Cryptocurrency Q&A
Is crypto mining a new coin?
Is crypto mining a new coin?
ShintoMystical
Mon Jul 15 2024
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6 answers
1553
Excuse me, I've been hearing a lot about crypto mining lately and I'm a bit confused. Could you clarify for me if crypto mining actually produces a new coin? I understand that it involves solving complex mathematical problems and rewarding miners with cryptocurrency, but does this mean that a new coin is created every time mining occurs? Or is it simply a way to distribute existing coins among those participating in the mining process? Your insight would be greatly appreciated as I strive to better understand this emerging technology.
6 answers
Claudio
Tue Jul 16 2024
Contrary to popular belief, mining can be done for cryptocurrencies that are already circulating in the market. This means that individuals can mine coins that are already in use and being traded.
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Davide
Tue Jul 16 2024
Cryptocurrency mining is often misunderstood as the creation of an entirely new coin, but this perception is inaccurate.
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Martino
Tue Jul 16 2024
The mining process varies depending on the specific cryptocurrency. However, it generally involves solving complex mathematical problems using computing power. The miner who solves the problem first is rewarded with coins.
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Riccardo
Tue Jul 16 2024
One such platform that enables cryptocurrency mining and trading is BTCC, a UK-based exchange. BTCC offers a range of services, including spot trading, futures contracts, and cryptocurrency wallets.
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OliviaTaylor
Tue Jul 16 2024
In reality, mining is the process of releasing a cryptocurrency from its total supply. This process does not involve the generation of a brand-new currency.
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