The future of crypto mining is changing. It would be an interesting ride for investors. Talking about future bright currency(BITCOIN)
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.
The future
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.
Don't forget to follow me, keep on upvoting and resteeming too.
i totally agreed with you. Day by day Bitcoin and altcoins value will be increased.
Sure... It is expected with 100 percent value growth..
Excellent post friend and no doubt future of bitcoin and cryptos is so bright and trying to stop the growth of cryptos is just like someone trying to stop the rain, impossible. thanks for sharing your nice thoughts regarding cryptos with us, Stay blessed
Thank you so much for sharing your views @adnanrabbani ..I liked "trying to stop the growth of cryptos is just like someone trying to stop the rain, impossible" too much ... It is great reality
I agree with you 100% that bitcon & cryptos are here to stay and as their value increases ,mining becomes more profitable. The only problem with the mining is the high cost of electricity-which is why most large scale mines are in colder climates in Iceland/Montreal/Kazakhstan or in places with cheaper power like China. Also the price of the mining hardware-graphics cards has gone up drastically;and they are usually out of stock most of the time. So cryptos are here to stay and we are witnessing a great shift of wealth from banks/fiat system to cryptos :)
Rumors of regulatory crackdowns have dealt damaging blows to crypto-markets, but promising new tech is set to change the crypto-ecosystem completely.
The technology of blockchain and Bitcoin is here to stay. But to bring value to investors, it’s going to need tighter rules and more responsible companies with their eyes on the future.
Governments, banks, and investors are all worried. The next step will be figuring out how to establish rules, expectations, and regulations for making the market work smoothly.
Thank you for giving precious feedback @practicaleric
i do agree the concept of crypto currency mining may be changing but all the same we need to understand that even as governments introduces new regulations , people will continue not just to adopt to the new regulations but all to be more aware they they now have multiple choices to choose from.
More so crypto currencies are immune to both inflation and deflation.
Q bits are now applicable in the crypto world.
Our lives are becoming more and more digital everyday. This is true for money as much as anything else. In 2017, cryptocurrencies have moved from something a small-dedicated group of people paid attention to into a much larger public view.
As the value of cryptocurrency continues to grow, there are many people who are jumping into the market, not to use it as a way to send money or make online purchases that are secure, but as a way to invest their money and make some more in return.
Thanks for sharing your thoughts
Great post, followed, upvoted and resteemed.
Do you have a position on adoption of alt coins and what will win out?
That's not exactly true.
Ethereum, for example, doesn't have a finite amount, nor does Steem.
It's only a question of the economic model used on the design of the coin.
Bitcoin goes for the limited supply model
Ethereum use a model that the amount of coins issues is relative to the difficult of the mining
Steem uses a fixed inflation rate (decreasing, but with a fixed limit).
Wich model is the better? who knows? we are all on undiscovered waters here.
Here the discussion is about the initial stage of crypto mining that needs to exist in a finite amount. It means the system is in initial process and needs to understand and only limited amount can be understood best.
After confirmation the next procedure would be led by initial stage that would be infinite..Got it?
Thanks for sharing your valuable thoughts @phgnomo
I never thought that you could get money on the Internet and when I heard it, I thought that they were just lies and now for me to get into steemit and see that if you really do get money and find out that there are cryptomonniques apart it leaves me speechless, thanks for the little introduction, it's been a very nutritious post.
Over the last few years, online earning through intenet has become very popular. This is because you have to be lucky in order to make money using steemit. Actually it also gives us an opportunity to be a part of the world for 24 hours in a day. We just need to work hard.
Thank you so much you shared your views @ormarysortiz
The process of validation a hypothetical transaction by solving a hash is so complex and power hog that it is almost not cost effective in hotter countries and high power tariff countries like Pakistan. The time to process/validate the transaction is enormous it should be reduced by changing process or fine-tuning mining process.
It is not too complex. This is a blockchain company that can do it all: mine coins, diversify investment in a variety of different crypto-currencies, and navigate the crypto marketplace. Let us see the changing conditions.Thanks for your views @mateen
I visited your blog.. u don't write articles ?
Thanks for visiting my empty blog. Its an honor for me. But the fact is I am new here and after reading your and some other reputed steamians blogs I decided to curate content first, in this way I will be able to spot trends and the style people like to immerse in. any suggestions dear?
You are very right Crypto Currency value is increasing day to day. Thanks for such an informative post @hamzayousaf!
Most welcome
Crypto is going somewhere. To the moon. It's going to be embraced by the future generations so best be in it now before you're left on earth while we on spacex
Right said.. Cryptocurrencies could easily survive in varying forms and shapes among players who desire greater decentralization, peer-to-peer networks.