Warning: Use of undefined constant add_shortcode - assumed 'add_shortcode' (this will throw an Error in a future version of PHP) in /nfs/c03/h02/mnt/49321/domains/hackingtheuniverse.com/html/wp-content/plugins/stray-quotes/stray_quotes.php on line 615

Warning: Use of undefined constant MSW_WPFM_FILE - assumed 'MSW_WPFM_FILE' (this will throw an Error in a future version of PHP) in /nfs/c03/h02/mnt/49321/domains/hackingtheuniverse.com/html/wp-content/plugins/wordpress-file-monitor/wordpress-file-monitor.php on line 39
Cyber Currency – part 4/5 – Mining and Coins

Cyber Currency – part 4/5 – Mining and Coins

MINING

  • The purpose of mining
    • Production of a cryptographic journal
    • Time delay and proof of work that serves to prevent counterfeiting
    • Currency expansion by creating new coin as mining rewards
  • Process
    • A request for a new block is issued
    • There is a block calculation competition by miners
    • After a competition has been won, the new block hash is verified
    • A reward is issued in the form of a fraction of a coin
  • Mining pools
    • A collective effort by miners
    • When the pool wins a reward, it is shared with miners according to work level
    • This creates more consistent earnings than solo mining

CYBER COINS

  • Virtual money, encrypted record but no physical token
  • Cyber currency exchanges exist to buy and sell
  • Cyber coins:
    • Bitcoin
    • Litecoin
    • Ethereum
    • Bitcoin cash
    • … about 1,000 more

Comments are closed.