DMG Blockchain | Simple Use of Blockchain: What is Cryptomining?
Blockchain is one of the hottest sectors in the market. In contrast, yet few investors understand what it is, and how it works.
DMG Blockchain Solutions is now presenting it in a simpler way.
Hosted by Dan Reitzik who is Blockchain expert and CEO of DMG Blockchain Solutions. Blockchain expert made simple videos, and answeres questions like, What is Cryptomining?
How is Blockchain used in Retail? and How are Bitcoins created and earned?
What is Cryptomining?
Cryptomining is the process used to create bitcoins and other cryptocurrencies.
The process involves computers solving a very difficult math puzzle. It is in exchange for the right to declare the existence of new coins.
Mining provides a reward to miners, paid out in cryptocurrency.
In early days of Bitcoin, one could use computer hardware & software to solve issues.
The difficulty level of the math required optimized computers called mining rigs.
The electricity demands to run the mining rigs are massive. So many investors host their mining rigs at industrial scale mining companies.