Technology

Cryptocurrency Mining

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Cryptocurrency Mining. Cryptocurrency-Bitcoin operates on decentralized network that is peer to peer. This means that anyone who is using bitcoin is a small portion of bitcoin bank. Normal banking system is centralized network where bank decides when to publish and distribute the money. Bitcoin does not has a central bank then a question comes to mind that where do bitcoins come from?

Miner is a terminology use in cryptocurrency for the people who solve complex blockchain algorithms and in reward they get bitcoins. This is a very clever way to strengthen the network on every second. Because when an algorithm is solved once it becomes automatically complex for the next time and so on its complexity increases.

Cryptocurrency Mining

Miners are required to approve bitcoin transaction means more miners more secure network. In the start miners used basic computer processor for mining but this turns out to be too slow for digging. Later on they discovered graphics card are handy for this operation for they are fast but they are very power hungry and produce a lot of heat. First commercial mining product has special chip for mining which is very fast but still power hungry.

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