Connect with us

Hi, what are you looking for?

Tech News

Cryptocurrency mining: what is it and why Bitcoin and Ether are the most valued

Cryptocurrency mining: what is it and why Bitcoin and Ether are the most valued

Cryptocurrencies.  (photo: The Man in the Mirror)
Cryptocurrencies. (photo: The Man in the Mirror)

Cryptocurrencies over the years have become an option for many to earn money through the internet, investing in what are called digital assets. Also, they are called cryptocurrencies, they are not printed or physically exist, and a bank is not needed as an intermediary in the transactions.

Speculation with cryptocurrencies and their generation is done through the so-called cryptocurrency mining that consists of tracking and collecting in groups called blocks, transaction information and numerical data. In other words, all of the above works like an accountant filling each of the pages of a large accounting book. with account information. Finally, this great ledger is called the blockchain.

According to the previous metaphor, the accountants filling books with operations are the computers, which in turn in the world of cryptocurrencies are nicknamed miners, because since the beginning of Bitcoin it was related to the work done in the gold mines, where they extract the blocks and later they are grouped in carts.

Advertisement. Scroll to continue reading.

Initially, xde4 this exploration and extraction of databases was carried out with conventional CPUs, however with the rapid success of generating large amounts of money through digital currencies, the network increased the demand for more powerful computing systems, therefore that the people involved began to use GPUs, graphics processors or also known as graphics cards, because they could handle more information.

Currently, in the cryptocurrency business, a type of computer called ASIC is used, created with the aim of mining large databases and which have greater capacity than the aforementioned equipment.

As a result of this already described database mining, cryptocurrencies have come to move large amounts of money. In this note, TechMarkup collects information on the two most popular cryptocurrencies in the market:

Advertisement. Scroll to continue reading.

Bitcoin

Bitcoin
Bitcoin

It appeared for the first time towards the end of the 2000s, with the aim of providing a fast payment and transaction system that would also work internationally, without the intervention of governments and banking entities that could bureaucratize said process.

Its creation and operation has been based on the processing of encrypted information, that is, each piece of data is translated into a code that prevents any individual from having easy access, reducing the chances that more than one transaction will be made with the same currency or that be falsified.

Ether

ethereum
ethereum

It is the second most powerful digital currency on the market, although like all of them, it has lost value in recent days. It was created in 2015 by the Ethereum platform with a similar purpose to Bitcoin, offering the possibility of carrying out different monetary transactions without being affected by interventions by banks and financial or government institutions.

As a final fact, the generation of money through data mining in cryptocurrencies has been so profitable that “Mining Pools” have been formed, which are large groups of teams working together with the aim of processing larger amounts. amounts of data and thus earn more money.

Advertisement. Scroll to continue reading.

Advertisement
Advertisement

Related

Ethan Hawke and Pedro Pascal in an Almodóvar western that will be a response to “Brokeback Mountain”

Entertainment

The actors will play a pair of gunslingers who meet again in the middle of the desert. (REUTERS) The era of gay cowboys is...

OPPO Enco X2 are launched globally with ANC and autonomy of up to 40 hours;  see the price OPPO Enco X2 are launched globally with ANC and autonomy of up to 40 hours;  see the price

Android

OPPO is finally launching this Monday (04) the Enco X2, its new pair of advanced wireless headphones with advanced features and promises of long...

“Rescue Mission 2″: Joe Russo reveals more details of the sequel with Chris Hemsworth “Rescue Mission 2″: Joe Russo reveals more details of the sequel with Chris Hemsworth

Entertainment

“Rescue Mission” is one of the most watched and most played films on Netflix. (Netflix) Since its premiere in 2020, Rescue Mission (Extraction) became...

Huawei announces mobile WiFi 3 Pro router, Tag and new colors for the P50 Pocket Huawei announces mobile WiFi 3 Pro router, Tag and new colors for the P50 Pocket

Android

At an event this Monday morning (04), Huawei presented several products, in addition to the long-awaited Nova 10 line phones. Among them is the...

Advertisement

You May Also Like

Tech News

Bitcoin. (photo: ThirteenBits) Bitcoin reached one of its all-time highs of $69,000 in November 2021 and since then, the cryptocurrency it has failed to...

Tech News

Cryptocurrencies. (photo: CriptoNoticias) The price of Bitcoin (BTC) fell almost 15% on Monday, before a massive sale that began three days earlier. On Friday,...

Tech News

The price of Bitcoin (BTC) fell almost 15% on Monday, before a massive sale that began three days earlier. On Friday, the cryptocurrency It...

Tech News

Cryptocurrencies in Latin America. (photo: El Acento News) According to a CoinsPaid survey, the market of cryptocurrencies is attracting great interest in countries like...

Advertisement