As cryptos are entering the digital world with countless numbers of people developing an interest in this new tech world every day, it’s made quite a relative display with miners, investors and many more.
If you are wondering whether they are doing this mining for free or not, the answer is no. You can do it voluntarily but the main grounds to why people mine is because they can earn money or cryptos through this process. Even if you do it voluntarily or for the money, the end result is that you earn some crypto for your hard work. So now let's take a look at what mining actually is and why so many are interested in this job.
What is Mining?
In simple terms, mining is the process through which high powered computers perform certain tasks that are very complicated or tough to earn cryptocurrency rewards. These tasks are like high level maths equations - hard and complicated. This doesn't mean that you can have cryptocurrencies only if you are a miner. You can buy cryptocurrencies using your fiat currency then you can start trading on platforms like Binance or Coinbase. Back to the topic of mining, as more miners want to mine a single mining pool, the tasks get tougher. We’ll look into mining pools later so don't worry.