Proof-of-Work Algorithm also known as Crypto Mining, is the process of validating and verifying transactions by solving mathematically complex computations, using high-powered processors called Miners.
There are two main types of crypto algorithms that allow the process of verifying and securing transactions on the block chain. The first is Proof-of-Work Algorithm, which relates to mining and the second is Proof-of-Stake Algorithm.
Once these devices have solved complicated algorithms through encryption and decryption methods, the transaction has been verified, validated, and stored on the block chain. The miners that contributed to verifying and validating the block receive an incentive from the block chain in the form of a finder’s reward.
Miners that receive these rewards depending on their storage preferences, store their earnings in Software wallets. The rewards in Cryptocurrency funds may be moved to Hardware wallets or Exchanges.
Crypto mining has turned into a business, allowing users to generate passive income using electricity. Since the inception of Bitcoin, the community has grown considerably. Some of the different Crypto currencies that are currently mineable are – Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Zcash (ZEC), Dash (DASH), Monero (XMR), Dogecoin (DOGE), Ravencoin (RVN), and many others that become available over time.