What is crypto mining?December 18, 2023
‼What is mining in the world of Cryptocurrency?
‼Mining is the local language.
They say they dig for gold and dig for valuable metals
‼ But in Cryptocurrency Mining
“calculating a problem”
Meaning, our phones and computers use the problems, asked by the network and reward if calculated to get coins back.
‼ The coils you get are on the exchange and they do business again.
The process of verifying transactions between users and uploading them to the blockchain public ledger is called Cryptocurrency mining.
The mining process adds new coins to the existing supply.
Cryptocurrencies are a peer-to-peer decentralized network that is key to operating without a third party central authority (eg. Banks).
Bitcoin is the most famous and strongest of the cryptocurrencies that can be mined.
Not all cryptocurrencies can be mined.
Bitcoin mining goes with the Consensus algorithm which is Proof of Work.
There are two ways to do mining
- Cloud mining called cloud mine
- App mining called app mine
In cloud mining, there are sites that pay after buying the mining rate and also sites that offer free mining with a small mining rate. Nevertheless any sites have good ratings, it may not last for three years. If you dare, you will be profit.
In App mining, there are two types as usual. You have to buy it and it’s free.
Buy-to-buy Apps buy once to install (or) download the app. To start mining in the app, you have to buy the hash rate (or) mining rate once again. The process is confused, but the percentage is low that can be scanned.
Free mining apps do not mine the coins that are currently in the market, they only mine the coins that will come to the market soon. It do not take much time and no need to invest.
Download the app, open the acc, only if you need KYC, don’t install it, then start mining. It’s cool.
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