Selfish Mining

What is Selfish Mining?

Selfish mining is a shady approach to cryptocurrency mining. A single miner or a group solves a hash, creates a new block, and removes it from the public blockchain. This causes a fork, which is then mined to surpass the open blockchain.

The process through which blockchain nodes verify and confirm transactions is known as "mining." In exchange for their computing work, miners receive newly created tokens. The cartel uses selfish mining to hide newly mined blocks from the main chain so they can be seen later.

Miners are necessary for proof-of-work-based cryptocurrency networks. They find the answer to the randomly generated encrypted hash number using their mining software. On the blockchain, a new block appears when the hash is resolved. The miner who figured it out gets a reward and a transaction fee.

By using this technique, infrastructure issues linked to mining, such as network latency and electricity costs, are resolved while also hastening the discovery process.