Crypto
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What is Hashrate in Mining?
Hashrate in mining refers to the total computational power being used by a cryptocurrency network to process transactions and mine new coins. It is a measure of how many hash operations (complex mathematical calculations) a miner or mining pool can perform per second to solve the cryptographic puzzle required to add a new block to the blockchain. Key Concepts: Hash:…
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What is a 51% attack?
A 51% attack is a type of attack on a blockchain network, particularly those that use a Proof-of-Work (PoW) consensus mechanism, such as Bitcoin or Ethereum (pre-Ethereum 2.0). In this scenario, a single entity or group gains control of more than 50% of the network’s mining or computational power. With this majority control, the attacker can manipulate the network in…
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What is mining in cryptocurrency?
Mining in cryptocurrency is the process of validating and verifying transactions on a blockchain network, ensuring that the network remains secure and decentralized. It involves solving complex mathematical problems to create new blocks, which are then added to the blockchain. Miners use specialized hardware and software to compete in solving these problems, and in return, they are rewarded with cryptocurrency.…
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What is Cryptocurrency?
Cryptocurrency is a form of digital or virtual currency that uses cryptography for security, making it difficult to counterfeit or double-spend. Unlike traditional currencies issued by governments (fiat money), cryptocurrencies operate on decentralized systems, typically built on blockchain technology. They enable peer-to-peer transactions without the need for intermediaries like banks. Key Features of Cryptocurrency: Decentralization: Cryptocurrencies operate on distributed networks…
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What is blockchain?
Blockchain is a decentralized and distributed digital ledger technology that records transactions across many computers in such a way that the registered transactions cannot be altered retroactively. Each transaction (or block) is added to the chain in a linear, chronological order, forming a “chain” of blocks—hence the name “blockchain.” Key Features: Decentralization: Instead of being stored in a single location,…
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