A cryptocurrency miner is a specialized computing device or system designed to solve complex mathematical puzzles that validate and secure transactions on a blockchain network. In return for this service, miners are rewarded with newly minted cryptocurrency coins and transaction fees.
There are three main types of crypto miners:
- GPU Miners (Graphics Processing Unit)
- Versatile; can mine many altcoins
- Lower hash rate than ASICs, but more accessible and resellable
- Used for coins like Ravencoin, Ergo, etc.