how are you all Hope you all are well. I am also well with your blessings.
Today's tutorial will discuss Cryptocurrency.
So let's begin –
We come across the terms cryptocurrency mining and cryptocurrency miner a lot now.
It can be said that listening to mining and miners has gone to the head. The words are more familiar, especially to those who play games or are very involved with computer technology.
But what is this mining and who are these miners?
What do they do?
Many may know and many may not.
To understand mining and miners, you first need to understand cryptocurrency, blocks and blockchains or chains of blocks.
Cryptocurrency is basically an encrypted currency or simply a type of digital currency for transactions, whose encryption or program is done in such a way that neither the sender nor the recipient of this currency transaction can be traced. That is, the entire encryption is either decentralized or outside the control of any banking system. You can say illegal transactions in plain language! Although it is legal in some countries, including Israel.
When a transaction is done through this cryptocurrency, the transaction data is uploaded from one end to the digital public ledger as a 64-bit/digit hexadecimal encrypted block. After various processes, it is added to the cycle or chain of the original currency. And this chain is the chain of blocks or blockchains.
After each block is shared in the public ledger, it takes several people from all over the world to calculate its encryption without a single second of delay. They then set about making sure that these blocks are transacted properly, in the right place, and in the right process. In return, they get 6.2 bitcoins or the equivalent for every successful transaction. The dollar market is currently worth about one hundred and thirty-four thousand dollars!
This process of validating transactions is called mining.
And those who complete this task are called miners.
And doing this requires a lot of computing power.
Do you know how much computing power this is?
According to Digiconomist's Bitcoin Energy Consumption Index, it takes 1449 or about fourteen and a half kilowatts of electricity to mine just one bitcoin!
Simply put, fourteen and a half units of electricity.
Where in our country the average monthly electricity consumption of each family is 200-300 units!
This huge consumption of electricity, this consumption has a huge impact on the electricity produced in a country and even on the natural environment.
That's all!
A system that consumes this large amount of electricity requires tens to hundreds or even thousands of graphics cards to calculate or mine the whole thing. But these graphics cards are made for gaming, visual effects, 3D modeling/rendering, and production house use.
As a result, everyone from gamers to streamers, animators, 3D artists, and everyone in the normal lineup associated with cards has suffered from this crisis created for miners. They had to pay the skyrocketing cost of the card.
However, in the game of uncertainty of profit and loss of miners, ordinary GPU buyers have to sacrifice a lot.
In the coming days, the world's biggest tech giants are trying to fully legalize cryptocurrency and mining. It remains to be seen how far-reaching its effects will be, whether good or bad.
