What is mining of cryptocurrency?

• Mining cryptocurrency is the process of adding transaction records to the cryptocurrency's public ledger, or blockchain, which contains previous transactions. It's a distributed computation system. The term blockchain refers to the series of blocks that make up this ledger of previous transactions. When a Bitcoin is mined successfully, the miner receives a predetermined quantity of Bitcoin plus transaction fees paid by those involved in the transaction.
• The method by which Bitcoin and other cryptocurrencies generate new coins and validate new transactions is known as mining. It entails massive, decentralised networks of computers all over the world that verify and safeguard blockchains, which are virtual ledgers that record bitcoin transactions. Computers on the network are rewarded with fresh coins in exchange for contributing their processing power. It's a virtuous circle: miners keep the blockchain secure, the blockchain rewards coins, and the coins incentivize miners to keep the network secure.

Read More: What is a crypto wallet?