Mining is the process of creating a block of transactions to be added to the blockchain. like Bitcoin, currently uses a proof-of-work (PoW) consensus mechanism. Mining is the lifeblood of proof-of-work. miners - computers running software - using their time and computation power to process transactions and produce blocks.

In decentralized systems like Ethereum, we need to ensure that everyone agrees on the order of transactions. Miners help this happen by solving computationally difficult puzzles to produce blocks, securing the network from attacks.

Technically, anyone can mine on the network using their computer. However, not everyone can mine profitably. In most cases, miners must purchase dedicated computer hardware to mine profitably. While it is true anyone can run the mining software on their computer, it is unlikely that the average computer would earn enough block rewards to cover the associated costs of mining.

If we use the example of Bitcoin, Nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.

The speed of mining is determined by your hash rate and the difficulty of mining, the more hash rate there are in the network, the harder the difficuly get.

Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Crypto entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Crypto, their total energy consumption is not transparent and cannot be as easily measured.

At the time of writing, there are no prohibitions on mining Bitcoin or other cryptocurrencies in Australia.

Before Steem I was all in an another altcoin and really excited about it. When I first bought the price was low and made payments to me every week just for holding it. As I tried to participate in the community over the next several months, I was consistently met with a mix of excitement and hostility. When I began talking openly about this, the negative emotions won over in the community and in me. Originally I had invested and been happy to hold no matter what the price which quickly went up after I bought it.