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[Croosss123]

I mean that’s why the network might only be used only for particular use cases.

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[Choco_boy]

Now what if we talk about the miners working with ethereum

[Whyknow78]

Today, miners play an important role in making sure ethereum works. 

[Croosss123]

This role isn’t immediately obvious, though.

[Christ_bit]

Many new users think that the sole purpose of mining is to generate ethers in a way that doesn’t require a central issuer. This is true. 

[Whyknow78]

Ethereum’s tokens are created through the process of mining at a rate of 5 ether per mined block. 

[Choco_boy]

But mining also has another at least as important role. 

[Pakhi22]

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[Christ_bit]

They ensure that money isn’t created out of thin air, and that users don’t cheat and spend their money more than once.

[Whyknow78]

Blockchains, though, introduce an entirely new way of record-keeping, one where the entire network, rather than an intermediary, verifies transactions and adds them to the public ledger. 

[Whyknow78]

Mining is one innovation that makes decentralized record-keeping possible.

[Choco_boy]

Pretty much we have to understand it like this: Although a ‘trustless’ or ‘trust-minimizing’ monetary system is the goal, someone still needs to secure the financial records, ensuring that no one cheats.

[Croosss123]

Usually, banks are in charge of keeping accurate records of transactions.

[Christ_bit]

Miners come to consensus about the transaction history while preventing fraud (notably the double spending of ethers) – an interesting problem that hadn’t been solved in decentralized currencies before proof-of-work blockchains.

[Whyknow78]

Although ethereum is looking into other methods of coming to consensus about the validity of transactions, mining currently holds the platform together.

[Choco_boy]

And now, how mining works these days?

[Croosss123]

Today, ethereum’s mining process is almost the same as bitcoin’s.

[Whyknow78]

For each block of transactions, miners use computers to repeatedly and very quickly guess answers to a puzzle until one of them wins. 

[Christ_bit]

  More specifically, the miners will run the block’s unique header metadata (including timestamp and software version) through a hash function (which will return a fixed-length, scrambled string of numbers and letters that looks random), only changing the ‘nonce value’, which impacts the resulting hash value.

[Croosss123]

This is the important part of the article so please pay attention:

If the miner finds a hash that matches the current target, the miner will be awarded ether and broadcast the block across the network for each node to validate and add to their own copy of the ledger.