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How does mining work in Ethereum

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.


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Andrew McCombe
Andrew McCombe
Andrew McCombe is the Co-founder of Web 3.0 TV - > Web 3.0 TV shares inspiring web 3.0 stories making a difference to the world - Web 3 TV


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