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Crypto mining is a calculation-intensive, puzzle-solving-like computation process that requires high processing power along with high electricity consumption. The miner who first solves the puzzle gets to place the next block on the blockchain and claim the rewards. Rewards include the miner becoming the owner of the newly released bitcoin, or getting fees linked to the transactions performed in the block.
The cryptocurrency discovery process is configured in such a way that if more miners are working, the difficulty level goes up, while a decline in the number of miners eases the difficulty level. The rewards make mining a lucrative activity for monetary gains. As more miners attempt to grab a piece of the pie, finding new blocks gets computationally more difficult, requiring more computing power. This is often impractical and too expensive for individual miners.