Bitcoin

Blockchain Mining and how it works

Blockchain Mining is utilised for the task of validating improved and new transactions. The method of validation varies for different types of blockchain. In case of new Blockchain transaction, before adding the previously completed transactions, the miners are presented with a mathematical problem. The mathematical problem can only be solved using the understanding of Brute-force. Proof-of-Work is the terminology for the solution to the mathematical problems. It acts as a proof that the miner has spent the resources and time to find a fitting solution. Blockchain Mining results are hard to achieve with regular Desktop. A special hardware is required for the its proper functioning and quicker computational speed.

 

Blockchain mining happens in two ways

1. Individual Mining
In this variant every miner will have to register himself by setting up the hardware first. Every miner in the blockchain network is presented with a mathematical problem. The miner who finds the accurate solution informs the others in the network of the success. The other miners then verify the same to avoid any false validation of the block. The miner is rewarded post completion of the verification process.

2. Mining Pool
A group of miners are involved in some cases to mine the blockchain. In this case the team of miners combine their resources so as to achieve results quicker. Similar to individual mining, the mining pool is rewarded after solving it successfully.

If you wish to learn more about Blockchain, you may enrol with a Blockchain classroom training that will ensure that you have all the knowledge pertaining to blockchain.