How Does Crypto Mining Work?

Mining virtual currencies such as Bitcoin and Ethereum has become very lucrative due to the price increases in recent years. As a result, gigantic mining farms are springing up worldwide, especially in places where electricity is cheap. These computing centers use huge amounts of computing power to mine cryptocurrencies. To illustrate,  the global network of Bitcoin miners now uses as much power as the whole of the Netherlands. But how exactly does crypto mining work?

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