Steemit Crypto Academy Contest / S9W5 - "Cryptocurrency Mining"

Hello everyone how are you all doing today it's a genuine joy to be participating in this discussion on "Cryptocurrency Mining" in the Steemit Cryptoacademy Community.

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Cryptocurrency mining is how digital currencies with proof-of-work validate trades and create new coins. The primary method used was what made it possible for decentralised cryptographic forms of money. They can function without a central governing authority approving their communications.

The Steemit ecosystem is made up of three different sorts of digital tokens:

STEEM
On the Steemit site, it serves as the primary cryptocurrency. A content publisher receives STEEM coins for votes received.

A further incentive for users to reinvest their profits back into the network is that 90% of newly minted STEEMs go to users with high amounts of Steem Power (SP).

Steem Power (SP)

You must convert your STEEMs to Steem Power (SP) in order to be eligible to vote on Steemit. In the Steemit network, this action is referred to as "powering up" and is the same as making a financial investment. Users with the most SP have the greatest say over which material should be rewarded and promoted, with each unit of SP equaling one vote. In other words, users with more SP have greater weight when voting up or down than people with less SP.

Steem Dollars (SBD)
Steem Dollars are a mechanism to lend the community one US dollar, with a value of 1:1 to the US dollar. This system was created to encourage network expansion.

You may mine STEEM coins, yes. The native coin of the decentralised social networking and publishing platform Steem blockchain is called STEEM. But unlike the conventional Proof of Work (PoW) processes employed by cryptocurrencies like Bitcoin, the mining process for STEEM is unique. Instead, STEEM employs a Delegated Proof of Stake (DPoS) consensus process, in which network stakeholders select block producers based on their ownership stakes. These chosen block producers generate new blocks, validate transactions, and are rewarded with STEEM coins.

It is not possible to really mine STEEM cryptocurrency. A Delegated Proof of Stake (DPoS) arrangement is used to mine STEEM. In DPoS, a voting group of individuals called as "witnesses"—those who approve deals and create new blocks—achieves consensus. The STEEM blockchain is protected by these witnesses, who are chosen by the community or individuals through a vote.

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Utilising the central processor unit (CPU) of a computer to mine. Computer chips don't have close to as much mining power as ASICs and GPUs, regardless of being the most available means to mine digital money. Along these lines, computer processor mining brings in next to no cash.

Affirmation of Stake: Here, it doesn't entirely depend on how quickly a person can figure out a mathematical challenge. You must own a certain quantity of coins in order to assess a user's mining capacity. More currency held by a miner on a platform increases the likelihood that the miner will be selected for incentives and validations.

Assigned Proof of Stake: Users on this sort of mining process are rewarded through delegate voting on the platform. Curating and awarding users according to their contributions to the site is the responsibility of the delegates.

Yes, I've been mining PI coins for a while, and it's a great, straightforward, and fun process. To begin mining the currency, I only need to open my Pi Network software after 24 hours and select the mining option.

And also mining TCA, TCC, TCB on Satoshi app

Mining cryptocurrencies is a business just like any other. Determining associated costs and advantages is necessary before jumping into the deep end. That is the unavoidable aspect of "due diligence." If capex or operations expenses are too high and surpass the anticipated benefits, it would constitute vanity.

It keeps the payment network safe and reliable. Since the network is peer-to-peer, every miner in the world contributes processing power to keep it running smoothly, validate its transactions, and ensure their security.

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Through monetary benefits, mining is a beneficial approach to achieve financial freedom. Let's use the pi network coin as an example, which we have been mining for years. If it debuts and its value rises, many people will escape poverty and begin new lives.

Mining has gotten more centralised in various cryptocurrencies, which is one of the factors that makes it challenging for individuals to profit from mining. If the power holders are chosen with the incorrect individuals, there would be a big danger on the platform.

Consumption of energy:
The majority of mining techniques, particularly proof-of-work techniques, require a lot of energy to start mining activities.

The level of difficulty rises as the number of mining networks grows. As a result, it will be more challenging to earn rewards for solving mathematical problems, and doing so will use more computational resources.