Crypotocurrency M i n i n g did not exist 15 years ago, but since the advent of Bitcoin in 2008, when inventor Satoshi Nakamoto filed his invention. Bitcoin has gone from nothing to over $4k per bitcoin. This has been a new revolution in currency exchanges, without banking and government restrictions. Almost like a new Gold Rush!!!
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Crypotocurrency has changed so much since 2008, where there are now over 600 cryptocurrencies in existance and more coins appearing weekly using Initial Coin Offerings to generate investment. Investment in cryptocurrencies is massive wih coin prices set to rise much higher.
Why are cryptocurrencies gaining a hold on the financial market?
All cryptocurrency coins including Bitcoin and all other ALTCoins use cryptography hash algorithms to process block requests along with peer to peer networking ensures security and fast execution of transactions for users. One key aspect to cryptocurrencies is the transaction cost between sender and receiver, which is a fraction of the cost that banks would apply for FIAT currency exchange.
It’s typical for crypto coins to have a limited amount of coins available, some define 84 million as the limit. Others have different definitions.
Crypto MIning is the art of creating new coins, where the coin offerings define the maximum yearly or absolute limit for the number of actual crypto coins to be generated. for example Bitcoin will have a maximum limit of 84 million coins. this limit is getting closer every day...
In order to make crypto mining more difficult and to ensure that miners are actually doing something for their coins, the algorthms used to calculate new hashes become more difficult the more coins that are mined.
There are essentially two types of mining compute models available when considering to use your computer to generate crypto coins: CPU Mining and GPU Mining (AMD or NVidia ).
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