Comprehensive Guide to PoS Mining: What you need to know

Mining in cryptocurrency is the process of securing and verifying transactions (called blocks) along the blockchain. Cryptocurrency mining (also called crypto-mining); helps to maintain network security by ensuring that, only valid blocks are recorded on the digital ledger.

Participants in a mining process get rewarded for dedicating their resources and time to solving computational algorithms.

Cryptocurrency mining can be done in either Proof of Work (PoW) or Proof of Stake (PoS) consensus, depending on the coin.

In this article, we examine what Proof of Stake is, how it works and which coins currently use this method.

PoS Staking

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What is a Mining Pool?

Mining pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining hash power.

While mining pools are desirable to the average miner as they smooth out rewards and make them more predictable, they unfortunately concentrate power to the mining pool’s owner.

Miners can, however, choose to redirect their hashing power to a different mining pool at anytime.

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