Crypto Academy Week 4 Homework Task 3 For [@besticofinder] BY@akashhassan

blockchain is a ledger whose exact copy is held by thousands at any given point of time every page of the ledger is having a reference to the last page to ensure that you cannot jumble up the pages ever even a slightest change in the old entries will be instantly caught at the Ledger's are immutable similarly in a blockchain virtual blocks containing set of ransactions are chained together to form an immutable distributed and decentralized ledger an exact copy of which is held by each node 

bitcoin was the first application of blockchain technology and is by far the most popular one to hear it people can either go to a crypto currecy exchange to buy Bitcoin by paying dollars or euros or any other fiat currency or you can log on to Bitcoin protocol and do some work to earn bitcoins by showing a successful proof of work you will be rewarded by some bitcoins the work to be done is called mining

well all you need is a computer with internet connection to do mining mining is nothing but solving a mathematical puzzle whosoever does it first will be rewarded by some bitcoins initially in 2009 when a new block was mined every 10 minutes 50 bitcoins were awarded as per Bitcoin protocol this reward will get haft after every 4 years in May 2020 it was half to 6.25 bitcoins for every 10 minutes there is an opportunity to earn $50,000 but you do not earn this money by using a simple laptop or PC you need to invest in a special hardware like a s IC embedded machine and minor s9 are similar which cost three thousand dollars and you need to play as hundreds or thousands in a series you want some respectable mining power

Bitcoin protocol has identified law formation time to be approximately 10 minutes if there are too many - with too high computational power then a block make it mined in say 8 minutes in such a case bit controller call will increase the mining difficulty target so that more omputational power is needed to solve the puzzle and the block mining frequency comes back to ten minutes when worsley if there are too few miners and too low computational power then blocked frequency will increase to say 12 minutes in such a case mining difficulty target will be reduced thus when in bitcoins market prices go down many miners quit the business and consequently difficulty also goes down and vice versa

The first problem that all  the miner will face is that expensive machines if you are mining for real you will have to have a really good computer and really good GPU and these days when many people are getting into mining the price is skyrocketing so so that can be a big challenge I mean for the first time if you got it it's an investment  if something goes wrong and you  lose one of your GPU that's the high cost thing so that is a challenge in my  thinking

challenge no 2

 the second problem is electricity consumption and many people have talked about it but this is the main issue electricity is not cheap and for computers and your machines to run the basic thing is electricity so you need cheap electricity and for that you will have to go to a place where electricity is cheap there are some countries and there are some States in US and other countries where you can cook in the electricity is cheap so you don't have to face this problem but this is a big problem for all the miners 

challenge no 3

Challenge off overheating this is in my view the biggest challenge that all the miners will face I am not a minus I don't know much about mining but still I can say whenever I use my PC on my mobile phone more than for 5 hours it overheats specially my phone's after 2-3 hours it overheats so I think this must be a big problem for all of them there are solutions the first solution is that they can go to Cold  place  they can install  air condition but with air condition they will have to pay a lot more for their  electricity so I guess they can only go to some Cold Place for cheap electricity country

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