How does mining work in Ethereum
Mining in Ethereum involves validating transactions on the network and creating new blocks. Miners compete to solve a mathematical problem, and the first miner to find a solution adds the next block to the Ethereum blockchain and is rewarded with newly minted ETH. This process is called Proof of Work (PoW) and helps to secure the network by making it computationally expensive to modify previous blocks. The difficulty of the mathematical problem is adjusted dynamically so that a new block is added to the blockchain approximately every 15 seconds. This process consumes a large amount of computational power and energy, which has raised concerns about the sustainability of PoW-based systems like Ethereum. The network is planning to transition to a Proof of Stake (PoS) consensus mechanism in the future, where validators are selected to create new blocks based on the amount of ETH they hold and are willing to “stake” or lock up as collateral.
If you would like to find out more about Web 3.0 Web3TV have put together the Ultimate Beginners Guide to Web 3.0 and you can download if for free at www.Web3TV.com.au/Web3Guide
You can also watch every inspiring episode of Web3TV for free at www.Web3TV/Watch