Hi Steemians

I will do the homework given by our professor @besticofinder. The homework questions that were given were:
(1) How does cryptocurrency mining work?
(2) What is Mining Difficulty?
(3) What are the challenges for cryptocurrency miners?

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1. How does cryptocurrency mining work?

What we should know is that cryptocurrency is a blockchain which means that the blocks on the blockchain contain the details of each currency transaction when new transactions occur, they are placed in blocks and added to the new blockchain containing new transactions and to validate new ones. each block contains the answer to the riddle of the last block. The puzzle is programmed into the source code for bitcoin approximately every ten minutes or so, and once the block is completed the browser will be rewarded with the cryptocurrency that has been mined.

2. What is Mining Difficulty?

Cryptocurrency mining is where miners participate in the same network to digitally solve complex mathematical sequences or problems. The thing that makes it difficult to get into bitcoin mining is that as more and more Bitcoin miners join the network, mining difficulties also increase. This means a group of miners or miners with more advanced hardware will win. It also means you will need to purchase more expensive hardware.

In cutting, we also have to solve the available hashes, the difficulty level of finding the hash will be different for each block. The higher the mining difficulty, the higher the computing power required to process the same number of blocks.

3. What are the challenges for cryptocurrency miners?

There are several things that become a hurdle for someone who wants to become a cryptocurrency miner, the first of which is: High energy costs, in the crypto mining industry miners need to have a large space equipped with high-end computers and huge processing power that works around the clock. Of course, these computers will consume large amounts of electricity which makes them a less profitable endeavor for countries with large amounts of electricity.

Then miners must always be alert to hacker threats that are often rampant. Usually, they attack miners by creating malware, so miners are more vulnerable to hacker attacks when online in cyberspace.

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Finally, miners have to make sure their internet connection is always on. Mining requires a fast internet connection to be able to connect to servers and process tasks to validate transactions. Slow internet speed will result in slow computer performance which results in fewer benefits to be obtained.

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Thank you for reading my article, I'll see you in the next article.

CC:

@besticofinder
@steemitblog
@steemcurator01
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