Hello, I hope you all are well by the grace of Allah, living a healthy and beautiful life, by the prayers of all of you I am also Alhamdulillah,SteemitCryptoAcademy community has an opportunity to discuss cryptocurrency.Thank you very much for organizing a great contest in such a busy time. Today I am going to participate in the Steemit Crypto Academy Contest / S9W5 - "Cryptocurrency Mining Contest, Let's Begin.
I have been working with Cryptocurrencies for the past year, which is a collection of binary data that exists in the Internet or online world. Those who use this crypto currency are in transactions whose entire operation is done in a secure process called Guptalikhan. Which can be used online. Cryptocurrency has become an emerging market since 2017. Through which we use this cryptocurrency in various ways.
| ✅01)-What is cryptocurrency mining? How does it work? Can STEEM token be mined? |
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It is a blockchain VC that uses mining to create and verify new blocks of blockchain network transactions and secure the network. In this process, so-called miners increase their existing circulating supply by using significant amounts of computational resources to create new units of cryptocurrency. Thus increasing its power through supply. Cryptocurrency mining uses computing power to solve difficult mathematical puzzles. When this puzzle is solved, a new transaction is confirmed. and is added to the blockchain. Pool or path miners who successfully complete these puzzles are rewarded in the form of mined cryptocurrency as an incentive to continue mining operations.
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The STEEM token, created by the social media platform Steemit, is not minable like Bitcoin or some other cryptocurrencies. Steem uses a "proof-of-stake" (POS) model which means that STEEM token holders can choose to "lock" a certain number of their tokens as collateral to gain the right to vote on the network and earn rewards. So, STEEM tokens are not mined by solving mathematical puzzles, but by participating and supporting tokens new to the Steemit platform.
| ✅02)-Name The various types of mining methods for cryptocurrency? |
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Cryptocurrencies are non-existent currencies. Goes directly from sender to receiver through peer to peer system. Therefore, its exchange method is also different. The validation of each transaction recorded in the blockchain is called mining. And those who do this work are called miners. As a result there is no possibility of any kind of fraud. Both parties remain anonymous.Cryptocurrency mining malware usually does not damage data on the infected computer like other malware. But it uses the processing power of the infected computer. As a result, the performance of the computer feels very slow.
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Proof of Work POW This method uses many cryptocurrencies including Bitcoin. Miners must use their computing power to solve complex mathematical puzzles. Miners who successfully complete the puzzle for the first time will earn the right to add new blocks to the blockchain and be rewarded in the form of cryptocurrency. Proof-of-Stake POS In this method, miners are selected based on the number of coins they hold. The more coins a miner has, the more likely they are to select and confirm a transaction. Selected miners will be rewarded according to the number of coins they hold.
| ✅03)-Have you ever been involved in cryptocurrency mining? If yes can you share with us how you mined this coin? |
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I have never been involved in cryptocurrency mining. Because cryptocurrency mining is an activity for which there is no specific technical role. and requires hardware knowledge as well as access to adequate resources. Not everyone is into cryptocurrency mining and it totally depends on the interest, skills and available resources, which are used in networking online.
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I can still benefit from blockchain technology and crypto assets in other ways that match my interests and skills. Besides mining, there are many ways to get involved in the cryptocurrency world, such as investing, trading, and even creating blockchain projects. These include my own online work. .which will make me some riches in future. Which is available online.
| ✅04)-Give some of the Importance and benefits of cryptocurrency mining? |
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Network security and validation of various transactions play a major role in cryptocurrency mining. Miners ensure valid transactions and prevent attacks or fraud on the network. It also protects privacy through some very important passwords. Everyone has their own.
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Mining cryptocurrencies typically provides financial incentives to miners through rewards, which a user spends online or as personal capital. It encourages participation and strengthens network security and stability Cryptocurrency mining enables the distribution of new crypto assets, allowing individuals to acquire digital assets without having to purchase them directly from exchanges
| ✅05)-Name some of the challenges of cryptocurrency mining? |
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Cryptocurrency mining involves several challenges. which must be overcome. High energy consumption, intense competition, slow transaction speed, resistance to attacks, environmental impact, reduced rewards, algorithm changes and reliance on custom devices are some of the major challenges facing the cryptocurrency mining industry.
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Despite the challenges, the industry is constantly looking for solutions that are more efficient, sustainable and safe. Use of renewable energy sources, development of custom hardware, research into alternative consensus algorithms and collaborative efforts are some of the steps taken to address the challenge. It is important to remember that cryptocurrency mining is constantly evolving and adapting with time.The industry is constantly looking for ways to improve network efficiency, safety and security.With the collaboration and innovation that continues to emerge, hopefully the challenges in cryptocurrency mining can be overcome and the industry can continue to benefit the digital economy and society at large.
| Thank you for reading my article blog .Stay safe, stay happy |
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I am inviting three of my friends on my behalf
@adriancabrera @dasudi &
@miyexi @liasteem @rosselena @mayberling everyone thanks for reading my post,&
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Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
https://twitter.com/MJannatmou/status/1659133843184680960?t=3LLc3Jbsbta-bMgwhOoLtQ&s=19
You've got a free upvote from witness fuli.
Peace & Love!
Thank you so much
Hola amiga muchas gracias por la invitación, tu publicacion esta muy completa y bien explicada, te deseo que tengas mucha suerte en tu participación saludos y que tengas un excelente dia
Thanks a lot of you
You are right, cryptocurrency mining does involve hardware knowledge and access To adequate resources. These activities require specialized equipment such as special application integrated circuits (ASICs) or graphics processing units (GPUs) that are designed To perform complex calculations. In addition, knowledge of blockchain concepts and how consensus algorithms work is also very important.
Not everyone is interested or has an interest in cryptocurrency mining. These activities are optional and depend on each individual's personal preferences, interests ,and available resources. There is no obligation for anyone to get involved in cryptocurrency mining.
Thank you very much!good luck.
Lots of nice comments I wish you all the best.
My dear friend ! How are you ? I'm observing that you are doing a good job. You are very active steemian. And good to see your post here. Ahhh it's sad to hear that there is a bit gap in your post. But no worries next week is for you. Now it's good that you understand that there are 21 witnesses who are responsible for the creation of Steem Tokens. My dear friend visit my post. Good luck to you !
I am allso fine next time i well try to my best.thanks for nice reply.& nice information
My dear it would be my pleasure if you will visit my post.
Wow... Your post is very interesting, Thank you for explaining a very good one😊👍