{"id":254969,"date":"2022-06-21T16:35:00","date_gmt":"2022-06-21T13:35:00","guid":{"rendered":"https:\/\/finance.inform.click\/?p=254969"},"modified":"2022-07-16T03:03:34","modified_gmt":"2022-07-16T00:03:34","slug":"i-explain-on-my-fingers-what-mining-is-and-what-they-pay-money-for","status":"publish","type":"post","link":"https:\/\/finance.inform.click\/en\/i-explain-on-my-fingers-what-mining-is-and-what-they-pay-money-for\/","title":{"rendered":"I explain on my fingers what Mining is and what they pay money for?"},"content":{"rendered":"<p>Today, I want to talk about mining, which everyone wants to do now, because it can make a fortune.<\/p>\n<p>It is quite difficult to explain the definition <strong>of Mining in simple words.<\/strong> <strong>Mining<\/strong> is the extraction of cryptocurrency. For example, there is such a cryptocurrency &#8211; <strong>Bitcoin<\/strong>. In order for it to exist and be able to exchange these bitcoins, <strong>computing power<\/strong> (powerful <strong>ASIC<\/strong> computers, <strong>video cards<\/strong>, etc.) is needed that calculates <strong>the blocks in the chain<\/strong>.<\/p>\n<p>The platform on which all these calculations and the transfer of cryptocurrency take place is called <strong>Blockchain<\/strong>. And, each <strong>chain of blocks<\/strong> has an individual <strong>hash<\/strong>.<\/p>\n<blockquote>\n<p>A hash is the result of converting an array of input data of arbitrary length into a bit string of a specified length.<\/p>\n<\/blockquote>\n<p>It turns out that to <strong>calculate one block in the chain<\/strong> is to find the <strong>hash<\/strong> from the previous block. For a computer, this task is not easy, since it is necessary to calculate many such blocks that are interconnected.<\/p>\n<p>The more blocks are calculated over the past period of time, the higher the <strong>complexity of calculating<\/strong> subsequent blocks will be. That is, the complexity of the network grows with the increase in <strong>computing power<\/strong>. With increasing difficulty, you will receive less cryptocurrency, but for that, the rate of this cryptocurrency also grows.<\/p>\n<p><a href=\"https:\/\/finance.inform.click\/wp-content\/uploads\/2022\/04\/bde09927d83593c91a4d65128d16c8bb-1.webp\" data-rel=\"lightbox\" ><img decoding=\"async\" class=\"SDStudio-light-box-enable SDStudio-editor-tools-md-imp\" src=\"https:\/\/finance.inform.click\/wp-content\/uploads\/2022\/04\/bde09927d83593c91a4d65128d16c8bb-1.webp\" alt=\"I explain on my fingers what Mining is and what they pay money for?\" ><\/a><\/p>\n<p>Blockchain scheme<\/p>\n<h3>Computing Award<\/h3>\n<p>You receive cryptocurrency in the form of a <strong>reward<\/strong> for computing a block. You need to open a special wallet for the cryptocurrency you want to mine, and your calculation reward will go there.<\/p>\n<p>After that, exchange cryptocurrency from your wallet for rubles, using special exchangers or through an exchange, by selling it.<\/p>\n<h3>Pools for mining<\/h3>\n<p><strong>A pool<\/strong> is, one might say, a server that combines the <strong>power<\/strong> (asics) of each user included in this pool to distribute tasks between them.<\/p>\n<p><strong>The pool<\/strong> is needed for more efficient mining, but its disadvantage is that it takes a commission. But there are more pluses, since a huge farm mines much more productively than many individual farms, that is, the income is higher here.<\/p>\n<p>The best mining pool in my opinion <a href=\"https:\/\/www.viabtc.com\/signup?refer=935233\" target=\"_blank\" rel=\"noopener nofollow\" class=\"external external_icon\">ViaBTC<\/a> is the world's leading cryptocurrency mining pool.<\/p>\n<h3>ASIC is a powerful computer<\/h3>\n<p>Let's take a <strong>closer look at what Asiki<\/strong> are. This is a computer designed specifically for mining.<\/p>\n<p>Before the advent of <strong>ASICs<\/strong>, bitcoin and other cryptocurrencies were mined using video cards and conventional processors. But, due to the increase in capacity and spending on electricity, they became unprofitable. After that, the <strong>Asiki<\/strong> appeared .<\/p>\n<p><a href=\"https:\/\/finance.inform.click\/wp-content\/uploads\/2022\/04\/post-170047-62589adaa421c.webp\" data-rel=\"lightbox\"><img decoding=\"async\" class=\"SDStudio-light-box-enable SDStudio-editor-tools-md-imp\" src=\"https:\/\/finance.inform.click\/wp-content\/uploads\/2022\/04\/post-170047-62589adaa421c.webp\" alt=\"I explain on my fingers what Mining is and what they pay money for?\" ><\/a><\/p>\n<p><strong>Asics<\/strong> are produced for the extraction of certain cryptocurrencies. You can't use, for example, <strong>Bitcoin ASIC<\/strong> to mine another cryptocurrency.<\/p>\n<p><strong>There is nothing more powerful than Asikov<\/strong> yet, it is more powerful than any video card and other devices. And now, these machines are in short supply due to the hype.<\/p>\n<h3>How to start mining for a beginner?<\/h3>\n<p>After we have collected the farm, we create a cryptocurrency wallet, download a special program or connect to the pool and start mining.<\/p>\n<h2>About income<\/h2>\n<p>Many video cards currently pay off in just <strong>4 months<\/strong>. This is due to the surge in the rate of almost all cryptocurrencies. So, after, roughly speaking, half a year, you can safely go into a plus, unless, of course, the rate does not fall. No one canceled the risks.<\/p>\n<p>For example, this is what my friend &#8216;s <strong>mining farm looks like.<\/strong><\/p>\n<p><a href=\"https:\/\/finance.inform.click\/wp-content\/uploads\/2022\/04\/post-170047-62589adcb8eb7.webp\" data-rel=\"lightbox\"><img decoding=\"async\" class=\"SDStudio-light-box-enable SDStudio-editor-tools-md-imp\" src=\"https:\/\/finance.inform.click\/wp-content\/uploads\/2022\/04\/post-170047-62589adcb8eb7.webp\" alt=\"I explain on my fingers what Mining is and what they pay money for?\" ><\/a><\/p>\n<p>Cryptocurrencies do not have a printing press, hence their number of coins is limited. If we consider bitcoin, then it has only 21 million coins, with 18 million already mined.<\/p>\n<p>At the moment, the cryptocurrency is very volatile. But, it is growing, albeit with big failures. I think that as the society recognizes the cryptocurrency, its volatility will decrease.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, I want to talk about mining, which everyone wants to do now, because it can make a fortune. To explain the definition of Mining in simple terms is quite&#8230;<\/p>\n","protected":false},"author":1,"featured_media":180627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[780,920],"tags":[],"class_list":["post-254969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-en","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/posts\/254969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/comments?post=254969"}],"version-history":[{"count":0,"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/posts\/254969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/media\/180627"}],"wp:attachment":[{"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/media?parent=254969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/categories?post=254969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finance.inform.click\/en\/wp-json\/wp\/v2\/tags?post=254969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}