Cryptocurrency mining is the process of creating the virtual currencies. These currencies are not like the traditional currencies such as the dollar, Dinar, and Euro. Traditional currencies are printed by the government and banks. On the other hand, the mining software is used to mine (generate) the cryptocurrency. The mining software resolves hashing algorithms to produce coin blocks. The hashing algorithms are efficiently designed. It is an extremely difficult for hackers to break hashing algorithms.
Furthermore, a limited number of crypto coins is mined at a time. Once all the coins are mined, it is not possible to create more coins. For example, if we mine all the 22 million Bitcoin, and all these coins circulate, any other Bitcoin cannot be included in system. It is equally applicable to other crypto-currencies. This is why the investment community is attracted to crypto-currencies.
The mining process is pretty complex and takes a lot of time, electricity and equipment. The mining takes place by following these two steps wisely:
Cryptocurrency Mining Program: First of all, we need mining software that is available on the crypto market. We must have the knowledge on how to operate this software. Besides, this software must be compatible to the cryptocurrency that is going to be mined. Moreover, a mining program should also be compatible with your computer, or laptop, or notebook or tower PC. You need to download the program from the internet and install it into your personal computer.
Cryptocurrency Mining Algorithm: The use of a cryptocurrency algorithm for mining is varied in different crypto currencies. Today, 2 algorithms exist for mining processes. They are SHA-256 and Scrypt. Both are extremely difficult to mine. They need in-depth knowledge of computer sciences.
Recently, uTorrent spread the news of viruses in mining programs. The Internet is open to everyone in the world who has an internet connection. There are innumerable hackers belonging to different countries. As mining program is available on the internet and hackers have the opportunity to hack this program for several reasons.
One of the best solutions to fix mining from viruses is to protect your personal computer. To do so, you need to install the antivirus program such Eset NOD32, Avira, Avast, Norton Internet Security and Kesper Sky Internet security. There are lots more available on the internet. Additionally, a Firewall program should also be installed as it refuses to allow unauthorized traffic to enter your personal computer.
As the mining process is extremely difficult and costly, we have an alternate. There are many companies or individual traders who sell crypto currencies online on different sites. We can buy the currency which we want by paying out in traditional currencies. It will save our cost and electricity bill. The most popular sites who sell these currencies are given below;
We can conclude that although the mining process is secure, it is extremely difficult. It needs lot of understanding of mining programs and the cost of electricity bills. Therefore, if you have higher education in computer sciences, you can go ahead and use mining programs. Otherwise, look for the sites mentioned above.