Educational Byte: Cryptocurrency Mining and Centralization Issues

This story was originally published on HackerNoon at: https://hackernoon.com/educational-byte-cryptocurrency-mining-and-centralization-issues.

Crypto mining creates new tokens in several networks, including Bitcoin. But it also can be a source of centralization and censorship.

Check more stories related to web3 at: https://hackernoon.com/c/web3.
You can also check exclusive content about #crypto-mining, #asic-mining, #crypto-mining-farms, #pool-mining, #censorship, #obyte, #centralized-mining, #good-company, and more.




This story was written by: @obyte. Learn more about this writer by checking @obyte's about page,
and for more stories, please visit hackernoon.com.





Crypto mining is a cryptographic process in which machines solve very complex calculations that allow for the creation of new blocks and the release of new tokens inside a distributed network. It’s an effective way to avoid double spending and create non-government-backed money, but it also uses a lot of electrical energy.