In the world of digital currencies, few things are more difficult than explaining complex technical terms in non-technical ways to complete beginners.
However, we understand that it can be a significant investment to start mining Bitcoin or other cryptocurrencies. As with any investment, it is important to have at least a basic understanding of what your money is buying you.
For this reason, we have compiled a cryptocurrency mining glossary that should cover most of the technical terms you will encounter when researching the subject.
We need to be honest here: there is no way to explain all the terminology in complete layman’s terms, as a lot of these terms have themselves been birthed and named in the era of cryptocurrencies. In many cases, there is simply no alternative word or easier way to refer to them. Just look at the word Bitcoin as the perfect example: it did not exist before Satoshi Nakamoto published the famous whitepaper.
Remember that few people in the world truly grasp the full meaning and implications of blockchain technology and there is no shame in not understanding. Having said that: we love a challenge, so to the best of our ability, we have attempted to explain each technical concept in an easy to digest way.
Do you have a question about any of the concepts explained, or did you encounter a specific term we haven’t covered yet? Please let us know in the comments and we will be glad to add it to the list.