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Crypto Currency And Bitcoin Mining

01

Human beings strive every day to make life easier for themselves. They do their best to take everything online including currency production. One of the latest inventions is the Bitcoin currency, which is a digital currency, developed and held electronically. It has no specific point of control for its production and anybody or organizations can produce them, especially which are involved in online transactions. The Bitcoin circulation continues to grow, and many people have praised the convenience brought about by the use of such digital currency. Most business people have continued to enjoy immediate transactions and the fact that ownership of these coins knows no borders.

The term Bitcoin mining is used to refer to the process of adding transaction documentations to Bitcoin’s public ledger of precedent transactions. Researchers have discovered that although Bitcoins are good and have improved the efficiency of online transactions, mining of Bitcoins have hidden costs that might not be recognized by its users. The first one is the high rate of energy consumption by the mining process. Bitcoin network continues to increase every day, which means continued electricity consumption. The network of miners consumes a lot of energy as they have to do mining online on their computers.

Difficulty in the mining of Bitcoin means that miners must invest in expensive and complex mining hardware. The need to improve the design of Bitcoin meant that average laptop or computer could no longer be used effectively to mine Bitcoins. Miners, therefore, have to put up with complex hardware for the mining process.

In summary, Bitcoin mining is expensive and not profitable with the current situation. The amount of money used for its production is costly, both to a country and to the miners. The country has to produce more electricity energy, while the miners have to buy the advanced hardware and pay high electric costs