What are the different types of mining available for Decred?
Decred is a cryptocurrency that uses a hybrid consensus system combining both Proof-of-Work (PoW) and Proof-of-Stake (PoS) to secure its blockchain.
This hybrid system allows for two different types of mining: PoW mining and PoS mining. Proof-of-Work Mining: Proof-of-Work (PoW) mining is the traditional form of cryptocurrency mining that requires miners to solve complex mathematical puzzles in order to add new blocks to the blockchain. In Decred, miners use specialized hardware such as ASICs or GPUs to solve these puzzles and are rewarded with newly minted coins for their efforts.
Proof-of-Stake Mining: Proof-of-Stake (PoS) mining is a newer form of cryptocurrency mining that does not require miners to solve complex mathematical puzzles. Instead, PoS miners are rewarded with newly minted coins for simply holding Decred coins in their wallets. This type of mining is more energy efficient than PoW mining and can be done with any computer or device with an internet connection.
