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Pre-Mining

This is when a coin founder mines a coin before allowing others to do so. With Bitcoin and most altcoins, it is necessary to pre-mine a bit in order to…

Solo Mining

Solo mining means an entity is not part of a pool but instead attempts to mine full blocks itself. Due to Bitcoin’s enormous hash power and the luck involved in…

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…

Pool

As part of bitcoin mining, mining “pools” are a network of miners that work together to mine a block, then split the block reward among the pool miners. Mining pools…

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…

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 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

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…

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.

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…

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