Published on November 28th, 2018 | by Guest

Cryptocurrency: Women In Cryptocurrency [Infographic]

Since cryptocurrency isn’t a physical commodity like gold or oil, it is sometimes hard to understand how people mine it. It’s also entirely digitized then how and why do people mine cryptocurrency?

Cryptocurrency Mining Explained

To truly understand how cryptocurrency mining works, you first need to understand the basics of Blockchain, which is the underlying technology for cryptocurrencies like Bitcoin, Litecoin, and Ethereum.

Blockchain is like a digital ledger that records each transaction of a cryptocurrency, copies itself, and relays the copies to every computer, or node, in its network.

To make sure the ledger is verified and updated, each node in the network communicates with each other to see if all the distributed copies are the same or there is any discrepancy or not. This process decentralizes, secures, and publicizes every single transaction of the cryptocurrency.

If one of the copies isn’t the same, due to any manipulation of a transaction’s record, the network rejects the transaction. This security protocol prevents people from altering the ledger to spend the cryptocurrency more than once or send someone else’s digital funds to one’s own selves.

To update a blockchain, a new block, which is a bundle of these transactions, is added to the chain. But to create and add the block to the chain, the block needs to be validated in by the users in the network. Individuals, groups, or businesses use mining rigs, which consists of mining hardware and software, to try and solve complex mathematical problems and the first miner to solve the puzzle is rewarded with a payout of the cryptocurrency.

Once the correct solution to the math problem is figured out, it is then verified by each node in the network, the new block is created and added to the blockchain and the miner earns a block reward. Validation methods like proof-of-work or Proof of Stake are the reasons why cryptocurrency and blockchain are considered so innovative.

Incentivizing miners with payouts in a certain cryptocurrency to validate its transactions makes the cryptocurrency safe, secure, and trustworthy to use. Mining releases cryptocurrencies into the supply chain. But even though cryptocurrency mining is economically beneficial to miners and the users, but being energy intensive process, it does affect the environment. You need massive amounts of electricity to run your mining rigs and solve these complex problems, especially for cryptocurrencies with a limited supply, like Bitcoin.

But whether or not you’re willing to be part of the massive energy use of cryptocurrency mining, you can definitely earn a profit mining, if you live in low-cost power regions. If you want to mine cryptocurrency in a more environmentally-friendly way, you can opt for lesser-known cryptocurrency that require less energy and effort to dig up. There’s some cryptocurrency that you can also mine using your own personal computer.

Women In Cryptocurrency: Top 8 Women In Cryptocurrency

The following infographic is all about the top 8 women in Cryptocurrency. This infographic was developed by Mrbtc.org, and it speaks about the top 8 women and their achievements towards Cryptocurrency. Please check the infographic and let us know your thoughts.