What does ethereum use the processing power for?

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What does ethereum use the processing power for?

Me and a friend have two different ideas one of us thinks it's used for data mining the other thinks it's for creating compute power that can be rented out kind of like with a super computer. Which one of us is closer or are we both wrong and it is just arbitrary tasks to limit how fast you can mine ethereum, or something else entirely?

submitted by /u/BlueSnake57
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