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Difficulty

When discussing difficulty in terms of cryptocurrency we are referring to the difficulty of successfully mining a block of transaction information. Each cryptocurrency has a cryptographic algorithm that determines the…

Hash

A hash function takes an arbitrary input such as a string of integers (a key) and outputs a value of a pre-specified length (a hash). Bitcoin uses a cryptographic hash…

Hashes per Second

Hashes per Second is a measure of how many hashes are produced by a computer in one second. One hash per second is quite small, so there are also denominations…

Hashing / Hash Function

Hashing or a Hash Function is a function which converts variable data into an alphanumeric code. Hashing is a cryptographic function that was created to allow for rapid retrieval of…

Miner

A miner in cryptocurrency is someone who uses the computing power of their own hardware to validate transactions on a blockchain in order to collect the blockchain rewards.

Mining

The process of trying to ‘solve’ the next block’s PoW puzzle. It requires obscene amounts of computer processing power to do effectively. In the case of Bitcoin the difficulty increases…

Mining Farm

Big storage house full of mining rigs. These were once primarily in China, but with recent regulatory changes many mining farms in China have shutdown or moved. Russia is a…

Mining Node

A node that sacrifices computing power to solve the proof-of-work puzzle in order to maintain the integrity of the network. Nodes help provide security to the Bitcoin network, as well…

Mining Rig

A machine/computer specifically designed to solve the PoW puzzle in the most power efficient way. Mining rigs these days are equipped with a specialized ASIC chip that has been designed…

P2Pool

P2Pool was a decentralized mining pool in which miners are paid proportionally to their work, lowering the barrier to entry to become a miner over solo mining by distributing the…

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