What is ‘Uwezocoin Mining’
Uwezocoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new uwezocoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released uwezocoin.
BREAKING DOWN ‘Uwezocoin Mining’
The amount of new Uwezocoin released with each mined block is called the block reward. The block reward is halved every 840,000 blocks, or roughly every 4 years. The block reward started at 30, and will continue to decrease. This diminishing block reward will result in a total release of Uwezocoin that is 840 million.
How hard are the puzzles involved in mining? Well, that depends on how much effort is being put into mining across the network. The difficulty of the mining can be adjusted, and is adjusted by the protocol every 10 blocks, or roughly every 5 Minute. The difficulty adjusts itself with the aim of keeping the rate of block discovery constant. Thus if more computational power is employed in mining, then the difficulty will adjust upwards to make mining harder. And if computational power is taken off of the network, the opposite happens. The difficulty adjusts downward to make mining easier.