Steemit Crypto Academy | Introduction to Cryptocurrency Mining | Homework task 4 for @besticofinder

Hello Steemians!!

This time I will try to do the homework task that answers the question made by one of the professors at Crypto Academy @besticofinder, as for the questions from the homework given is research and create an article discussing following topics:

• How crypto currency mining works ?
• What is Mining Difficulty ?
• What are the challenges for crypto currency miners ?

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• How Cryptocurrency Mining Works ?

Cryptocurrency mining is carried out by a special computer that has met the terms and conditions to be able to carry out mining. A computer will be used by a cryptocurrency miners in completing transactions and incoming confirmations on a system. The mining process is complete if the process that will occur such as submitting an initial transaction, verifying of previous transaction data and a sufficient amount of money, and ending with the addition a block to the blockchain. Permanent addition of blocks will occur when transactions and verification as a group rather than individually have been completed. Confirmation speed on several factors. Depending on the specific cryptocurrency, it can be confirmed in a short period of time or it may be quite long. This is where the miners role will appear. Indirectly, the miners will complete all processes with an algorithm compiled in the system. So have good skills, adequate computers, fast internet, large electricity are very influential for the miners.

• What is Mining Difficulty ?

The difficulties faced by miners are not constant and will vary over time. Mining difficulty focuses on completing new blocks that will be added to the blockchain. Before the permanent addition of a block to the blockchain, the miners must complete the tasks or problems in the system in order to be successful. Of course the more miners will make the difficulty level increase. Cryptocurrency miners on a small scale will have a hard time compared to a large scale. Another thing that is affected is the completion time of the process.

• What are The Challenges for Cryptocurrency Miners ?

The huge investment in specialized computers and expensive hardware required for cryptocurrency mining is the first thing miners should prepare for. Furthermore, large electricity and fast internet that will continue are very necessary over time for the mining process to continue properly. Furthermore, the security where the mining process is carried out must be maintained and safe from thieves or hackers who will harm in the future. Furthermore, the miners ability to complete tasks or problems in the system to be able to compete with other competitors . Good adaptability to what will happen next in the cryptocurrency mining world to become a successful miners.

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Thank you for reading my blog, maybe there are still many mistakes of my homework, but here it is. Hope it will be useful for all of you.

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@besticofinder
@steemitblog
@steemcurator01
@steemcurator02

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