My referel link:
My MEW wallet address: 0xA3118420e2dA4318ae6C446A22bF5Da278B4138e
The biggest takeaway from all of this is that mining is for big players. The more money you spend, the more of an advantage you have, and there’s not an easy way to change that equation. At least with traditional Nakamoto style consensus, a large entity that produces and controls most of the hashrate seems to be more or less the outcome, and at the very best you get into a situation where there are 2 or 3 major players that are all on similar footing. But I don’t think at any point in the next few decades will we see a situation where many manufacturing companies are all producing relatively competitive miners. Manufacturing just inherently leads to centralization, and it happens across many different vectors.Though that’s discouraging news, it’s not the end of the world for Bitcoin or other Proof of Work based cryptocurrencies. Decentralization of hashrate is a good-to-have, but there are a large number of other incentives and mechanisms at play that keep monopoly manufacturers in line. A great example of this is the Bitcoin situation. More than 80% of the hashrate was openly in support of activating bitcoin, and yet the motion as a whole failed.There are plenty of other tools available to cryptocurrency developers and communities as well to deal with a hostile hashrate base, including hardforks and community splits. The hashrate owners know this, and as a result they are careful not to do anything that would cause a revolt or threaten their healthy profit streams. And now that we know to expect a largely centralized hashrate, we can continue as developers and inventors to work on structures and schemes which are secure even when the hashrate is all pooled into a small number of places.
Cryptocurrency mining (cryptomining) is legitimate and is a critical part of how cryptocurrencies work.
Cryptomining uses the processing power of computers to solve complex mathematical problems, and verify cybercurrency transactions. The miners—who are like auditors—are then rewarded with a small amount of cybercurrency.
This step ensures the validity of the currency, with no one able to use the same money twice. The miners keep cryptocurrency users honest!
The method to verify these transactions takes a lot of processing power and even when cryptominers use dedicated computers, they don't usually earn very much.
The popularity of Cryptocurrency is rising as more and more people are learning about it. However, it is still difficult to understand some ideas related to Bitcoin — Crypto mining is definitely one of them.
What is Crypto mining? How does Crypto mining work? How long does it take to mine a coin…? There are so many questions we ask ourselves when we first read about coin and mining. It’s confusing, right?
It’s okay, though. I’m here to help! In this guide, you will find all the answers you need. I’m going to make crypto mining simple and explain it to you in a way that is easy to understand. I’ll talk about how mining works, what it is and how to start Coin mining yourself. By the end of this guide, you will have a much better understanding of crypto mining. If anyone asks you “What is Crypto mining?”, you’ll be able to answer confidently.