Cryptocurrency mining is like a lottery in which computers race to guess a 64-digit hexadecimal number. The first miner to guess correctly earns a reward.
Mining requires powerful computing hardware, such as graphics processing units (GPUs) or application-specific integrated circuits (ASIC). It’s also necessary to have a crypto wallet for storing rewards and specialized software that controls the hardware. A power supply and cooling system are essential to keep hardware from overheating during operation.
