Exxon Considers Large Expansion Of Project Powering Cryto Miners At Oil Wells, With Normally Wasted Burn-Off Gas
submitted 2 years ago by SoCo from (finance.yahoo.com)
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[–]IkeConn 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - 2 years ago (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 - 1 fun3 insightful - 2 fun - 2 years ago (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.
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[–]IkeConn 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 0 fun3 insightful - 1 fun - (1 child)
[–]Questionable 2 insightful - 2 fun2 insightful - 1 fun3 insightful - 1 fun3 insightful - 2 fun - (0 children)