How does cryptocurrency mining work?
To understand how cryptocurrency mining works
We will answer these 3 Questions in 3 Minutes:
• What is a cryptocurrency?
• What is mining?
• What is a mining machine?
What is a cryptocurrency?
Crypto is a currency like the euro or the dollar.
But its operation differs on certain points. First of all, crypto is a purely virtual currency.
They are used mainly for purchases on the Internet or through a crypto card that can be used to buy physically in stores.
The crypto card is like a bank card, but the system used is not banking, because it is decentralized, which means that it is free of any banking authority.
The bank acts as an intermediary between each transfer of money.
For crypto there is no middleman. It directly exchanges currency from one person to another.
It is the birth of a new system of exchange of goods and services self-managed by its own users.
This system is called the Blockchain
As its name suggests, it is a set of transaction blocks linked in a chain.
When two people make a transaction, the exchange is:
(When the block is full another begins.)
The purpose of this computer system is to:
To secure cryptocurrency
Make currency duplication impossible
Facilitate and accelerate exchanges
But this system cannot work on its own, it needs energy.
And this is where miners come into play.
What is mining?
Miners are people who have the technological tools to mine.
They provide the energy to validate and secure the blockchain protocol and are rewarded for their help with a share of the crypto they have mined.
Mining does not require a pickaxe like during the gold rush, but a machine: We call it a mining “Rig”.
What is a mining machine?
It is like a computer, but optimized to provide the best computing power (energy) for blockchain (transaction network) work.
A rig is made up of several technological elements:
It’s a real cooking recipe. But the main element of a rig is “The graphics card”. If you have to remember one component, it is this one because it is what provides the computing power.
The more you have, the more powerful you will be and the more interesting your gains will be. But in return it will consume more electricity.
A good graphics card promises good computing power combined with low power consumption. What it yields depends on the difference between the two.
You are now introduced to the world of cryptocurrency mining, but concretely…
How to start mining quickly and easily?
You can start mining in several ways, but Minerexperience offers you its solution:
● Order a machine from us, assembled and checked by our experts
● Take out a subscription which will guarantee you daily observation and remote control of your machine
In this case your only job will be to host the machine and supply it with electricity, the rest we take care of!
If mining crypto interests you, but you don’t want to complicate your life…