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Hello Steemians,
Today I'm here to present my Homework Task 4 on the topic : Introduction to Cryptocurrency Mining that was given by professor @besticofinder. In this post, I will discuss about the following topics below:

(1) How crypto currency mining works ?
(2) What is Mining Difficulty ?
(3) What are the challenges for crypto currency miners ?

How cryptocurrency mining works ?

In a simple understanding, Cryptocurrency mining usually start with the block. The miners verify the authentic of the transactions in cryptocurrency through a network. In other to understand how this cryptocurrency mining works, you have to understand the processes and technologies that is involved. And also how the blockchain works. When ever a group of transaction is approved it is known as a blocks that are tied together to create a chain that is known as blockchain.

The cryptocurrency mining work when a miner's add individual blocks to the blockchain by solving complicated mathematical problems. Any miner who solves this problem , the block will be added together with the approved blockchain transactions which the miner will receive a reward in bitcoin. In mining cryptocurrency, the process requires a lot of electrical power and computation.

What is Mining Difficulty ?

Mining difficult is the amount of measure that is require to perform another cryptocurrency mining.

The mining difficulty of a cryptocurrency such as Bitcoin indicates how difficult and time-consuming it is to find the right hash for each block.

• Mining difficulty is a measurement unit used in the process of Bitcoin mining
• Difficulty indicates how difficult it is to solve a complex cryptographic puzzle
• The difficulty of mining new units increases or decreases over time, depending on the number of miners in the network
• Increases in difficulty are necessary in order to keep the target block time.Source

Looking at the above words, it means that the process of mining cryptocurrency is never easy, but involves time consumption in finding the right hash that is require for each block.

What are the challenges for crypto currency miners ?

Cryptocurrency miners are face with numerous challenges such as;

High Power Costs
For a miner's to achieve a successful mining their need to combine hundreds of ASICs together in other to solve a single problem, and the consequences of this is that high power would be required that will lead to high cost of electrical fees. This is one of the major challenge that miners are face with shortage of power.

Miners are face with treat
Most miners always encounter malicious attack by hacker

Challenges of Unregulated Cryptocurrency
Miners are face with this challenge especially when the country that the miner is from doesn't support cryptocurrency transactions it usually affect miners. Because whatever the miners mine will not what value if it's not recognize.

Thanks To @besticofinder for giving me the opportunity to take part in this homework.