
Follow me on Twitter: @BFXCoinCrypto


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