A miningMining verifies and records cryptocurrency transactions on a digital ledger (blockchain). The approval or verification process for adding new transactions... Read More contract is a type of agreement between two parties, typically implied by the act of mining itself. The first party agrees to provide computational power to validate transactions on the blockchainAs a distributed ledger technology (DLT), a blockchain is a digital ledger that can create an immutable record of transactions.... Read More and expects compensation in cryptocurrencyCryptocurrency is decentralized digital currency secured by cryptography. Cryptocurrency utilizes cryptographic protocols to record ownership and prevent counterfeits (when ownership... Read More for their effort. The second party agrees to pay the first party in cryptocurrency for their service according to the terms specified in the contract.
