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Using computational power to validate transactions and create new blocks on proof-of-work blockchains.
Definition
Using computational power to validate transactions and create new blocks on proof-of-work blockchains. Miners compete to solve cryptographic puzzles, and winners earn block rewards. Bitcoin mining now requires specialized hardware and significant electricity.
Related Terms
A consensus mechanism where miners solve computational puzzles to create blocks and earn rewards.
The total computational power securing a proof-of-work blockchain.
The cryptocurrency given to miners or validators for successfully adding a new block to the blockchain.
Application Binary Interface.
A way to make crypto wallets behave more like normal apps by turning every account into a smart contract.
The Ethereum standard for account abstraction without changing the core protocol.
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