Source

Introduction

My fellow steemians,
I welcome us all to the fourth week of the Crypto academy project. These week we discussed on crypto currency mining. The lecture was delivered by professor @besticofinder. Sincerely, these very few weeks has really been very educative. I want to extend my gratitude to @steemitblog for these wonderful initiative.

As earlier stated, my area of concentration today is crypto currency mining. For some of us, we may have the idea on how these is carried out whereas others don't have a slight inside of how the process is carried out. So I am going to explain they process one after another in they way all will understand.

What is Cryptocurrency Mining

Crypto currency mining can be seen as a means of getting crypto currency by means of solving cryptographic equations and these process can only be possible with the use of computers.
Furthermore, research have shown that all the activities of crypto currency mining takes place in what we call Blockchain.

Crypto currency mining is also a way of getting rewards by the user over a completed task. Do the rewards we get when ever we complete a certain task from the Blockchain.

How crypto currency mining works ?

Crypto currency mining is real and works efficiently, below are some of the steps on how crypto currency mining works.

• Transaction verification:- Every transaction in the Blockchain must be verified before any transaction can be carried out.
• Transaction Record:- Records keeping is important here to avoid transaction immutability.
• Addition of Hash:- Hash is added to be anle to trace transaction.
• Confirmation:- After few of these processes are carried out, then the entire task is completed, they miners have to verify the hash and then complete the entire transaction.

What is Mining Difficulty ?

Some will want to ask why use the word mining difficulty, and what is it? Well, in a short sentence mining difficulty is the difficulty that one experiences while mining crypto currency. The fact still remains that if mining is not made difficult the value of crypto currency will not be outstanding. Many user will no longer have respect for the currency because all its pride is gone.

What are the challenges for crypto currency miners ?

Because of the difficulty involve in mining crypto currency, miners also have these challenges to face almost on daily basis.

• Connectivity issues due to network
• Power failure is also a challenge as it won't allow users to carry out their operations.
• Lack of dependability in the system
• Maintenance in such a system is always very hectic.
• Scarcity of tools for mining purpose.

Conclusion

I want to sincerely appreciate @besticofinder for these amazing opportunity and the steemitblog. I have really learnt a whole lot through these home work. It has made me go into more research and studies and I have really been informed properly.

Thank you

Best regards
@steemitblog
@steemcurator01
@steemcurator02
@steemcurator03