A Drongo's Guide - Pt 3 - Crypto-mining
Welcome to Part to a Drongo's Guide, this episode we simplify what is Crypto-Mining. And yes once again we're going to visit another country pub and talk to one of Sheryl's hot sisters.
The whole focus of mining is basically to provide 24/7 accounting services to the block chain verifying transactions. In doing this you get a fraction of a percent of each transaction.
So lets head up to the Moranbah Services Club where we'll meet Destiny (her parents were from Nimbin but she moved up here for the mining boom).
Every day and all night she's looking after hot grubby miners. Its hard work mining, it costs a lot in equipment and there are often issues with overheating and dying. The same is said about Crypto mining.
Sure theoretically you can do it with your spare desktop, but its going to be inefficient and its just going to cost money. So much the same as Hard rock and Coal miners the Cryptominer has to invest is specialized machines (Rigs) that have immense processing power. Its this processing power that allows for great deals of data to be viewed and verified. The more data that can be verified the greater the profits.
But mining isn't really a solitary game, you work in teams (Pools) and everyone shares in the rewards. At the end of the day, the more data processed, the bigger your beer at the end.
So Destiny runs the miners pool, each day they go out there and mine away, and the end of the day she tallys up what they'd done and doles out the drinks. The harder the worker the bigger the drink.
If this has piqued your interest in the topic, there's a much more comprehensive article here
Be sure to follow and resteem this so that everyone can share in the Drongo's guides. The next article will be the last one of this series, We'll discuss wallets and markets.
I was hoping to be able to do sone mining one day but alas I don't have the equipment or training 😣
It's pretty simple to get started. Many useful resources online.
I mine with a single PC that has an older videocard just as a hobby.
Thanks, I might look into it!
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Really appreciated the simplicity of the explanation, upvoted and resteemed :)
Thanks mate, glad you like it.
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