A miningMining is the process through which cryptocurrency transactions are gathered, verified, and recorded into a digital ledger known as the... Read More contract is a type of agreement between two parties, typically implied by the act of mining itself. The first party agrees to provide computational power to validate transactions on the blockchainA Blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a... Read More and expects compensation in cryptocurrencyA digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by... for their effort. The second party agrees to pay the first party in cryptocurrency for their service according to the terms specified in the contract.
