✍Aenco Academy✍#4: Mining Coal or Coin?
✒ NEW AGE MINERS
As early as Stone Age, homo sapiens started digging the ground, seeking to excavate valuable resources in order to survive. Soils, stones, and then metals, all that we excavated from the earth are, through endurance and advancement of technologies, transforming human’s ways of living. We can effortlessly visualize how coal miners of modern-day, grabbing its shovels and pickaxes,de-escalating to the inner earth. Except there’s likewise another fashion of mining nowadays: crypto-mining.
✒ WHAT IS CRYPTO-MINING
Like coal mining, miners head underground, either earth ground or sea grounds. For crypto-miners, they make their ways to the ocean of cyberspace, utilizing their own computers and decode mathematical data generated in cryptocurrency transactions. Also similar to any traditional coal miners, crypto-miners entail the use of specialized “tools” — computers with special software that has the capacity of processing complex transaction data and related cryptographic content.
✒ WHAT CRYPTO-MINERS DO
Just like a Connoisseur in art and an Appraiser in gems, a Crypto-miner carries the duty of identifying and verifying the information submitted and store the records in a “block” through “hashing”. Instead of being processed by one computer or a centralized party, the data is affixed to a network of computers, with all connected computers accessible to the inputted data (a distributed ledger): if anybody tries to reverse engineer the content, they will have to hack into every node at the same moment of time.
As a reward, crypto-miners earn a bit of cryptocurrency for their service.
✒ THE DISTRIBUTED LEDGER
We briefly mentioned what is blockchain before, and here’s another simple analogy: imagine you are using Google Doc — whenever you make any changes, everyone else in the document sees it. And all changes are recorded and stored in the “editing history.”
✒ SAFER THAN COAL MINING?
To some extent, you could also die because of ‘cryptojacking’ or related malfunctions while mining cryptos. Crypto-miners do face risks such as ‘ransomware’: there are cases where mining malware melt a smartphone and cause various kinds of hardware failures. And even when miners decerned the loopholes that are usually strenuous to identify, it is difficult to remove it manually. Not to mention the electricity costs through power usage and cooling, consumption of storage and a speedy connection.
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