What is mining in cryptocurrency and how does it work?

Mining in cryptocurrency refers to the process of validating transactions and securing the network by solving complex cryptographic puzzles. In the case of Bitcoin and many other cryptocurrencies, miners use specialized computers to compete in solving these puzzles, and the first miner to solve it gets to add the block of transactions to the blockchain. In return for their work, miners are rewarded with newly minted cryptocurrency, such as Bitcoin or Ether. Mining is crucial for maintaining the integrity and security of the blockchain, but it requires significant computational power and energy consumption. The difficulty of mining adjusts over time to ensure that new blocks are added to the blockchain at a consistent rate.