Quote:
Originally Posted by Crowbob
Can somebody explain to me in second grade English, first grade math and primary school computer what cryptomining, or whatever it is, is?
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Your email address can be "hashed". That means turning it into a unique encrypted code - a string of apparently random characters. Nobody with the code could ever work out what the original email address was, because of the way the hashing works, it takes a vast amount of computing power to do so.
But anyone with the email address could themselves hash it and VERIFY that the email is the same address, because they would get the matching code. This hashing can be microprocessor intensive work.
Well the whole transaction log of Bitcoin, which proves who owns how much Bitcoin, is like one massive hashed set of bank books. It's called Bitcoin's "blockchain". Mining for Bitcoin is basically doing all the immense amount of hashing work that records new transactions in the blockchain in a secure fashion. In the same way governments effectively tax those who hold money by printing more, Bitcoin miners receive Bitcoin in exchange for completing the hashing work.
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