What is mining and how does it work for cryptocurrencies?

Mining is the process of verifying and adding transaction records to a public ledger (known as the blockchain) of past transactions. This ledger is managed by individuals known as miners, who use powerful computers to solve complex mathematical puzzles in order to validate transactions. When a miner solves a puzzle, they receive a reward in the form of cryptocurrency. The process of mining is used to secure and confirm all cryptocurrency transactions that occur around the world. Miners are also responsible for creating new coins in the system, and receiving a reward for their work.