Instamine: Defined in CryptoCurrency

Instamine: Defined in CryptoCurrency

 

Instamining means new cryptocurrencies, for a short time after launch, are very easy to create. 

The purpose of instamining is to accumulate a large quantity of the available supply early on and later sell it for a big profit. 

Mining is a computer process of recording and verifying information on the digital record known as the blockchain. 

Mining usually also involves computers working very hard at solving a math problem. The first computer to solve this problem would discover a new block and could record information on the blockchain. This earned them a reward in brand new digital money plus fees paid for each transaction.