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Lingo topic · 17 terms

Mining and staking

How new coins are made and networks are secured.

#

51% AttackWhen one person or group controls most of a blockchain's mining or staking power and uses it to rewrite recent history.

A

ASIC MiningMining crypto with machines built for one single hashing job, far faster and more efficient at it than any ordinary computer.

B

Block RewardThe coins paid to whoever successfully adds a new block to a blockchain: newly created coins plus the transaction fees inside.

C

D

Data CenterA building packed with computers, power and cooling, used to run servers or crypto mining at scale.

G

GPUA graphics chip built to do thousands of simple calculations at once, which made it a popular crypto-mining tool.

H

HalvingThe scheduled event, roughly every four years, when the number of new bitcoins paid to miners per block is cut in half.

M

MiningUsing computers to secure a proof-of-work blockchain and earn newly created coins as a reward.

N

NonceThe number miners keep changing, trillions of times, hunting for a block hash that meets the network's target.

P

S

ScryptA hashing algorithm used by coins like Litecoin and Dogecoin, designed to need lots of memory as well as computing power.

T

The MergeEthereum's September 2022 switch from proof of work to proof of stake, which ended mining on the network.

V

ValidatorA participant in a proof-of-stake blockchain who locks up coins to propose and check new blocks, earning rewards for honest work.

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