What is Proof-of-Work? | Bitcoin Mining Explained [2022]

Want to know more about Proof of stake? Here you go:
https://coincodecap.com/proof-of-stak...
-------------------------------------------------------------------------
CoinMonks NFTs
https://opensea.io/collection/the-coi...

CoinCodeCap Editions
   • CoinCodeCap Editions [March 2022, Par...  

Subscribe to us on Google News:
https://news.google.com/publications/...

Be a Pro, Join Our Telegram Channel:
https://t.me/coincodecap
-------------------------------------------------------------------

Consensus is the key to every blockchain. It is the consensus that enforces transaction ordering. Among many other responsibilities, the consensus also helps in promoting honest actors and punishing bad actors in the network.

Bitcoin introduced Proof-of-Work(PoW) as its consensus protocol. It uses heavy computation to solve a complex mathematical puzzle. The outcome is a transaction order that is agreed upon by the whole network.
Though it is the bottleneck to Bitcoin’s scalability, the main issue with PoW is the enormous requirement of computing power, hence more physical resource requirements.

In the year 2011, Proof-of-Stake (PoS) was proposed in a forum post. Over time, many cryptocurrencies adopted the proof-of-stake system. Many even added their flavor to the underlying PoS to come up with new versions of PoS. In this article, we will discuss PoS and different types of Proof of stake in use.

-----------------------------------------------------------------------------------------------------
Free Crypto Analysis, Sign-up for our Newsletter:
https://coincodecap.substack.com/

Podcast [Blockshots]:
https://anchor.fm/coincodecap

Podcast [Crypto News with Coinmonks]:
https://anchor.fm/coinmonks

Visit Our Website for Daily Updated Crypto News:
https://blog.coincodecap.com/
--------------------------------------------------------------------
About CoinCodeCap:
A Crypto News platform thriving to keep you updated about the happenings in the world.
By Coinmonks
------------------------------------------------------------------------------------------------------------
To learn more about Hodlnaut, you can refer to the articles below:

10 Best Crypto Lending Platforms
https://coincodecap.com/crypto-lending

How to Start Earning Passive Income With Crypto Lending?
https://coincodecap.com/passive-incom...

Ethereum Founder Vitalik Buterin Confirms Dogecoin Will be Shifting to Proof-of-Stake
https://coincodecap.com/vitalik-buter...

The World’s First Proof-of-Stake Storage Solution is Now Available on NEAR
https://coincodecap.com/the-worlds-fi...



Best Crypto Staking Coins
https://coincodecap.com/best-crypto-s...


Change in Ethereum’s staking protocol and what it means?
https://coincodecap.com/change-in-eth...



Proof of Stake Explained
https://coincodecap.com/proof-of-stak...


Limiting Proof-of-Work Crypto Back on the Table: EU Crypto bill
https://coincodecap.com/limiting-proo...




----------------------------------------------------------------------------------------------------
We believe not everyone can allocate enough funds to get an NFT. Therefore, we’d be giving away one Coinmonks NFT for free. Now if you want to be eligible for the Coinmonks NFT, complete the steps in this article, namely Coinmonks NFTs: Nine Coins. Nine Monks. Nine NFTs.
https://blog.coincodecap.com/nft
--------------------------------------------------------------------------------------------------------
Also, read
Best Risk Management Strategies for Crypto Trading
https://blog.coincodecap.com/risk-man...
Simple Steps to Test your Trading Strategy
https://blog.coincodecap.com/test-you...
Best Paid And FREE Crypto Trading Bots
https://blog.coincodecap.com/best-cry...
Understanding Bitcoin Metrics to Predict Price Movements
https://blog.coincodecap.com/bitcoin-...

Visit Our Blog:
https://blog.coincodecap.com/

Follow us on Social Media:
Visit Coinmonks:   / coinmonks  
Join us on Telegram:- https://t.me/coincodecap1
Like us on Facebook:   / coincodecap  
Follow us on Twitter:   / coincodecap  
Follow us on Reddit:   / coincodecap  
Follow us on Instagram:   / coincodecap  

Disclaimer:
***All content on the Coinmonks YouTube channel is provided solely for informational and educational purposes. This information should not be misinterpreted as an endorsement to buy, trade, or sell a cryptocurrency or any specific product or service. The opinions expressed in this video do not constitute investment advice, and independent financial advice should be sought where appropriate. Further, we only report what we find through our sources.