How Mining Works
Like many blockchains, transactions on the Absolute network are secured using a cryptographic method known as Proof of Work (PoW) mining. In this process, powerful computer processors search for solutions to a mathematically difficult problem defined by the LyraRev2 hashing algorithm.
This algorithm, based on eleven of the most secure cryptographic techniques known at the time, was intended to reduce power consumption and ensure the fairest possible distribution of Absolute during the early years of the network. Unlike Bitcoin, which relies on a single algorithm, LyraRev2 is also designed to provide protection against any future weaknesses discovered in one or more of the hash functions. Today, mining is a highly professionalized industry driven by powerful ASIC server farms around the globe working to secure the Absolute network.