Crypto Academy Week 4 Homework Post for [@besticofinder]
Hi, my dear Professor @besticofinder. I attend your lecture in week 4 and tried my best to understand, now I am writing my homework task for week 4.
What is Cryptocurrency Mining
Cryptocurrency mining began in 1990. It has a transaction facility. Keeping in view the convenience of (P2P), your assets can be securely transacted without involving any third party. Cryptocurrency mining is a machine that works to make assets in the blockchain. The most important of these is the bitcoin, which was launched in 2008. And its use has further strengthened blockchain technology.
HOW DOES CRYPTOCURRENCY MINING WORKS
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Here you need to do something special to get cryptocurrency. Reaching a certain amount of money requires hard work and dedication. If you have a mobile phone or a PC, you can do this work and do asset mining on a daily basis. And when you have a certain asset, you will be able to withdraw it as paper money. Mining cryptocurrency is mathematically equivalent.
For example, cryptocurrencies can be mined through them.
CPU Mining
GPU Mining
Cloud Mining
WHAT IS MINING DIFFICULTY
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The fact is that cryptocurrency mining is a difficult process and very difficult to maintain. The cryptocurrency that maintains the mining process using blockchain. There is often competition between clients who develop computer software for mining.
- Difficult mining is a unit used to speed up the process of corrupt mining.
- Difficult mining which indicates how difficult it is to solve a complex secret process.
- Difficult mining depends on the number of units, whether its units increase or decrease.
- Mining difficulties increase when the target needs to be maintained.
CHALLENGES ASSOCIATED WITH CRYPTOCURRENCY MINING
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We cannot deny the fact that the importance of crypto mining has increased worldwide.
High Energy Cost
The use of energy in crypto mining is now a necessity. This helps a lot in transactions.
Security of Cryptocurrency Mining
Hackers are active on a daily basis to steal your assets and repeatedly try to snatch cryptocurrency from your wallet. They also send you various links which, when clicked, automatically attack your assets and you may lose your assets.
Thank You Professor @besticofinder.
Regards: @amjadsharif
Hello @amjadsharif ,
Thank you for submitting homework task 4 ! You have discussed the 3 topics with clear facts ! Keep up the good work [6]
Thank you