What is cryptocurrency mining and how is it done?
Cryptocurrencies, cryptocurrencies, mining
Cryptocurrencies Minar Cryptocurrencies
If someone wants to buy a cryptocurrency, the most popular (and easiest) is to go to any of the dozens of exchanges online, that is, the web pages on which it is being sold. However, there is another option to buy cryptocurrencies without making online transactions: mining. Cryptocurrency mining is a concept that started with Bitcoin in 2009, and in this video we will tell you what it is and how it is done:
Basically, cryptocurrency mining consists of making your computer run on the blockchain cryptocurrency network in exchange for a reward. This service usually consists of checking the transactions that take place on the network. In addition, mining is the only way to create new units for some cryptocurrencies like Bitcoin or Ethereum.
As we said in the video, mining is going through difficult times. Mainly because you need very expensive hardware. The main method of mining cryptocurrencies involves using at least one video card. Graphics cards are often among the most expensive computer components, and the influx of cryptocurrencies has made them more expensive.
And if it is found, since there is usually no stock and, when it is, its price is several times higher than you would expect. Of course, things are even worse in the secondary market, where you can find charts with mining hours at the top (which negatively affects service life) at higher prices than when they were new.
On the other hand, the massive consumption of electricity needed to mine cryptocurrency means that it may not be profitable if our electricity rates are not cheap and, worse, it is a serious environmental problem. In fact, Tesla has stopped accepting Bitcoin payments due to environmental reasons.
However, mining communities are growing every day, which means that, with the right factors, cryptocurrencies can be very productive.
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