Crypto mining gained its name from the fact that new coins are added to the ledger whenever a transaction is made. The new coins being added is referred to as mining. The entire network of the crypto currency and its trading relies on these miners. Here is a guide on basics of bitcoin mining, what is actually done by the miners? Why do people mine crypto currencies?
What is crypto currency mining?
It is the process by which the users compete with each other to create new coins. This creates new transactions in the ledger and the user stays as a part of the ledger for a longer time. The intention is to make the user a permanent part of the ledger. It is possible only by frequently making transactions or in other words mining the crypto currency.
What are the requirements of crypto currency mining?
The mining of crypto currency requires hours of uninterrupted processes. Therefore, one should select the right crypto currency software. Stay updated with News to learn about different software available for using crypto currency. The following are the optimal requirements
- Hard drive memory – The hard drive should have a minimum of 200 GB. This is because certain currencies require additional space for the program to download. The downloading happens prior to mining operations. Therefore, a huge memory space is required if multiple transactions are to be made
- High speed good internet – The process includes verification. Therefore the budding miners should have a good stable internet connection to stay connected continuously. If the net connectivity is slow or discontinuous, the user might end up repeating the same process and an interrupted download. An interrupted download seldom fails to download files continuously.
- RAM of 1GB
- A membership in the mining pool. This helps to stay updated and increases the chances of learning new opportunities.