What is Tkeycoin mining?
By Support Agent Tkeycoin
updated 2 months ago
Cryptocurrency mining — receiving digital coins as a reward for complex mathematical calculations. The user connects the device to a shared system-a peer-to-peer network.
The computers of the entire TKEY network are synchronized with each other, which allows you to include all the past changes in all copies of the database at the same time, thereby increasing the security of the entire system.
Mining is based on "game theory" and mathematical algorithms. Miners are awarded TKEY as a reward for solving certain mathematical problems with the help of computer equipment. The job of miners is to find the right hash that will fit all transactions on the network and will provide a secret key. There are millions of possible combinations, so the process takes a long time. Once the correct hash is determined, the transaction block is closed and the miner receives a reward of 100 Tkeycoin. This process can be compared to a lottery since many participants are simultaneously searching for a hash. The system operates according to strict rules, according to which it is almost impossible to change the closed block.
To create the next block, miners must use computing power to find a set of characters predefined and encrypted using a hash function. After this happens, a new block will begin to be formed by the network node (belonging to either a single user or the community of miners), which first found the desired hash, in other words, Users from all over the world carry out complex mathematical operations.
Each new block contains, including information about transactions (money transfers). The probability of the formation of the next block, and, therefore, of receiving a reward (the amount of emission + the total amount of transaction fees) is equal to the ratio of the processing power of the miner equipment to the power of the entire network.
The interval of formation of two different blocks tends to the number that is specified in the system (in Tkeycoin 10 minutes). Sometimes this period begins to fluctuate, so the system (network) itself corrects the complexity of calculating a new block for cryptocurrency miners. As a reward, the miner receives the nominal value prescribed in the network settings, + a Commission for all transactions that entered the block formed by him.
You can try your hand as a Tkeycoin miner by downloading and installing the appropriate software from the official website of the project.