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How cloud mining is making it easier to mine cryptocurrency
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cnbctv18.comCryptocurrency mining is the process of harnessing computing power to validate user-initiated transactions. Miners participating in this validation process are rewarded in the native cryptocurrency that the respective blockchain mints.The earliest blockchains, such as that of Bitcoin and Ethereum 1.0, used the proof-of-work mechanism, a system that required brute-force power of computers to solve complex mathematical equations to decrypt the data.
This required heavy investments in hardware and electrical power to sustain operations.To optimise the mining process, miners began outsourcing the transaction authentication process to ease the heavy financial burden. Here’s where cloud computing comes in.
Read more on cnbctv18.comAbout this in other media
Rio de Janeiro's mayor is following the lead of Miami's bitcoin-loving Francisco Suarez and will invest 1% of the city's reserves in the cryptocurrency markets.businessinsider.com /2 years ago
BTC Media Finalizes Plans for Bitcoin 2022 Adding Sound Money Festival cryptonews.com /2 years ago
Kosovo police seize 300 crypto mining machines amid electricity shortages cointelegraph.com /2 years ago
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