Exxon Considers Large Expansion Of Project Powering Cryto Miners At Oil Wells, With Normally Wasted Burn-Off Gas

submitted by SoCo from (finance.yahoo.com)

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[–]IkeConn 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Can somebody splain this to me in ELI5 terms? How do you mine crypto? Does it somehow get "dissolved" in the ether of the Internet and "preciptated" out via code?

[–]Questionable 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 2 fun -  (0 children)

Individual computers put in random tries to solve encryption equations. These are used to secure the network, which is a ledger of the transactions. In return, the miners are given a reward for their work effort. Those who hold wallets also hold a copy of this ledger to validate the transactions.

[–]Questionable 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Any use of flair gas, is a good use, and an environmentally sound one.