Mining is the process that some blockchain networks use to verify transactions and add them to the blockchain. Bitso does not perform mining. This work is done by independent computers around the world, not by Bitso.

Networks that use this method are called Proof of Work (PoW) networks. Bitcoin (BTC) is an example of a Proof-of-Work network.

Miners are computers with enough computing power to solve complex math problems. The first miner to solve the problem for a new set of transactions adds that block to the blockchain. The network rewards that miner with a digital asset for the work.

This verification work incurs costs, as it requires computing power and electricity. That cost is passed on as a network fee, charged whenever someone sends a transaction over the network. When more transactions are pending verification, network fees tend to increase.

Some networks use a different method to verify transactions than mining, but the same principle applies: fees vary based on how heavily the network is used at a given moment.