Cryptocurrency Mining: Bitcoin and Ethereum

Cryptocurrency Mining
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Q1
Crypto mining entails releasing new virtual currency into the system and validating and adding transactions to the blockchain by solving complex computations with computer programs.
Q2
A mining pool is a group of miners who work collaboratively to optimize their chances of creating a block by merging their resources to increase their combined computing capacity. The pool acquires a reward when a block hash is successfully identified (Tuwiner, 2022). Some of the best crypto pools are Slush Pool, F2Pool, AntPool, ViaBTC, and BTC.com for bitcoin and Minedollars, MinerGate, Wineth, Go Ethereum, and Cudo Miner for Ethereum
Q3
The first miner to solve the puzzle acquires the rewards. The reward is shared among members based on the pool shares system and member involvement after successful hash identification (Albrecher, 2022). The compensation earned through pools is distributed among pool members, unlike rewards earned through individual mining.
Q4
Crypto mining is a time-consuming, intensive computation operation that requires significant energy. These computers run daily to solve complex mathematical problems and verify transaction records, consuming an estimated 127 Terrawatt-hours annually (S...