What is mining?

Cryptocurrency mining is a solution to computing problems based on a cryptographic algorithm. During mining, new crypto coins are issued. New coins generate transactions (transfers, purchases, sales). Miners provide transactions, they collect them into blocks. Blocks are combined into a blockchain.

A blockchain is a long chain made up of transaction blocks. The continuity of the blockchain is ensured by the inclusion in the new block of the hash of the previous block. Hashing is the conversion of data about previous transactions to a specific bit string.

ReBitcoin mining is the process of creating valid blocks, which requires demonstration of evidence of work, and miners are devices or people who own these devices. The ReBitcoin network uses a proof of work model – POW (Proof of Work).

Solo mining – when a miner tries to independently generate new blocks, all the rewards for finding blocks and transaction fees go exclusively to him. Such mining allows you to receive large amounts of reward, but at large intervals.

Mining in a pool – when miners combine their computing power in one pool for faster block searches. Profit is distributed among the miners of the pool depending on the amount of hashing power that each of them provided. Mining in the pool allows miners to constantly receive small payments at relatively short intervals.

For mining, special equipment and software are used. In the early stages of the network, each ReBitcoin user can receive coins for finding blocks in solo mining. A home computer or laptop will be enough for this. With increasing complexity and an increase in the number of miners, more and more powerful equipment will be required – ASIC miners combined in pools for joint mining.