Understanding Blockchain Basics: Key Terms Explained

The term of the day is "basis." Today, I will cover fundamental terms that even a beginner miner should know. Hashrate is a parameter indicating how many hash operations the equipment performs per second. It reflects the processing power of the device: the higher the value, the greater the chance of finding a block. A block is a component of the blockchain that stores information about user transactions. Blocks are linked together, creating a chain known as the blockchain. A transaction is a transfer of funds from one address to another. This operation is recorded on the blockchain and confirmed by miners. This process is how mining works. Mining itself is the process of extracting cryptocurrencies by validating transactions in blocks through computational equipment such as ASICs. An ASIC is a specialized device designed to perform specific tasks—primarily, hashing computations. Enjoy this basic knowledge! 👍