what is cryptocurrency mining

Discover what is cryptocurrency mining, who is mining, where you can mine and when to start and how to get started.

what is cryptocurrency mining

 

CryptoCurrency is a virtual currency, created by a slow computer process called mining. Yes, I said mining, like the coal miners from back in the day. In our traditional monetary system, the government prints money when they need to, but with cryptocurrency, money is discovered. Anyone with a computer can become a miner, and discover cryptocurrency.

Take a minute to imagine yourself as a coal miner digging away. You are using all your power and might to hash at the coal to discover these diamonds. You are excited because, once you get the diamonds you can buy things with it, you can trade it, or you can keep it. This is the same concept as cryptocurrency.  Your computer is the “Miner” and the Cryptocurrency are the diamonds it is looking for. Now imagine you are in a coal mine with 50 other miners. You guys are all looking for diamonds.

In Cryptocurrency, computers around the word are mining for coins by competing with each other. Every time someone successfully creates a hash, they get a rewarded with cryptocurrency, this big record book called the blockchain is updated to keep track of payments and everybody at the coal mine hears about it.  You want to keep mining because you get paid to mine.

Here are the answers to your common questions:

Who is mining cryptocurrency?

  • people are are looking to learn something new
  • people looking to gain coins to trade for physical cash
  • people looking to try this new digital currency and spend it
  • people looking to get rich
  • people looking for extra passive income
  • people looking to sell the coins they mine for a profit

 

Where can you mine cryptocurrency? 

  • get a computer to mine for you and instantly pay you rewards –  (at home)
  • pay a service to cloud mine for you and send you the rewards (usually less their fee) –  (remote)
  • get a good friend to mine for you and split the rewards – (with their computer)

 

When and How can I start mining cryptocurrency?

  • Today, what are you waiting for? Just make sure you get a wallet or storage to put the coins in. Remember, you’ve got to have a wallet to hold your money.

 

I hoped this helped you get an understanding of what cryptocurrency mining is. If you need more information, I would be happy to help answer any questions you have. Please tune into Coin Cutie TV on youtube or the best news and product reviews on bitcoin and cryptocurrency.

Adella Pasos

Coin Cutie TV