What currency is used for mining (what currency is used for mining)

08/06/2023 14:38 • Metaverse Matters • 53 views

What currency is mining? What currency is mining? According to BTC’s statistical data, the difficulty of mining reached its peak on January 4, 2018. With the halving of Bitcoin block rewards, Bitcoin network computing power continues to rise. Currently, the proportion of effective computing power in the entire network has dropped to below 80%, while other mainstream digital currencies have also begun to adjust mining algorithms to improve mining efficiency and reduce costs

According to Coindesk, the U.S. Securities and Exchange Commission (SEC) approved the Bitcoin ETF proposal in March this year, which will allow companies and individuals to purchase encryption asset products such as Bitcoin futures contracts. But this move does not mean it is just a statement from regulatory authorities, but rather provides a way for global investors to hedge their investments, allowing them to obtain investment returns (ROI) corresponding to the stock market

What currency is mining for?

After Bitcoin is halved, the profits of mining will vary according to changes in market conditions. For example, when you buy coins, you usually choose a mainstream currency to mine (because the price of this currency fluctuates too much, many people think it’s a fake) or use a new currency to mine But if you don’t understand this concept, you can refer to it: Why invest in mining? Let’s first take a look at a few reasons:

1. The high cost and simple operation of mining machines 2. Is your device running stably 3. Network congestion issues These two factors make mining machines consume a lot of electricity, especially with current graphics cards and GPUs. However, if other hardware is added to reduce machine performance, it may not be as fast Of course, there may also be some technical limitations that affect miners’ allocation of their computing power. Therefore, the current popular mining method in the market is to generate blocks through computer algorithms to obtain rewards.

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What currency is used for mining (what currency is used for mining)

What currency is mining for?

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