Hi, it is another day on the steemit platform and I come to take part in the ongoing contest titled "What is cryptocurrency mining" in the steemit engagement challenge week five and season nine which take part here in the steemit crypto Academy community.
What is cryptocurrency mining? How does it work? Can STEEM token be mined?
Cryptocurrency mining is the steady working and bringing up of coins in the various ways according to the rules given in the mining platform. It works in various ways as I know some works with a given time set by the organizations to the users in mining such coins.
Steem token can be mined, as anyone who happens to find his or herself on steemit is also mining a steem.
Name The various types of mining methods for cryptocurrency
The various types of mining methods for cryptocurrency are listed below
- Mining by referral method
- Cloud mining
- ASIC mining
- FGPA mining
- GPU mining
- CPU mining
Referral method means sending link to people and they register under you on the mining platform and with that you could get mining coins from that.
Cloud mining means either by installation of the software or by login into the platform you could also be gifted coins.
ASIC mining is the type of mining that is used for large scales of mining.
Have you ever been involved in cryptocurrency mining? If yes, can you share with us how you mined this coin?
I have been involved formerly in mining one of the cryptocurrencies called gram-free. Here I come to the platform on a daily basis to spin a roll for free three times a day and an interval of one hour also I get rewarded on it.
Secondly, while watching most videos on the platform, I also get more of rewards. Rewards are also distributed for every person you refer. Lastly, for login into the portal each day there is another reward all in dollars.
But after all this while I wanted withdrawing my money they wouldn't pay me after two years of mining the coins, then I discovered I was mining in the fakest site.
Give some of the Importance and benefits of cryptocurrency mining
The importance of mining a cryptocurrency is that you wouldn't be idle because there is a work Every time you come online, as mining is not any easy task. If the coin mined is then being introduced u have your money and if it was already introduced while mining you can still get money from it as this is its Importance.
Name some of the challenges of cryptocurrency mining
You needed a steady network provider in mining cryptocurrency as the major challenge of mining a cryptocurrency is network. Also, you needed steady electricity as to charge your phone to keep you online.
Thanks to all who come through this article. I invite @josepha, @simonnwigwe, @goodybest to join me and participate on this contest.
My dear you have given a clear view about Crytocurrency Mining. But you should go in more depth for writing this post. Thank you for sharing your views about Cryptocurrency mining.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hola amigo Cephas
Creo que es tu primera vez posteando en esta comunidad. Para los retos debes responder cada pregunta realizada de forma un poco más profunda pero con un lenguaje fácil de entender.
De igual forma suerte y éxitos 😎
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has been upvoted through Steemcurator09.
Team Newcomer- Curation Guidelines for May 2023
Curated by - @heriadi
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit