Crypto-Academy Week 4 Homework by @besticofinder: Written by @okoyejoshua

Hello everyone to this home post by @besticofinder were he talked about the introduction to cryptocurrency mining which I learnt a lot about mining and staking.

If you want to learn about this you can visit the post here but in this post I am going to be talking about how mining works so let's go.

How crypto currency mining works?

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It works as a reward given to people completing "blocks" of verified transactions which are added to the blockchain. It doesn't mean that they are going to caves or huge rocks with Diggers but it is done with specific computers.

Do you know it takes 10 minutes to mine one bitcoin but it takes a lot of electricity it take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin.

How do you start crypto mining?

Step 1: buy the right hardware, an average computer is unable to mine blocks for cryptocurrencies such as Bitcoin and Ethereum.

Step 2: prepare a cooling system.

Step 3: prepare a wallet.

Step 4: install a mining system.

Step 5: join a mining pool.

An Electric company discovered that bitcoin is by far the most expensive cryptocurrency to mine, with a mining cost of $4,161 per bitcoin.

What is Mining Difficulty ?
Minning crypto currency comes with a lot of difficulty because first of all it is expensive to get all the nice equipment and secondly the cost of electricity.

What are the challenges for crypto currency miners ?

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In mining of cryptocurrency there are challenges that only a few people in the world can afford.

1). High Energy Costs: to go in mining of cryptocurrency rightly you’d need to combine hundreds of power together to solve one problem. It will require a lot of power and it will cost you a lot, a reporter said that mining of bitcoin consumes more energy than 150 countries.

2). Cryptojacking:

Hackers are now getting better at hacking so if you are a miner I will suggest you use a very safe wallet like exodus which will protect your assets.

Conclusion
To mine cryptocurrency is not for every body especially now the price of bitcoin has skyrocketed , i hope i explaned it very well Please @steemitblog and @besticofinder here is my task entry and thanks for reading.