Mining – the process of mining cryptocurrency

The concept of cryptocurrency has become widespread and familiar not only to people directly related to programming and financial sphere. Such a term as mining is inextricably linked with this concept.
The word “mining” is taken from the English language, in which mining, translated into Russian, means mining.
Mining is the process of creating a cryptocurrency based on deciphering a chain of the most complex mathematical algorithms using the computational properties of computer technology.
The person involved in this process is called a miner.
The very essence of mining is quite simple. To get a cryptomonet, the miner needs to decrypt an encrypted chain of links of a particular code by selecting character combinations. When the miner finds a solution for each link, he will receive his honestly earned coin.
In order for an ordinary person to start mining, he just needs to acquire the necessary computer equipment, install special professional software that will decipher the codes, and expect profits.
However, the difficulty lies in the fact that this process requires significant material costs. The usual user computer for the extraction of this type of money is no longer suitable. However, at the initial stage of the emergence and development of cryptocurrencies of a standard graphics card standard PC was quite enough. But as the competition in this area increased, the encrypted code became more complex, and in order to recognize it, more and more sophisticated and up-to-date equipment was required, the use of which leads in turn to the consumption of huge amounts of electricity.
That is why in recent years more and more associations of miners began to form – the so-called pools. Under the current conditions on the cryptocurrency market, it is much more convenient to engage in mining in a group, since financial investments will be required less, and the process of mining virtual coins will be greatly accelerated.
When mining is taken, it is necessary to take into account some risks that are caused by one of the main properties of cryptocurrency – its decentralization, that is, the absence of a single control center. However, this same property makes mining, firstly, accessible to everyone, and secondly, it excludes the possibility of stopping transactions. The mining process can be stopped only if you disconnect all miners from the network. But this is impossible to do, since their number is enormous, it continues to grow, and all of them are scattered throughout the globe.
However, mining cryptocurrency is not an endless process. A feature of any virtual currency is that its amount is limited and incorporated when it is created in the encryption code. But given the fact that the process of extracting one unit of cryptocurrency is quite a long process and every year it becomes more and more complicated, the period of issue of cryptocurrency will be about two hundred years. Thus, it is tentatively planned that the release of the last bitcoin will take place around 2140.

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