Crypto Mining — Mine Your Way to Riches
Gold mining has been a lucrative industry for ages, but the turn of the century saw the newest hype in the mining field.
If you are a mathematical whizz, then this kind of mining will surely bedazzle you because it shines brighter than gold.
You guessed it right!
We are talking of ‘all that glitters but not gold’, crypto mining.
Do you feel completely clueless when your folks are boasting about their crypto stash? Then you are in the right place.
Without any further ado, let’s dig in.
Mining — Unlock the Power of Cryptocurrency
‘Crypto’ literally means hidden or secret, and that’s exactly what cryptocurrency is. It’s hidden from the human eye and has to be mined while reaping the digital rewards.
Now, What Exactly Is Crypto Mining?
It is the heart and soul of the crypto universe. Cryptocurrency is verified and maintained at a decentralized ledger called the Blockchain, which records all cryptocurrency transactions chronologically and irreversibly.
Crypto mining works in a unique way. The miners are the blockchain protectors. The blockchain is the King that rewards the miners with the coins. Consequently, the miners get motivated to mine for more cryptocurrency.
Crypto mining Through Time
The mining of cryptocurrency has changed over time. Today, there are around 20,000 cryptocurrencies in circulation. So, let’s talk about the evolution of cryptocurrency mining over the years.
Early Years (2009–2012)
It all began in 2009, when a pseudonymous individual or group, Satoshi Nakamoto, released the first set of cryptocurrencies, Bitcoin. Back then, mining was performed on personal computers using CPUs.
But with time, CPUs lost their mining efficiency.
GPU Mining (2010–2013)
By 2010, more tech-savvy enthusiasts got indulged in mining. CPUs were replaced by Graphics Processing Units (GPUs). They had higher processing power required to solve complex calculations.
Multiple miners came together and made mining pools. The miners killed two birds with one stone.
These pools not only gave an immense kick to the mining efficiency but also increased the chances of earning Bitcoin rewards.
ASICs (2013–2014)
The hike in Bitcoin mining led miners to even more efficient ways to mine Bitcoins. So, in 2013, they launched the first ASICs (Application-Specific Integrated Circuits) designed exclusively for Bitcoin mining.
As compared to CPUs or GPUs, ASICs have much higher hash rates (Computational Power). This development eventually made the other mining methods die a natural death.
Crypto Boom (2015-Present)
The year 2015 onwards saw a crypto boom due to the rise of mining pools, mining farms, and the industrialization of crypto mining.
With the help of mining farms, the miners set up the racks of ASICs. This helped them in crypto mining at a much higher rate with evenly shared rewards.
End Note
In conclusion, if you are someone who likes to solve complex mathematical problems, then look no further. Mine your way to financial stability through cryptocurrency.
In this land, new opportunities and challenges will refuel your adrenaline every single day.
Although crypto mining has its fair share of environmental impact, cryptocurrency stakeholders, developers, and miners are currently working out ways to alleviate them.
Come and unearth the fortunes of this amazing technology of crypto mining.
