Mining
Mining is the process by which new currency is added to the blockchain. This is an incentive for the miners to validate and verify blocks made up of transactions. The mining process helps secure the network by verifying computations.
At a theoretical level, a miner performs the following functions:
- Listens for the transactions broadcasted on the Ethereum network and determines the transactions to be processed.
- Determines stale blocks called Uncles or Ommers and includes them in the block.
- Updates the account balance with the reward earned from successfully mining the block.
- Finally, a valid state is computed and block is finalized, which defines the result of all state transitions.
The current method of mining is based on Proof of Work, which ...
Get Mastering Blockchain now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
