Is Crypto Mining Legal? How Does it Work?
Is crypto mining is all Greek to you, you’ve come to the right place. This blog post is going to clear all your doubts regarding cryptocurrency mining once and for all. So read on to learn more.
What Exactly is Crypto Mining?
Cryptomining or crypto mining is a process through which transactions for different types of digital currencies are recorded and verified in the blockchain digital ledger. The individuals taking part in cryptocurrency mining are known as crypto minors. They get a fixed portion of money in exchange for their efforts for validating digital transactions. It’s one of the easiest ways to earn passive income from cryptocurrency. All you need is to invest in a crypto mining hardware. One can easily buy mining machines on the internet. However, one should consider everything involved prior to investing in the mining equipment.
Is it Legal to Mine Cryptocurrency?
Cryptocurrency mining or Bitcoin mining is completely a legal activity that anyone can take part in, irrespective of their location. However, it’s always advised that you first check if it’s legal in your country prior to getting started with it.
Can I Mine Bitcoin on my Smartphone?
Yes, anyone can mine cryptocurrency on their smartphones provided that it’s an Android device. You can also get assistance from apps available in abundance out there to turn your Android device into a mining machine.
How Does Cryptomining Work?
Crypto mining includes two functions; recording transactions in the blockchain and releasing new currency. The blocks added by crypto miners should have a PoW or proof-of-work to be considered legit. The reward for mining a new block is now 12.5 bitcoins.
Have something to add to this? Please feel free to offer your feedback in the comments below.