**The culture of crypto mining is changing: **
Here is; how?
Cryptocurrencies have become a major topic of interest in the United States, in part due to the extreme volatility of the flagship cryptocurrency, bitcoin. Bitcoin rose from a modest value (under $1,000) to more than 15000$ in the span of the year, and now hovers between $6,000 and $12,000, with wild fluctuations throughout the days and weeks. It’s a potentially lucrative investment, but also a risky one—especially considering how new the concept of cryptocurrencies really is.In addition to buying and selling cryptocurrencies, consumers are more actively involving themselves in crypto mining, the process of creating new digital currency. But the culture surrounding crypto mining is changing, and it may never be the same again.
How crypto mining works?
Before you can understand how crypto mining is changing, you have to understand how it started and what it is today. To hold its value, cryptocurrency needs to exist in a finite amount, and just like printing money, it needs an initial distribution. The system also relies on a network of peers (i.e., hundreds to thousands of computers) to audit each transaction on the network; in other words, the community of computers has to agree that a transaction is legitimate before it’s finalized as a “block” and added to the blockchain.Crypto mining exists as a solution to both problems. Essentially, a network of computers works to validate a hypothetical transaction by solving a 64-digit hexadecimal “hash.” If the transaction is validated, the block is legitimized, and the first computer on the network that solved it gets a fixed reward of cryptocurrency.This problem-solving guesswork takes a tremendous amount of computing power, which requires advanced graphics cards, several man-hours of setup, and of course, lots of electricity. Still, millions of people are trying their hand at it for the chance to generate free cryptocurrency for themselves.So how exactly is this process changing?
People have seen the tremendous growth of Bitcoin, and are starting to understand how crypto mining can earn them a stake. As a result, more people are investigating the possibility of crypto mining. This isn’t necessarily a bad thing, but it’s having a couple of significant effects.
To increase the chances of mining successfully, many users are gathering together in what are reffered to as crypto mining pools. These pools aggregate the processing power of their users, distribute the rewards regularly, and usually charge a percentage fee for your involvement. It’s an easy way to make your mining more consistent.
Cryptocurrency is unlikely to disappear at this point, even with the threat of stricter regulations from multiple governments, if for no other reason than the fact that it’s been adopted by so many. The market cap for bitcoin alone is nearly $160 billion.
So, It will be an interesting ride for investors, tech enthusiasts, and economists alike, no matter how it plays out.
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