March 2019
Intermediate to advanced
352 pages
8h 24m
English
Content preview from Cryptocurrency Investing For Dummies
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Chapter 12
Cryptocurrency Mining
IN THIS CHAPTER
Beginning with the basics of cryptocurrency mining
Reviewing your to-do list before getting started
When I first heard of Bitcoin mining, I immediately imagined a hot guy with a ripped body, wearing a helmet with a flashlight on it, getting dirty inside a mountain. However, I soon learned cryptocurrency miners don’t have to have any of these qualities. All you need is access to high-speed Internet and a high-end computer. In this chapter I explore the basics of crypto mining.
As I explain in Chapter 5, not all cryptocurrencies require mining. Bitcoin, the granddaddy of all coins, started the mining craze in 2009, setting up the concept of blockchain technology (see Chapter 4). However, many new coins out there can’t be mined and use alternative methods to generate value.
Understanding How Mining Works in a Nutshell
Bitcoin and other minable cryptocurrencies rely on miners to maintain their network. By solving math problems (see Chapter 5) and providing consent on the validity of transactions, miners support the blockchain network, which will otherwise collapse. For their service to the network, miners are rewarded with newly created ...
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