Miner

How it is used

Used for both the machines and the businesses that run them: large miners, public mining companies, miners selling their coins. Miners choose which transactions to include, usually picking those with higher fees first, and often join a mining pool to share rewards.

Example sentences

1. Miners pick transactions with higher fees first, so a low fee can leave yours waiting for hours.

2. Several miners switched off their older machines after the halving.

Common collocations

• Bitcoin miner
• mining pool
• large miners
• miner revenue
• miner fees

Related terms

• miningThe process in proof-of-work blockchains where computers compete to solve a difficult puzzle. The winner adds the next block and receives newly created coins and fees as a reward.
• proof of workA consensus mechanism in which miners use computing power to solve a puzzle before they can add a block. It makes attacks very expensive but uses a lot of energy. Bitcoin uses it.
• block rewardThe new coins a miner or validator receives for adding a block to the chain. On many networks, the transaction fees in that block are paid on top of the reward.
• hash rateThe total computing power that miners use to secure a proof-of-work network, measured in hashes per second. A higher hash rate makes the network harder to attack.
• mempoolThe waiting area where a node keeps valid transactions that have been broadcast but not yet included in a block. The name is short for memory pool.

More terms: Consensus, Mining & Staking

• consensus mechanism
• proof of stake
• validator
• staking
• halving