Crypto Mining Products Are Blossoming In Europe With GreenHashes

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Nowadays, you can hardly find a single crypto-enthusiast or a person aiming to get a quick profit on cryptocurrency who would not think about mining as a way to increase their capital: you invest in equipment, and it brings you profit. However, after a series of reforms and bans on mining around the world, starting from China, big miners start their way to Europe. The main goal was to find convenient places for their data centers and cheap electricity.

Mining is the process of adding new blocks to the blockchain. For the system to function, someone must add new transactions into blocks, and then attach them to the blockchain. This process is called mining.

You can do mining alone – it involves working on your own or renting equipment. This means that your device automatically is trying to “solve the problem” and add a new block. If this can be achieved, all proceeds go to you. Solo mining was relevant until 2013 – now the competition and complexity are so high that it is impossible to make money doing mining alone.

The disadvantage of classical mining is impracticality: one ASIC makes very loud noises compared to a washing machine, and the heat generated is enough to heat a room of 150-180 square meters. Repair and maintenance of equipment are often the reasons why mining becomes unprofitable.

In recent years, there were many environmental issues, which threaten the entire industry: mining consumes too many resources. According to the University of Cambridge, Bitcoin may already account for more than 0.6% of the world’s electricity demand. In recent months, Kazakhstan, Kosovo, Iran, and Norway have experienced power outages due to mining.

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