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What is Cryptocurrency Mining

5 16

Today we will explain about Cryptocurrency mining . What is its use and what it is and its necessity to use in the Cryptocurrency world .

And also we will tell you that how it has advantage and disadvantage both.

CRYPTO MINING

Bitcoin or Crypto Mining

This is very common term in those places where work of mining of coal , gold , diamond , minerals metals happen .

Here in the field of Cryptocurrency , mining is same thing but here we mine Cryptocurrency online instead to go in practical life.

Need Of crypto or Bitcoin Mining

Sometimes a question arise in our mind that we really need  to mine the Cryptocurrency so that network & algorithm can works with more ease during transaction of crypto coins .

This is true . Actually the technology of Blockchain algorithm is based on the support by the multiple people by the help of mining .

In the mining system every person can give support to the network of Cryptocurrency by giving his computer , mining hardware power online .

In simple words , to solve the problems of transaction algorithm of Blockchain we need to give power of our hardware system but unfortunately a single person can’t give very high power because a single Person can’t effords highly costive hardware to give support the network , so people helps the Blockchain network by online hardware power sharing.

Can we make money from mining?

No , This is our opinion that you can’t make profit from mining support .

Usually when we support the Network by giving our hardware power then we get reward but that reward amount remain very small .

Actually the cost of hardware and electricity rate consumption is more than what we get from mining . 

So people usually avoid to go with mining the coins , but people in China remains always ready to make earning with mining because In china cost of electricity is very less , so mining is a profitable business for them.

Crypto Mining with mobile 

No, it is not possible !

There are numerous of apps available at play store that claims that we can mine bitcoin from our mobile easily but actually those apps are fake .

Actually those apps are making us fool , they are only using us to visit at Their platform and they make earnings and in return they gives few SATOSHI or any coin which are totally useless for us . So don’t waste your time with such things.

In Very Short :

Summary : 

Bitcoin mining or Cryptocurrency mining is not profitable option for us in present time because the main reason if electricity prices . But if you can get electricity at very low price or cheap price then you can go with Mining job .

5 Comments
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