Who is a miner? What is the importance of a miner? Although the answers to these questions are comprehensible for those that has been in cryptocurrency for a while but it's still not clear to newbies
Who are miners and how do they work
Cryptocurrency is a decentralized system which is it not under regulation so there is a possibility for blockchain technology to be misused my users some might take the advantage of the decentralized system to perpetrate illicit transcations. A miners doesn't necessarily have to be a cryptocurrency gray hair even a newbie can become a miner. Like with other government control currency where they can control and determine how much is printed and in circulation. This is not the case in cryptocurrency because it not under any governmental circulations.
So you would ask how does coins like bitcoin come about and what controls it price?
To become a cryptocurrency miner you would need to put together a mathematical puzzle using soft ware for example in bitcoin the puzzle made by satoshi Nakamoto where you get bitcoin after solving the puzzle.
This way bitcoin are mined and are in circulation. There are 21million BTC available for mining and china has the highest percentage of mining are there are some statics that it might be mined up in future
How does the work of a miner affect the price
The price of a commodity is affected by demand and supply. If the demand is high and the supply is low the price goes up but if the reverse is the case then the price drops. So if miners has been able to mining more bitcoin for example there will be enough bitcoin in circulation and if not the circulation of bitcoin will reduce.
So mining in cryptocurrency is a very important aspect of cryptocurrency and trading