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What is crypto mining? Does CoinSwitch Kuber allow user crypto mining?

Mining in cryptocurrency refers to introducing new cryptocurrency into the system. Like mining silver or gold, the miner requires to scoop the sand or use advanced mining machines; crypto miners need a GPU (graphics processing unit) or an ASIC (application-specific integrated circuit) to perform the mining. Crypto mining is performed by solving a complex math problem. The first computer that solves it gets awarded (Bitcoin miners will get Bitcoin as a reward). After that, the following “block” of the cryptocurrency process begins.

 

In addition to introducing new cryptocurrency into circulation, mining also plays a vital role in validating new crypto transactions in the blockchain. The entire crypto ecosystem is working on a decentralized system with no central authority; the miners help authenticate the transaction through PoW (proof-of-work).

 

CoinSwitch Kuber doesn’t offer crypto mining.


Topic: CoinSwitch Kuber Crypto-Exchange Review FAQs

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