Mining: from Mine to a Farm
About 10 years ago the English word "mining" meant exclusively the extraction of minerals mainly in mines. Today, there are few people who relate dull miners or under mining to it's significance being a complex technological process of issuing a certain cryptocurrency.
To facilitate the understanding of the process and get rid of unnecessary terminology, we suggest examining the nuances of mining using the example of one cryptocurrency - Bitcoin. In a broad sense, mining is an issue of cryptocurrency, based on the distributed computing work of users' computers located around the globe. The implementation of mathematical algorithms, or rather the scope of this work, determines the probability of obtaining a reward - units of cryptocurrency, that is, Bitcoin. There is no single control center for this activity, which guarantees its safety. Why this process was called mining? Because at some point Bitcoin was called digital gold.
In order to penetrate into the essence of cryptocurrency mining, you need to arm yourself with special knowledge, or at least a minimal understanding of the relevant terminology. What is the work of the miner and why does he get a reward for it?
All the Bitcoin transactions are recorded in a special log, which is then passed on to the miners who, using the capabilities of their own equipment, try to calculate one single hash value that matches the private key and new transactions. As soon as this happens, a new block is generated. The computed hash is the hash of the previous block, and collectively this is called a blockchain (chain of blocks). For the generation of each new block, there is a reward - in fact, a unit of cryptocurrency.
Why do cryptocurrencies need miners? At least the miners of the XXI century ensure the stability and efficiency of the entire world cryptocurrency system, since the more people who use Bitcoin, the wider is the decentralization becomes.
The first thing to consider after reading all of the above, is why do I still stay aside from mining? Purely having a computer and a stable broadband connection to the Internet, anyone can replenish the multi-million army of modern miners. However, the effectiveness of solo-mining today, most likely, will tend to zero.
The fact is that the distribution of Bitcoin or any other cryptocurrency between the miners directly depends on how many people are engaged in this activity and what aggregate capacities they have. So if in 2009 the extraction of digital currency using the private processor, and then the video card, also guaranteed a stable (and sometimes even high) income, now this activity has almost no sense. For the last 3 to 5 years, entire data centers have grown in all corners of the globe, which the only purpose is Bitcoin mining. The most modern equipment is installed there, the hardware of which (ASIC chips) is optimized for mining. Each data center has tremendous processing power (from 0.1 to 1 - 2 percent of the total computing power of the Bitcoin network). To compete with such monsters makes no sense for ordinary users.
The only possibility to jump onto the departing train is to try to study the cryptocurrencies in second and third place, the amount of calculation of which is still at such a level that a small farm of 3 - 5 - 10 powerful video cards can guarantee a stable inflow of coins. However, you need to understand that the cost of an admission ticket even to this sector is at least 2,000 - 2,500 thousand dollars, not counting the cost of electricity. Plus, no one guarantees that the cryptocurrency, which you have been mining diligently for the past few weeks, will not turn to be a scam within a month.
Another, affordable option - an alternative to regional mining - the purchase of capacity in an operating farm, such as TerraMiner. Today, the launch of one small farm can go up to $ 10,000, in the project TerraMiner buy 1Mh / s capacity can be priced from $ 2.8.
The company will take on the solution of such problems as high noise level; expenses for equipment rent; payment of bills for electricity; problems with warranty equipment; constant monitoring of equipment.
Further - all the income from the mining is divided between the company and the investor 50/50.
Want to learn more about how to become a $ 2.8 farm owner? Go to the site
https://terraminer.online/