What math problems are they trying to solve when mining for crypto?

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What kind of math problems are they solving? Is it used for anything? Why are they doing it?

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Anonymous 0 Comments

You have a lock with unknown pattern and number of pins. And you (the miner) also happen to be a locksmith. So you start manufacturing different keys ‘till you finally produce the right one for the lock. However, there are other locksmiths also doing the same thing and the fastest/luckiest (more CPU power) is the winner. So lets assume you find the right key then you need to share it with the rest to prove that indeed this is the right key. After everyone appoves it (validators) they all declare you a winner and you get the reward inside the box (in this case 6.25 bitcoins).

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