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What is Cryptocurrency Mining?

You've probably heard of crypto-mining, but do you really know what that means? When founder Satoshi Nakamoto created cryptocurrency, he released a genesis block of code that contained 21 million blocks or transactions that needed to be verified in order for these tokens (Bitcoins) to be released. These blocks are each a "hash puzzle," which is a target 64-digit hexadecimal number. Miners must be the first to come up with a number that is less than or equal to the target hash. This process, known as Proof of Work, requires a high-powered computer with a high hash rate (giga- and tera-hashes per second). The first person/computer to solve this hash puzzle is rewarded with a token (cryptocurrency) that becomes a verified block of code that can be added into the circulated blockchain. A word of caution, that there are trillions of possible guesses that could lead to the correct solution, so mining takes time.

In essence, miners are minting cryptocurrency to be added into circulation. The nice thing about crypto-mining, is that once you have the equipment, you don't need to put down any more money to mine the currency, it just takes time. The computer or "rig" requires a powerful graphics processing unity (GPU) or application-specific integrated (ASIC), which can be costly to acquire, but can pay off over time.

Interested in trying your hand at crypto-mining? We can help! Concept offers custom-built computers that can be built for mining purposes. To speak to one of our knowledgeable technicians, come see us in-store at 1257 Marine Drive in North Vancouver or give us a call at 604-986-7680.

keywords: what is cryptocurrency?, what is bitcoin?, how to mine bitcoin, how to mine cryptocurrency, what is a hash puzzle?

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