Blockchain & tech

Proof of work (PoW)

Also called: PoW

In shortA consensus method where miners spend computing power and electricity to win the right to add the next block.

Miners repeatedly hash block data until they find a result below a target. Finding it is hard; checking it is instant. The winner gets the block reward and fees.

Attacking a PoW chain would require more computing power than all honest miners together, which is why Bitcoin's growing hash rate is read as rising security.