has been the latest fathom as millions of users adopt the newest way of currency for personal gain. The market is growing as more investors invest into the market but are not limited to the way the market can grow, as it allows “mining”. Producing more cryptocurrency is nothing like counterfeiting dollars or any other currency but adding to the market by a greater generation of electrical power
. There are three main ways of mining that have been used by minors are with a CPU, GPU, and ASICs
Most effective to produce substantial amounts of coins have been mined by the ASICs
method. Having advantages and disadvantages to the ASICs mining process, it reigns supreme due to its precision capability. This ASIC is so powerful that according to coincentral.com they suggest that,” A Bitcoin ASIC can calculate hashes 100,000 times faster than even the best Central Processing Unit
.” They are programmed to be very centralized towards a coin that allows only for one ASICs unit to be used for a single hash algorithm. Along with many positives, the ASICs may generate, it also requires lots of energy to produce their hashes, which can be very costly including loud sounds from its cooling fan.
Another very popular way but not as effective as ASIC mining is the GPU
mining method. This method is a way to be able to mine using a Graphics Processing Unit originally used to transmit graphics more effectively. Due to the fact that these GPU OEMs have noticed the current use for the product, they have increased their prices tremendously and offered discounts or incentives for users that are using it for other uses other than mining.
Coins mining with CPU is not as efficient as ether or other method and has been deemed obsolete from some coins as it is outworked by ASIC units. If and when CPUs are allowed to mine a certain coin, it takes away from ASIC potentials.
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