What type of mining do you think this article is about?

Cryptocurrency mining is a relatively new term which has first been invented in 2008 when first Bitcoins were generated. Before 2017 you probably have not heard of it much as today. But what has changed since then? Why has this term gone so viral?

The reason is that cryptocurrency, specifically, mining used to be just a hobby back in 2010s and it was possible only to buy pizzas for thousands of Bitcoins. Today, mining is the entire industry with fierce competition. However, now for thousands of Bitcoins instead of pizzas you can buy companies, islands, yachts…

For the past year you have probably heard a lot about Bitcoin and other cryptocurrencies, including different phenomenon happening around them. Maybe you have also heard about newly-made crypto millionaires and billionaires. Newspapers and magazines are writing about crypto a lot more often, so that more and more people are getting familiar with it. Many businesses all over the world have started accepting crypto as payment method. We can clearly see the excitement around Blockchain Technology and Bitcoin because of its recent spikes.

Just a hobby

Back in 2010 cryptocurrency mining used to be nothing more than just a hobby. Because of its…

Ethereum, Monero, Zcash… Who’s Next?

For years, the words “ASIC-resistant” embodied the spirit and pride of the Monero and Zcash communities… until now. In addition to recently undertaking the E3 (Ethash) and X3 (CryptoNight) algorithms, Bitmain has just released the Antminer Z9 Mini, the latest ASIC miner meant for tackling the Equihash algorithm. I will explain why I think that ASICs can harm or even destroy some PoW coins currently being mined with GPUs only.

First and foremost, I would like to make clear that I do not support any illegal usage of any cryptocurrency. Please keep that in mind as you consider my positions…

Can cryptocurrency mining be eco-friendly and profitable at the same time? Electrominer is convinced that “yes, it can”. The Blockchain project located in Lake Forest, Southern California is planning to make mining sustainable and profitable at the same time.

Photo: Pixabay

The PoW (Proof of Work) mining sector has evolved in a short time from a hobby performed on personal computers into a capital-intensive professional industry with its own value chain. However, the environmental impact of PoW algorithm on the environment becomes more troubling and crucial. For example, 1BTC transaction requires the same amount of energy as to power 9 US homes…

What is crypto mining?

First of all, some of you will ask: what is crypto-mining? According to BitcoinWiki, mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks[1]. To put it simply, people who do cryptocurrency mining use special software to find the solution to mathematical problems and in exchange they get cryptocurrency. By approving transactions, miners help keep the crypto network at a secure level[2].

Brief history of cryptocurrency mining

It is well-known that bitcoin mining back…

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store