MINING
a cordial greeting to all the steemcriptoacademi community to the admins and teachers of the community this is my contribution today I will talk about coin mining.
Homework Task 4
1-How cryptocurrency mining works
2-Mining difficulty
3-The challenges for cryptocurrency mining
1-How cryptocurrency mining works
in theory mining is the solution of highly complex mathematical problems that are grouped into blocks, I am blocks in turn are more complex to solve each 2016 mined blocks, the ability to solve the block lies in the processors that verify and spend an amount of computational effort in 2008 adopted by the bitcoin this protocol grew and was copied in networks such as Eth etc. in terms of security is very high due to the alterations suffered by the blocks in terms of its complexity of resolution.
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2-Mining difficulty
what we are all facing at the moment and it is more than evident is the energy cost and the degradation of the environment in terms of greenhouse effects, the energy cost has become something considerable to take into account, Companies are creating more and more sophisticated and well equipped machines capable of solving puzzles up to 500% faster than a low category machine that uses a little less energy and is more powerful when it comes to solving these complex mathematical problems, but not everything is rosy for those who want to start in this project I tell them that it is not cheap to mine but its benefits are great in the long run.
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3-The challenges for cryptocurrency mining
the challenges of mining are wide all and each one are controlled some that others really are a challenge to take into consideration, security is maximum with respect to mining the block protocol in terms of difficulty are always very important for security, has defense against attacks Two through the poW algorithm as it limits the actions in the network.
We also have external challenges such as the environment, the storage capacity of equipment in optimal conditions and the budget or capital to invest as these are very expensive for beginners.
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Hello @jensys888,
Thank you for submitting homework task 4 ! You have discussed all the three topics.
Yes , for most of the beginners it's not possible to allocate a budget for these. Majority of miners are small scale. Nice job [5]
Thank you
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