Mining Cryptocurrency : For Beginners

crypto mining

In this article we want to take a look at Mining process,types of mining and which crypto can mind. here is the Mining Cryptocurrency : For Beginners.

What is Mining?

Blockchain is the core concept of hundreds of existing crypto coins. most importantly,Decentralization, security and irreversibility are the key features of cryptocurrency; therefore, every single transaction encryptes and after executing  it adds to something calls a “block” until it reaches to a fixed number of transactions. It’s important to know the details of Mining Cryptocurrency  specially For Beginners.

Afterwards, the block gets added to a chain and creates a blockchain, publicly available.

Since privacy leads the cryptocurrency it cannot be manipulated by one person or entity.

introduction about how to mine

These blocks operate like complicated math puzzles because of their heavy encryption and they can be solved only by powerful compute-cable hardware such as your Radeon and GeForce graphic cards and the whole process of solving the puzzle and adding them to the public blockchain is what mining is. Miners shall verify transactions, ensure their authenticity and keep the transaction droning and their reward is payment in that block’s coin.

 

Different Types of Mining

kinds of mine that you must know

GPU :

GPU uses the shaders in order to do massive calculations; therefore, most coins can mine on it. While the Intel i7 processor with 12 threads will hash at about 300 H/s a GPU such as r9 290x or Nvida 1080 will hash at about 600-900 Kh/s.besides that, Litcoin is a popular coin of this type of mining.

 

CPU :

our CPU would be Intel or AMD

CPU intensive coins mean are the ones which means no GPU or ACIS can use to mine them like Aeon. They designed to render a more playing field for everyone. Your CPU would be Intel or AMD if you have a computer and then used to mine this coin.

Staking:

in this type of mining you hold coins and they provide you with a steady stream of new coins based on the percentage of total coins of your own and age of those coins.

Furthermore, it provides a more decentralized and less power hungry system.

which brings more coins and fast transactions.

also, Keep this in mind that if you hold only a small amount of coin results in no particular endings and it is thought to be the downside of this type.

 

Mining can be done with just over 30% of all the cryptocurrencies and here are some examples of those which can be mined:

Ethereum:

Cryptocurrency Ethereum mining

The second largest market cap with a total value of over $18 billion. A different algorithm implemented on this cryptocurrency that offers less usage of ASICs in order to avoid centralization. However, it was a belief that Ethereum’s blockchain-oriented ASICs brought no major benefits over GPU-based mining.

Bitcoin Cash:

Bitcoin Cash stands on the third place with over $7 billion in market cap. Just like Bitcoin, mining happens in this particular cryptocurrency by means of ASICs for SHA-256.

Litecoin:

Litecoin crypto mined

Litcoin takes a whole different algorithm for mining which  they call the Scrypt mining. It believes that Scrypt ASICs brings significant advantages and casts such shadow on the use of graphic cards.

Bitcoin:

Bitcoin mining

the first cryptocurrency and the best known by the mainstream public.

ASIC for SHA-256 carries out Bitcoin mining which designed and produced for this purpose. Bitmain is takes the charge of production of hardware responsible for a majority of the network’s hash rate.

Monero:

Monero offers no limitaion imposed on privacy in this cryptocurrency. CryptoNight algorithm is the basis of Monero and  mined by means of CPUs and GPUs.

 

hope you enjoyed.

Also, you can check out our  other articles about Cryptocurrency if you just get in. learn and grow your knowledge step by step with QuantVan Academy

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