Nonce

Although the word “nonce” sounds like a cross between “nun” and “sconce”—which is a really weird visual—it actually means something completely different. It means “number used only once,” and in the world of cryptocurrency, it’s the math problem crypto miners are trying to solve. Or more specifically, it’s the number they’re solving for.

In super-general terms, here’s how it works. Each block in a blockchain needs to be encrypted before the next block can be created. This encrypting is called “hashing,” and every crypto miner’s dream is to find or guess the hash that will secure the block, allow a new one to be made, and put some money in their pocket. The nonce is the random string of numbers that makes up that hash.

Think of it like a holy crypto-grail: every crypto miner is on a quest to find it, and the first one who does...wins eternal wealth.