Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Tik-tok Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: Types of Cryptocurrency Mining
Share
  • bitcoinBitcoin(BTC)$28,394.00
  • ethereumEthereum(ETH)$1,792.85
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$338.81
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.385216
  • cardanoCardano(ADA)$0.345174
  • matic-networkPolygon(MATIC)$1.16
  • staked-etherLido Staked Ether(STETH)$1,789.40
  • dogecoinDogecoin(DOGE)$0.074715
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > VOC Explained > Types of Cryptocurrency Mining
VOC Explained

Types of Cryptocurrency Mining

Okereke Inno
Last updated: 2023/03/14 at 1:30 PM
Okereke Inno Published March 27, 2022 March 14, 2023
Share
Types of Cryptocurrency Mining

Cryptocurrency Mining involves introducing new cryptocurrencies into circulation and validating transactions between users on the blockchain before adding them to a publicly distributed ledger. It first started in 2008 with Bitcoin, and as of then, anyone could mine with a regular home computer. But the case is different today, as you need to use a powerful computer that allows special software such as Application-Specific Integrated Circuits or a specialized GPU. To mine cryptocurrency, you need a mining rig. A mining rig is any computer that mines cryptocurrency. A mining farm is a storage house full of different mining rigs. There are different ways to mine cryptocurrencies, some of them being:

Contents
GPU MiningASIC MiningCLOUD MiningMining Pool

GPU Mining

GPU stands for Graphics Processing Units. It operates by gathering a set of GPU in a mining rig. It is cheaper, flexible, and easier to use than ASIC Mining.

ASIC Mining

ASIC is software that is specially designed for cryptocurrency mining. It is more powerful and expensive than GPU mining, producing more cryptocurrency. The problem with it is that it becomes obsolete with advancements in technology.

CLOUD Mining

Cloud mining is becoming popular due to GPU and ASIC mining challenges (increasing cost). Interested individuals use the energy of large cryptocurrency companies dedicated to mining. They can rent mining rigs online and use them for mining crypto.

Mining Pool

Mining is competitive; hence anyone mining needs an edge over the others. So people come together to form a mining pool to have this edge. The mining pool combines computational resources to have a better chance of being the first to mine on the blockchain. 

In conclusion, to mine cryptocurrency, computers have to solve complex cryptographic equations. The first to solve the equations gets the reward for that block added to the blockchain.

You Might Also Like

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

Bitcoin Price Shows Phenomenal Recovery: Is This Just the Beginning?

US Government Moves 40,000 BTC

Why Bitcoin Price is Primed For Wild Swings

Silver Lining for Crypto After SVB Collapse

TAGGED: Bitcoin, Blockchain
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article How One-Time Password Bots Can Steal All Your Crypto How One-Time Password Bots Can Steal All Your Crypto
Next Article What Is Yearn? The DeFi Gateway Everyone Is Talking About What Is Yearn? The DeFi Gateway Everyone Is Talking About
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Tik-tok Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?