09/01/2021
Difference between Mining and Minting.
Cryptocurrency mining is the process of recording and verifying transactions in a public digital transaction register, known as a blockchain. To do this, miners solve complex mathematical problems and in return, there is a possibility that they will be rewarded with cryptocurrencies. As a result of mining in the proof-of-work sense, a new block is mined. The mining of new blocks allows the continuation of the chain of blocks. Therefore, mining has two purposes: to create new coins and to keep a record of all existing transactions.
On the other hand, in the proof-of-play mechanism, coins are not minted through mining, but rather through gambling. The proof-of-stake mechanism has no miners, but validators, and does not allow new blocks to be mined, but rather new blocks or forgings to be minted. Coining is the process of validating information, creating a new block and recording that information on the blockchain. Thus, proof of stake is the minting process of how locks are created and how data is added to a block.
This is the main difference between cryptocurrency mining and minting, and it is really a difference between proof of work and proof of play.
