What is Ethereum mining?
Cryptocurrency mining is a process of solving complex mathematics. Miners are the cornerstone of many cryptocurrency networks as they spend their time and computing power to solve math problems, providing a “proof of work ” for the network verifying Ether (ETH) transactions.
PoW (proof of work) is based on fundamental properties of the hash function, an encrypted data derived from a random input. The difference between hashes and standard encryption is that the process is done only in one way.
Proof of work begins by defining a list of desired hashes based on difficulty. Miners have a certain hash rate that determines how many combinations they try in a second, and the more miners involved the harder it is. Accordingly, the more people participate, the more secure the network is.
Why mine Ethereum?
Mining turns network security into a complex but usually quite profitable business. Therefore, the first motivation is to earn money from mining. Miners receive a specific reward for each block, plus any transaction fees paid by users.
There are other reasons why one would want to mine Ethereum. An altruistic community member could decide to mine at a cost instead of a benefit just to help secure the network as each additional hash counts. Also, the acquisition of Ether is useful and without having already invested in the asset.