Crypto currency mining, or crypto mining, is a process in which transactions for various forms of crypto currency are verified and added to the block chain digital ledger. Also known as crypto coin mining, altcoin mining, or Bitcoin mining (for the most popular form of crypto currency, Bitcoin), crypto currency mining has increased both as a topic and activity as crypto currency usage itself has grown exponentially in the last few years.
Each time a crypto currency transaction is made, a crypto currency miner is responsible for ensuring the authenticity of information and updating the block chain with the transaction. The mining process itself involves competing with other crypto miners to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data.
The first crypto currency miner to crack the code is rewarded by being able to authorize the transaction, and in return for the service provided, crypto miners earn small amounts of crypto currency of their own. In order to be competitive with other crypto miners, though, a crypto currency miner needs a computer with specialized hardware.
While crypto mining can generate a small income for a crypto currency miner, in most cases only in the amount of a dollar or two per day for an individual using their own dedicated computer hardware. Expenses like electricity, internet connection, and computing hardware also impact the net revenue generated by crypto currency mining.
In order to get started mining, crypto currency miners will need dedicated computer hardware with a specialized graphical processing unit (GPU) chip or application-specific integrated circuit (ASIC), sufficient cooling means for the hardware, an always-on internet connection, a legitimate crypto currency mining software package, and membership in both an online crypto currency exchange as well as an online mining pool.
Aspiring crypto miners should also know that as crypto currencies have risen in both popularity and value, competition has increased substantially as well and now