What Is Proof of Work? Meaning & Example
Definition
Proof of work is a consensus method where miners spend computing energy to earn the right to add blocks. It makes attacking the network very expensive.
Related terms
Mining is the process of using computing power to validate transactions and add new blocks in proof-of-work blockchains. Miners earn newly created coins and fees as rewards.
Proof of StakeProof of stake is a consensus method where validators lock up coins as collateral to help secure a blockchain. Misbehaving validators can lose part of their stake.
BitcoinBitcoin is the first and best-known cryptocurrency, designed as decentralized digital money with a fixed maximum supply. It uses proof of work to secure its network.
What is Proof of Work?
Proof of work is a consensus method where miners spend computing energy to earn the right to add blocks. It makes attacking the network very expensive.
Can you give an example of Proof of Work?
Bitcoin uses proof of work, which is why mining requires specialized hardware and electricity.