Miner
A participant who spends computing power to solve proof-of-work puzzles and earn the right to add a block.
A miner runs specialized hardware that races to find a number satisfying a proof-of-work puzzle. The first to succeed gets to add the next block and claim its reward. It's a lottery weighted by how much computing power you bring.
Bitcoin mining now runs on ASICs, chips built for nothing else, and concentrates in regions with cheap power. Ethereum stopped using miners in 2022 when it switched to proof of stake.
Related terms
The process of competing with computing power to add new blocks and mint fresh coins under proof of work.
Proof of Work (PoW)A consensus method where miners burn computing power to earn the right to add blocks and deter cheating.
Hash RateThe total computing power a proof-of-work network throws at mining, measured in hashes per second.
Block RewardNew coins plus fees paid to whoever adds the next valid block, the main incentive securing the chain.