MENÜ
LIVECHAT
  • İSTANBUL12:56:03
  • NEW YORK7:48:06
  • LONDON12:47:17
  • MOSKOW15:47:33
  • TOKYO21:47:45

What is Mining Approved?

Starting with good hardware, software and a cryptocurrency wallet, the purpose of cryptocurrency mining is to circulate cryptocurrency by solving several mathematical problems with varying difficulty levels. This process is the issue of adding and removing transactions that are recorded on blockchain in a way that everyone can see. Miners prove the accuracy of the transactions and go through the approval process. Thus, new blocks are added to the chain and the functionality is maintained. The most important process of transactions using the SHA256 algorithm * is the approval mechanism. Although it is not a frequent situation, if more than half of the miners do not approve, the transaction can be canceled and the approval process may result in a negative. Although it is not a frequent situation, if more than half of the miners do not approve, the transaction can be canceled and the approval process may result in a negative.

Mining approval can be done in two ways; Proof of Work (PoW) and Proof of Pay (PoS). Entering the approval process through Proof of Work, the miner proves their processes and the method of how they do it. In this way, he shows his methods and steps. Proof of Work completely covers miners and miners' transactions and a miner also digs cryptocurrency that does not belong to him/her.

PoW method has advantages as well as disadvantages. Cost purchases for equipment, electricity used for method proof, increased difficulty and decreased reward can be considered as the negative aspects of Pow.

Another approval process is Proof of Share (PoS). PoS works differently than mining and is based on the excess quantity. The more cryptocurrencies the person has in their wallet, the reward is kept during the time they hold in the wallet.