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What is Cryptocoin Mining? How Is It Useful?

February 1st, 2017 | by BTC News
What is Cryptocoin Mining? How Is It Useful?
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mining gh/s
by zcopley

What is Cryptocoin Mining? How Is It Useful?

Crypto Currency is electronic money that is not of any particular country and not produced by any government-controlled bank. These digital currencies are also known as Altcoins. They are based on cryptography. This currency is produced by a mathematical process so that it will not lose its value as a result of large circulation. There are different types of Crypto Currency such as Litecoin, Bitcoin, Peercoin and Namecoin. The transactions using the digital currency are carried out using the mechanism of mining. Those who want to do this process, generate the currency in their computers with the help of the software meant for this purpose. Once the currency is created, it is recorded in the network, thereby announcing its existence. The value of Altcoins went up to amazing levels during the last couple of years and as a result, its mining is now a highly profitable business. Many companies started making chips that are exclusively used for running the cryptographic algorithms of this process. Antminer is a popular ASIC hardware used for drawing out Bitcoin.

Mining Bitcoins: Antminer comes with different specifications such as U1 and U2+. Both U1 and U2+ are about the same size. While U1 has a default hash rate of 1.6 GH/s, U2+ has the hash rate of 2.0 GH/s. The process of entering the Bitcoins transactions in the public ledger is known as Bitcoin mining. The new They are introduced into the system through this process. The Bitcoin miner can earn transaction fees and subsidy for the newly created coins. ASIC (Application Specific Integrated Circuit) is a microchip specifically designed for this process. When compared to previous technologies, they are faster. The service offered by the Bitcoin miner is based on specified performance. They provide a specific level of production capacity for a set price.

Mining Altcoins: Though this process is very easy, they are of much lesser value when compared to Bitcoin. Because of their lower value Altcoins are not as popular as the other. Those who want to earn from their Altcoins may run the appropriate program on their PCs. The Altcoins use the mining algorithm known as ‘Scrypt’. They cannot be solved using the ASIC chips. The miners can then either spend the currency or swap them for Bitcoins at the Crypto Currency Exchange. For producting Altcoins, the miner has to write a short script for the command prompt. Those who write the script perfectly are ensured of success. One has to decide whether to join a pool or to produce alone. Joining the pool is the ideal choice for Altcoin miners.

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