Global Cryptocurrency Markets 2021-2026: Transparency of Distributed Ledger Technology, High Inflow of Remittances to Developing Countries & High Charges of Cross-Border Remittances
In the transaction monitoring process, miners (generally the users) validate the transactions made by other users.
- In the transaction monitoring process, miners (generally the users) validate the transactions made by other users.
- In this process, the system needs high computing power to validate the transactions.
- The validation process involves the creation of hash codes to encrypt the transactions.\nTo generate a hash code, the miner needs highly effective and efficient hardware.
- In other words, to get new blocks and solve them, miners need to generate as many hash codes as possible.