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What is the ruling on mining digital currencies?
Digital currency mining is a process of producing new encrypted digital currencies and verifying the validity of the transactions that are completed through the decentralized network known as Blockchain, on which these digital currencies operate. Mining is done primarily by solving some complex algorithmic equations using programs and computers specific to this matter. These equations are converted into encryption codes and saved in blocks to form a series of connected data.
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Speaking about the ruling on trading in digital currencies in Iraq, it is necessary to point out the ruling on this process, which has spread widely in recent years. So that those working in digital currency mining receive huge rewards and sums for their work once the mathematical equations are solved and then saved in the blockchain. Mining is the guaranteed way to secure the decentralized network on which the blockchain technology works, which is the basis for the existence of encrypted digital currencies. It is also a way to ensure the validity of all transactions completed on the network and protect them from being exposed to forgery or hacking. It is worth noting that the process of mining digital currencies requires a lot of effort, experience and skill in the field of programming and technology. It also requires large material costs and the consumption of a lot of electrical energy. It is not an easy thing that anyone can implement easily or in their free time. Therefore, scientists have gone to Contemporary to the permissibility of this process according to Sharia if legitimate materials are used in doing it. That is, not stealing electricity and so on, it is a permissible act for which a fee is received, and there is no suspicion of being forbidden in that.
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