Like most cryptocurrencies, Bitzecrelies on miners to add transactions to the blockchain. While all nodes in the Bitzecnetwork contribute to confirming the validity of transactions, it is the miners which take on the heavy lifting to secure the network.
How it works
To secure the network, Bitzec uses a proof-of-work mining algorithm. Proof-of-work means that miners compete against each other using processing power to produce a new block on the chain. The first miner that succeeds completing the proper computation for each block is awarded with a network standard block reward and any fees for transactions they add to that block.
Bitzec uses a type of mining algorithm called Equihash. For more information read our blogpost “Why Equihash.”
