The Miner

Group verified transactions into a new block and add it to the blockchain.

Use computational power to solve complex algorithms, which helps to secure the network and verify transactions.

Miners contribute to the decentralized nature of the blockchain by independently verifying transactions and creating new blocks.

1. Cryptocurrency: They receive a certain amount of cryptocurrency, such as Bitcoin or Ethereum, for each block they create.

2. Transaction fees: Miners also earn fees from the transactions they verify.

1. Individual miners: Solo miners using their own hardware.

2. Mining pools: Groups of miners combining their resources to increase chances of solving mathematical problems.

3. Cloud miners: Miners using cloud-based services to rent computational power.

4. Institutional miners: Large-scale mining operations run by companies or organizations.

Miners play a crucial role in maintaining the integrity and security of blockchain networks, enabling the decentralized and trustless nature of cryptocurrency transactions.