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Author Topic: Why massive computational power is used in cryptocurrency mining?  (Read 22 times)

wilsonhazel909

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Bitcoin, the one name in the crypto industry that is popularly known for its extremely high values, has always been the talk of the town ever since the crypto industry was introduced. There have been several people in the industry who are curious to make investments in Bitcoin. 

Bitcoin mining undoubtedly offers the miners the chance to earn huge returns, however, the process of mining is not simple. The mining setup contains several types of equipment and other expense that makes mining super expensive, to begin with. Moreover, mining cryptocurrency requires a huge electricity supply that adds up to the cost of the entire process.

Why does mining need massive energy?

The mining process, in simple words, is the validation of the transactions and the addition of new blocks to the distributed ledger, blockchain technology. The process of adding the blocks, is not simple as there is a complex code that needs to be solved to confirm the transaction. Cracking the code or the equation needs a miner to invest huge computational power.

How to ease this complicated process?

Fortunately, the complicated process of mining can be untangled with the power of cloud mining. Now, what is cloud mining? Well, cloud mining makes the entire process super easy, comfortable, and economical for the miners. Miners do not have to set up the entire rig for mining. Instead, they can just pay for the computational power and begin mining online. They just have to pay for purchasing the desired package for hash power and all the other expense to be spent on machines, electricity supply, and maintenance cuts down. 

If you want to begin Bitcoin mining with complete convenience, you must rely on Minecloude’s Bitcoin cloud mining services. They offer diverse packages to their customers and the opportunity to earn attractive returns. 

MrSpasybo

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Re: Why massive computational power is used in cryptocurrency mining?
« Reply #1 on: Yesterday at 01:46:46 AM »
BTC POW consumes quite a lot of energy, I hope we will get together a new protocol that is more efficient and energy efficient in the future. Ethereum uses POS and I support this trend.
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