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Mining

The process of using computational power to validate transactions and add new blocks to a proof-of-work blockchain. Miners are rewarded with newly created coins.

Mike Starr

Founder, CryptoWizardTools · M.S. Organizational Management

Last reviewed: August 2026

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Related Terms

Proof of Work

A consensus mechanism where miners compete to solve complex mathematical puzzles to validate transactions and create new blocks. Bitcoin uses Proof of Work.

Hash Rate

The total computational power being used to mine and process transactions on a proof-of-work blockchain. A higher hash rate indicates greater network security.

Block Reward

The amount of cryptocurrency awarded to a miner or validator for successfully adding a new block to the blockchain. In Bitcoin, the block reward is halved approximately every four years in an event called the halving.

Bitcoin

The first and largest cryptocurrency by market capitalization, created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It operates on a decentralized proof-of-work blockchain.

Consensus Mechanism

The method by which a blockchain network agrees on the current state of the ledger. Common mechanisms include Proof of Work and Proof of Stake.

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