Is it possible to mine new coins on the network and if so how does one go about doing this?
No, it is not possible to mine new coins on the IOTA network.
Instead of using a traditional blockchain, IOTA uses a Directed Acyclic Graph (DAG) called the Tangle. The Tangle is a distributed ledger technology that does not require miners to process transactions. Instead, each transaction must be validated by two other transactions in order to be accepted by the network.
This process is known as "confirmation" and it ensures that all transactions are valid and secure. In order to participate in the IOTA network, users must first purchase IOTA tokens from an exchange or other source. Once they have acquired these tokens, they can then use them to send and receive payments on the network.
As there is no mining involved in this process, there is no way for users to generate new coins on the IOTA network.
