How To

How Ethereum Mining Works?

Nowadays, Ethereum mining process is similar to Bitcoin mining process. In order to place a new block, miners make use of computers again and again to solve the cryptographic problems successfully and win a mining reward.

Specifically, miners run a unique header metadata of block through hash rate (that return the jumbled string of letters and numbers) and change ‘nonce value’ that impacts the value of hash.

If a miner able to match hash with the current target, he/she will be rewarded with Ether and place a new block on the network and add the copy of each transaction on the blockchain. In case, second minder finds the hash, then the first miner will stop working on the block and the process will be repeated for next block.

There are almost zero chances of double spending as they can’t fake the complex cryptographic formulas and that mathematical solving method is known as “Proof of Work”.

In Ethereum, it takes only 12 to 15 seconds to find a block. In case, miners start solving these mathematical problems slowly or quickly, the mining algorithm adjusts automatically and readjust the difficulty level.

Depending on the computing power amount and luck, miners earn Ether. The Proof-of-Work algorithm used by Ethereum is known as ‘ethash’ that is designed to mine Ethereum using ASICs. However, dedicated ASICs are not still available for mining Ethereum till now.

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