What Is Cryptocoin Mining? How Is It
Crypto Currency is electronic money that is not of any particular country and not produced by any
government-controlled bank. These digital currencies are also known as Altcoins. They are based on
cryptography. This currency is produced by a mathematical process so that it will not lose its value as a
result of large circulation. There are different types of associatecrypto Currency such as Litecoin,
Bitcoin, Peercoin and Namecoin. The transactions using the digital currency are carried out using the
mechanism of mining. Those who want to do this process, generate the currency in their computers
with the help of the software meant for this purpose. Once the currency is created, it is recorded in the
network, thereby announcing its existence. The value of Altcoins went up to amazing levels during the
last couple of years and as a result, its mining is now a highly profitable business. Many companies
started making chips that are exclusively used for running the cryptographic algorithms of this process.
Antminer is a popular ASIC hardware used for drawing out Bitcoin.
Mining Bitcoins: Antminer comes with different specifications such as U1 and U2+. Both U1 and U2+ are
about the same size. While U1 has a default hash rate of 1.6 GH/s, U2+ has the hash rate of 2.0 GH/s.
The process of entering the Bitcoins transactions in the public ledger is known as Bitcoin mining. The
new They are introduced into the system through this process. The Bitcoin miner can earn transaction
fees and subsidy for the newly created coins. ASIC (Application Specific Integrated Circuit) is a microchip
specifically designed for this process. When compared to previous technologies, they are faster. The
service offered by the Bitcoin miner is based on specified performance. They provide a specific level of
production capacity for a set price.
Mining Altcoins: Though this process is very easy, they are of much lesser value when compared to
Bitcoin. Because of their lower value Alt