A cryptocurrency wallet functions as an online bank account in which you can store your money. It houses the keys that let you manage and access your cryptocurrency. There are a variety of wallets:
- Hardware wallets: These are physical devices that keep your crypto keys in a secure offline location. They're highly safe.
- Software wallets: These are apps or programs that you can install on your computer or smartphone.
- Paper wallets: You print out your keys and keep them in a safe location.
A secure wallet for mining is crucial since your earnings are sent directly to it. A lot of miners use hardware wallets (called "cold storage") since they are less susceptible to being compromised in comparison to wallets that are online.
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