What Cryptocurrency Should I Mine?

One Coin UK
Jul 25, 2017 · 1 min read

Bitcoin first hit markets in 2009. At the time, the cryptocurrency pioneer stressed the concept of a decentralized currency different from traditional currencies produced, distributed, and destroyed by governments. The United States Federal Reserve, similar to other governments, can change the value of the U.S. Dollar by minting new bills, destroying them, modifying interest rates, and a number of other economic policies. A decentralized currency can’t be controlled by governments, effectively working in the interest of the people.

Cryptocurrencies have recently caught on across financial markets, with just short of 4,000 unique altcoins, cryptocurrencies other than Bitcoin.

Transactions are sorted by people around the world who mine Bitcoin, confirming transactions’ legitimacy by building blockchains. In turn, miners are rewarded with small amounts of the cryptocurrency.

Bitcoins are mined by running ASIC mining software. ASIC miners are super-powered computers designed exclusively for mining Bitcoin and other cryptocurrencies that can be mined using the technology. Miners purchase these expensive computers, connect them to a power source, tie them to a mining software, and witness Bitcoin accumulate.

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Written by

A Cryptocurrency journalist who loves all things bitcoin and one coin. http://onecoinupdate.co.uk/

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