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Tokens from a ERC20 ICO don't need to be mined correct? Only gas needs to be paid for the smart contract transaction to happen and the token to be created?

So every time somebody buys into an ICO, gas needs to be paid to create tokens for them?

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Technically you could set up a token to require its own mining, but that's certainly not the norm. Gas to pay for the transactions (transferring and optionally minting tokens) is all that you need.

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