Hello steemians:

Greetings to you all and hope you all had a wonderful day if so glory be to God Amen,it another interesting lecture by our eligible professor @besticofinder that you wouldn't want to miss, so I have leant and this is my proof with my homework tasks.three questions were given to make research and create an article which are as follows:
(1) How crypto currency mining works ?
(2) What is Mining Difficulty ?
(3) What are the challenges for crypto currency miners ?

Source

How crypto currency mining works:

I will be using euthereum as my crypto currency to talk on which are one of the best,cryptocurrency around the world so before then I will be highlighing what an euthereum mining is,Ethereum, like Bitcoin, currently uses the proof of work knowns as (POW) consensus mechanism. Mining happens to be the lifeblood of all POW-based cryptocurrencies. Ethereum mining involves miners from around the world using their time and processing power to solve cryptographically hard puzzles. If successful, the miners will be able to add blocks to the Ethereum blockchain and earn a reward in return.
To understand Ethereum mining, you need to understand what POW is and why it was required in the first place. A decentralized network like Ethereum requires consensus mechanisms for it to make decisions. Before sir Satoshi Nakamoto created Bitcoin and its underlying POW algorithm, there were several attempts to create a legitimate decentralized peer-to-peer digital currency system. However, they were all unsuccessful because they failed to answer the “Byzantine General’s Problem.

However it works

The euthereum miners basically “mine” for new blocks in the blockchain by solving complex cryptographical puzzles using their computational power. As a result of this, they get a mining reward which is 12.5 BTC. Once they successfully mine a block, they gain the power to put in transactions inside the block.

What is Mining Difficulty ?

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

What are the challenges for crypto currency miners ?

They are basically four challenges faced by cryptocurrency miners which I will be shown below

• energy consumption
• encryption security
• miner income volatility.
• miner consolidation
  And the recent developments process are working side by side to ensure the eradicate this four specific challenges faced by cryptocurrency miners.

conclusion

I guess I have actually trashed the works, difficulty and challenges of miner and I hope this will help alot.

Special thanks to @besticofinder tasks professor and to all our eligible steemcurators
Cc:-
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And to the following personalities working tirelessly to see success in that great acedemy.
@Steemitblog
@gbenga
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Thanks for stopping to read