Hello steemit

How are you all? I hope you all are good. Today I saw lecture week 4 by @besticofinder and it urged me to do his homework. This is first time I’m doing homework of @besticofinder and I hope I’ll do good. So lets begin by mentioning his homework.

You need to do your own research and create an article discussing following topics,
(1) How crypto currency mining works ?
(2) What is Mining Difficulty ?
(3) What are the challenges for crypto currency miners ?

(1) How crypto currency mining works ?

Crypto currency mining work when you have a good powerful machine like a computer with good processor and specification and it consumes electricity to perform a mathematical algorithms in a period of time like a day, week, month or year for which its rewarded with cryptocurrencies. Doing work for different forms of cryptocurrency is "crypto mining". Basically it works for someone who has good machine with cheap electricity available because there is reason behind it when you do mining on expensive rates of electricity then you will earn no profit from mining, rather you will be in losses.

(2) What is Mining Difficulty ?

Mining is not difficult, every person can do it. The main difficulty which comes in mining is lack of awareness which avoids majority of persons from doing it. In my opinion if a person is aware of mining, there is 70% chance he will do it. After awareness there is difficulty that people face which is spending a lot of money at initial stage like buying powerful equipment which must be able to do mining plus the electricity charges. My point again comes to first difficulty if person is aware of its benefits, he will invest his money at initial stages because he knows its future benefits.
Another difficulty that people face is the time which it takes for mining, people don’t have patience if they remain patient I think they will gain a lot of benefit from it.

(3) What are the challenges for crypto currency miners ?

As there are many advantages of mining then there are its challenges which many miners face like the main challenge which majority of miners face is electricity. In many countries where is electricity is expensive and is in short supply face this challenge, they can not mine the crypto because electricity cost turn their profits into loss and where is electricity is cheap, they earn huge profits.

Another challenge many miners face is issue of legality. Following are some of the countries where bitcoin/cryptocurrency is illegal.
•Algeria
•Bolivia
•Ecuador
•Macedonia

Another challenge that miners face is unpredictably crypto rates which are higher and lower at times which cause miners huge losses and it made them shift from mining.

Another challenge that minors face is continuous running of mining machine which cause heat up problems in hot areas. It is a big challenge for them to run a machine 24/7 for mining.

---

That’s all from my homework. This post is plagiarism free. I hope I have answered all question correctly.

---

SPECIAL MENTION

@besticofinder
@steemcurator01
@steemcurator02