THE PURPOSE OF CRYPTO MINING AN INDUSTRY WITH MANY PURPOSES
Crypto mining serves several purposes - from ensuring ensuring that the system can operate without double spending to incentivizing miners for their work by rewarding them with cryptocurrency.
UP TO THE CHALLENGE?
The mining process itself is straining and doesn't have a 100% guarantee for success. Regardless, miners like to challenge the odds in hopes of a big reward.
Crypto mining has the ability to create newly minted cryptocurrency that can be circulated throughout the system. For example, Bitcoin's total number of coins is capped at 21 million, which is projected to be reached by 2140.
Many businesses around the world have taken an interest in crypto, with some forming mining pools that combine computing power to solve blocks. They then split the coin reward, ensuring they receive a return on investment for the equipment they purchase.
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Nikolas Perrault breaks down the purpose of crypto mining.