Crypto Academy Week 4 Homework Post For @besticofinder - Introduction to Cryptocurrency Minning - Lesson 4

Hello stemians
Today I will try to do the homework given by professor @besticofinder, hopefully it can be useful, as for the question is:

1. How crypto currency mining works ?

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Cryptocurrency mining is the process of bitcoin transactions and creating new bitcoins. The working system is to use a very powerful computer, bitcoin is very different from the traditional money system because bitcoin is not printed like the money in circulation today. Transactions are also carried out virtually via the internet network. Usually cryptocurrency mining verifies transactions on blockchain. Bitcoin transactions usually occur at the same time, these transactions are grouped into the same group, this group is called a block; After a block is verified it will be added to a previously verified block, this is called blokhain

2. What is mining difficulty ?.

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The more cryptocurrency miners, of course the difficulty will increase because the competition is increasing, as we all know, every year crypto miners are increasingly in demand by people, so people who have decent capital will win, because they have to buy sophisticated hardware. , of course, the price is expensive. Therefore, bitcoin miners must be able to prepare everything they need to be able to compete in the future. This will certainly drain the miners' time, capital and energy.

3. What are the challenge for crypto currency miners ?

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The challenge for cryptocurrency miners is that they have to provide sufficient capital To mine this digital currency, this capital is spent to buy hardware that will be used in the mining process. Not only that, this capital will also be used to pay for expensive electricity costs, because the use of electric power in the mining process is very large. Miners must also provide a strong internet network so that the time spent in the mining process becomes more efficient, these are some of the big challenges for bitcoin miners, so that miners can compete with other miners, therefore miners must be able to prepare themselves in advance. before mining, if it is done well, miners will certainly benefit from what they do.

maybe this is all I can answer on this homework, thank you...

Cc:
@besticofinder
@steemitblog
@steemcurator01
@steemcurator01