Hey guys

This time I want to make a homework post that will answer the questions of professor @besticofinder from Steemit Crypto Academy, and the questions given are:
[1] How does cryptocurrency mining work?
[2] What is Mining Difficulty?
[3] What are the challenges for cryptocurrency miners?

[1] How does cryptocurrency mining work?

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Surely you already know what mining cryptocurrency means, right?
In crypto mining is the same as mining gold, but what makes it different is that mining cryptocurrency occurs digitally. people who mine bitcoin aim to get new bitcoins.

Cryptocurrency mining (mining) is the process of verifying cryptocurrency transactions and creating new cryptocurrencies. For mining cryptocurrency, miners need very powerful computers, because cryptocurrency mining activities require large computing power. This computer will run the software that connects miners with the cryptocurrency blockchain and solves mathematical problems. This computer is known as a node.

[2] What is Mining Difficulty?

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There are many problems that occur in the Cryptocurrency mining process, this occurs because it is very difficult to solve algorithm problems that increase over time and this happens because the number of miners trying to solve these lags is increasing.

And indeed the increase in the number of Miners trying to mine cryptocurrency by cracking the hash of each block has greatly affected the difficulties of the mining process.

[3] What are the challenges for cryptocurrency miners?

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There are three things that become obstacles for cryptocurrency miners, namely:

1. High Power Computer
2. Fast Internet Connection
3. Large Electricity Costs

1. High Power Computer

The hardware needed to do cryptocurrency mining must have large specifications, and the price of the hardware is not cheap, so many people cannot mine cryptocurrency.

2. Fast Internet Connection

When the cryptocurrency mining process takes place, the internet connection on the miner's computer must be fast and stable, so that when the computer is easy to crack the hash in the block provided, and the cryptocurrency mining process becomes faster.

3. Large Electricity Costs

As we know, in mining cryptocurrency the electricity consumed is very large, many countries have complained about the large amount of electricity consumed by cryptocurrency miners.

Based on research results from the Center for Alternative Finance from Cambridge, the use of electric power used to mine bitcoin is estimated to have reached more than 115 terawatts per hour.

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Thank you for reading my blog, hope it will be useful for readers. ☺
I would also like to thanks @besticofinder, @steemitblog, @steemcurator01, @steemcurator02 for creating such excellent study spaces.
See you on the next post!!