Blockchain and hashing algorithms: A review

Abstract

Cryptocurrencies use a secure, distributed ledger system called blockchain and mining is an essential part of it. It adds records of past transactions, enables consensus, and creates new units of currency. They are designed as peer-to-peer systems and rely on miners to validate transactions. The paper evaluates different mining techniques used by major cryptocurrencies, analyzing their strengths, weaknesses, and potential threats. It provides an overview of the various ways in which cryptocurrencies can be mined and highlights their unique strengths and vulnerabilities.