Cryptocurrency mining is the process by which transactions are verified and added to a blockchain. It also involves the release of new coins into circulation. Miners use high-powered computers to solve complex mathematical problems that validate transactions and secure the network. As a reward, successful miners earn cryptocurrency.
Mining secures the network and verifies transactions while distributing new coins.
You need specialized hardware, software, a mining pool, and a wallet.
It can be, depending on electricity costs, hardware efficiency, and market prices.
Hardware failure, rising energy costs, and fluctuating crypto prices are key risks.
A mining pool is a group of miners who combine resources to improve chances of earning rewards.