Skip to main content

Cryptocurrency mining explained for beginners

Image
By



With the recent shortcomings, the fate of cryptocurrency in India is still unsure. Even though various media groups have posted the Panel favours ban of cryptocurrency, the case is still pending.

 But if you're interested in what the Department of Economic Affairs of India has to say about cryptocurrency, you can check out the signed report and bill that will be presented to Central Government for their verdict from this link: https://dea.gov.in/sites/default/files/Approved%20and%20Signed%20Report%20and%20Bill%20of%20IMC%20on%20VCs%2028%20Feb%202019.pdf

Anyway moving on to the topic in hand, since this is not a political blog and I'm not interested in pointing out the inadequacy of our ministers, let's check out how can one mine cryptocurrency and what is the future of cryptocurrency?

Explaining Cryptocurrency
The accountability of cryptocurrency is dependent on the miners that act as a witness to a transaction. These witnesses in return for their service receive a small share of the transaction. 
These transactions are based on encrypted data being passed over and over again to maintain a form of the ledger. 
Which is why the difficulty of solving an encryption problem over time becomes more and more difficult ultimately saturating the total amount of a certain cryptocurrency that can be generated under feasible circumstances. 

 This saturation decides the market cap of a cryptocurrency.
Where do all these transactions come from?

 We call them vendors. They are the source of all problems to be solved. For whatever transaction or for improving the accountability of cryptocurrency they need these encryption problems to be solved using certain algorithms.

 On a higher level, you can see it as

 Vendors request for hash power for solving problems. In return for this hash power, the miners receive a small share of the transaction.



How can one mine cryptocurrency?

First, there are a number of cryptocurrencies out there. To mine a certain cryptocurrency you need to download its wallet and their respective miner and join a mining pool. To understand it better you can go to the website of your favourite cryptocurrency and find their wallet software, miner and mining pool from there. You will also find proper guide respective to their miner there only. You can understand which cryptocurrency would be more profitable with respect to your system/mining rig by checking profitability on whattomine.com and other such websites.

An easier way to mine cryptocurrency is to use a mining platform that manages algorithms, wallet and mining pool for you.

 Nicehash, Cudominer, Minergate, Awesome Miner are examples of such platforms.

 All you have to do to get started is just sign up on their website, download their software and use the bitcoin address they provide to mine using that software.

What happens when you've mined cryptocurrency?

Now the sole purpose of earning money is to be able to use it buy something. Once you have cryptocurrency in your wallet. There are quite a few websites that accept cryptocurrency as a payment gateway. Mining platforms mentioned above also have the option to transfer your money to digital currency exchange like Coinbase.

What is the future of cryptocurrency?

 Even though it might seem that the Department of Economic Affairs, India might be against cryptocurrency but they also understand the viability of the same. To quote  
"The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system. The Government will explore use of block chain technology proactively for ushering in digital economy."
There's still a hope for cryptocurrency maybe not in the near future but definitely in a distant one.


Labels:

Comments

Post a Comment

Popular posts from this blog

Unity Mobile Game Optimization Checklist

By
- On Image and Text components that aren’t interacted with you can uncheck “Raycast Target” on it, as it will remove them from any Raycast calculus. - Click on your textures in your “Project” window. Click on the “Advanced” arrow, and now check “Generate Mip Maps”, Unity especially recommends it for faster texture loading time and a lower rendering time. - Set the “Shadow Cascades” to “No Cascades” (Quality settings) - If you have dynamic UI elements like a Scroll Rect with a lot of elements to visualize, a good practice is to turn off the pixel perfect check box on the canvas that contains the list and disable the items that aren’t visible on the screen. - Set all non moving objects to "Static" - Above Unity3d 2017.2 you should turn off "autoSyncTransforms" on the Physics tab - Always use Crunch Compression Low on textures - Try to keep the “Collision Detection Mode” on “Discrete” if possible, as “Dynamic” demands more performance. - You can go to the TimeManager w...
Post a Comment
Read more

How to make RPC in Unreal Engine Steam Online Subsystem and EOS

By
Remote Procedure Calls, also known as RPCs, are a way to call something on any other instance.  In the Unreal Engine, RPCs are used to ship events from the patron to the server, the server to the customer, or from the server to a specific group. It's important to word that RPCs cannot have a return cost. If you want to return something, you'll ought to use a seconds RPC within the contrary path. There are precise policies that RPCs observe, which are unique in the official Documentation. Some of these regulations encompass wherein the RPC must be run, such as the server instance of an Actor, on the owner of the Actor, or on all instances of the Actor. There are some necessities for RPCs. First, they must be referred to as on Actors or replicated Subobjects. The Actor (and component) have to additionally be replicated. If the server is looking an RPC to be executed on a customer, handiest the patron who owns that Actor will execute the function. Similarly, if a client is calling...
Post a Comment
Read more

How to drag and drop item in Unity3D

By
  For dragging and dropping to work we will need to first grab the Game Object and ensure while the Game Object remains grabbed it's position reciprocates the mouse position. This will work fine for not only PC bug mobile devices as well. First define GameObject which we will be dragging. public GameObject selectedPiece; Now inside Update method we will give reference to touched/clicked object and while there is a reference available to an game object(selectedPiece;) we will move that object to mouse position. When the reference is remove, object won't move therefore dropped. void Update(){ RaycastHit2D hit = Physics2D.Raycast(Camera.main.ScreenToWorldPoint(Input.mousePosition), Vector2.zero); if (Input.GetMouseButtonDown(0)){ if(hit.transform != null)             {                 if (hit.transform.CompareTag("PIECE"))                 {     ...
Post a Comment
Read more