Week 4 Homework Task By besticofinder- Explaining Cryptocurrency Mining.
The steemit professorship classes are getting more exciting every week I joined last week and I am extremely glad that I did. This week I joined the class by professor @besticofinder and the topic is really interesting, exciting and educating, I will jump right into discussing the home work task given by the professor.
Discussing cryptocurrency mining.
According to what I understand, the process of mining cryptocurrency is completing the task of building blocks on the blockchain, when this task is carefully done, the miners get their reward in crypto as well. Ensuring that an efficient transaction is done and carried out on the blockchain is the job of these miners although they don’t do it manually but they have gadgets and systems in place to ensure that these jobs are done properly.
The difficulties experienced by cryptocurrency miners.
I just want to talk about this with a quick story, someone came to meet my friend about three years ago and told him about how he would love them to invest in bitcoin mining with a token of 200,000 Naira, my friend was excited about the offer and immediately he set up a portion of his room to the mining activity and when the room was set up, the person who brought the idea tried to make the mining activity work for a long time and it was up to no good. They both figured out after spending the 200,000 Naira that the process of mining will take more than they had speculated and they gave up on it.
Bitcoin mining is actually really expensive and it is for those who have a lot of money to invest into it the process of purchasing high voltage computers to start in the first place is a lot of money.
In a country like mine where electricity is a disaster, it will take a lot of extra expenses in order to get the required energy for the mining process to work out properly. Mining is a lot of task and these tasks can only be fulfilled when there is high energy in place.
This is my homework and I hope that it meets the standard that the professor is looking out for this week a big shout-out to @steemitblog for this wonderful initiative.
This is an amazing post. Mining can be very expensive especially when it has to do with Bitcoin. Bitcoin machines are very expensive and when there is a new machine out there for mining (ASIC), the previous one tends not to be able to mine again, so people have to keep up-to-date.
hola profesor @gbenga le escribo por que no a revisado mi tareaaqui esta
Hello @oluwatobiloba,
Sorry I missed your posts as you haven't use the tag properly. Thank you for submitting homework task 4 ! Keep up the good work..
Hi professor @besticofinder, I will like you to please educate me on the use of tags because according to my knowledge I followed the instructions on your post. Thank you