Guide to mining Cardano cryptocurrency:
At the time of writing this article, the Cardano cryptocurrency has just celebrated its first anniversary. Even though this is a relatively new crypto, Cardano has already garnered quite a bit of attention from investors and the general public. As it gains popularity, more and more people are trying to understand Cardano mining.
In this tutorial, we’re going to cover everything Cardano-related – what it’s all about, where it came from, why it deserves our attention, and most importantly, how to mine Cardano (instead of CAN you mine Cardano?).
Introduction
To get started, let’s take a quick tour of Cardano. Whether you are already familiar with this cryptocurrency or this is the first time you have heard of it, it will be helpful to review the coin’s narrative. Next, we will talk about Cardano mining.
What is Cardano?
First, it is worth mentioning that people often confuse the terms Cardano and ADA.
If you are talking about the cryptocurrency itself, refer to ADA. Cardano is the platform that hosts the cryptocurrency – in other words, Cardano is ADA’s blockchain.
Par souci de simplicité, et parce que les gens ont l’habitude de dire «Cardano» lorsqu’ils parlent de la pièce, dans ce tutoriel «Exploitation minière à Cardano», je ferai également référence à la crypto-monnaie sous le nom de «Cardano».
Cardano a été créé par une société appelée Input Output Hong Kong. Le développement de la plate-forme a débuté en 2015, mais elle a été rendue accessible au grand public il y a presque exactement un an, en 2017.
L’un des responsables du projet de crypto-monnaie de Cardano était un co-fondateur de IOHK, Charles Hoskinson. Son nom est remarquable dans le monde de la crypto-monnaie car il est également le cofondateur d’Ethereum (l’une des crypto-monnaies les plus connues du marché) et d’une société appelée BitShare. Charles est devenu très populaire et respecté dans le monde de la crypto-monnaie en raison de son implication dans les projets mentionnés précédemment – qui semblaient tous avoir eu un succès énorme.
Cardano est semblable à beaucoup d’autres crypto-monnaies établies car elle est décentralisée (elle n’a pas un seul propriétaire, mais presque tout le monde peut contribuer au bien-être de la pièce). Sur le plan de la structure, la pièce est la plus proche de celle de Ethereum.
Même avec toutes ses similitudes avec les autres cryptos du marché, Cardano a pour objectif de révolutionner le monde des crypto-devises. Pour ce faire, l’un des moyens consiste à utiliser un système de «preuve de participation».
Dans la plupart des cas, les crypto-monnaies utilisent l’un des deux systèmes – “Preuve de mise” et “Preuve de travail”. En ce qui concerne l’extraction cryptographique de pièces de monnaie, cette dernière est plus courante. Le système de PoW fonctionne de manière à ce que votre système d’exploitation résolve des problèmes mathématiques complexes, participant ainsi au processus d’extraction. Quand un bloc est extrait, le système de PoW voit votre contribution et vous êtes récompensé pour votre travail – vous recevez une certaine quantité de cette crypto-monnaie.
En ce qui concerne les points de vente, toutefois, le processus est assez différent. Dans le système de paiement, le détenteur de la pièce génère de nouveaux blocs et vérifie les paiements (transactions). Quiconque détient une pièce de cette crypto-monnaie (dans ce cas, Cardano (ADA)) peut devenir le leader de ce processus.
Le système de PDS est considéré comme bénéfique car il élimine le hachage forcé et brutal des pièces (ce que l’on appelle le plus souvent l’exploitation minière) et assure un processus beaucoup plus souple et mieux stabilisé du développement de la blockchain.
La plupart (sinon tous) des cryptos actuellement sur le marché ont du mal à concilier sécurité, décentralisation et rapidité. Avec la technologie actuelle, il semble presque impossible que les trois facteurs susmentionnés fonctionnent aussi bien.
Cardano aims to be that exception. With the help of the point of sale system, the platform is continually being developed to be faster without sacrificing security features or freedom (decentralization). Cardano Mining’s PDS method aims to use this.
ICO
The Cardano ICO ( Initial Coin Offering ) took place two years ago. During the initial offering, the ADA token raised around US $ 60 million. The price per token was valued at $ 0.02.
In retrospect, the Cardano ICO had generated quite a bit of hype around it. There were a few main reasons why this was the case.
One of the most important of these reasons should be the influence the co-founder has on potential clients. The name of C. Hoskinson was already very well known in the cryptocurrency world due to Ethereum and its other projects. Many people saw him as a very goal-oriented mathematician who aimed to revolutionize the way blockchain technology works. Additionally, Mr. Hoskinson emphasized the word “research” throughout the Cardano development and advertising process. Everyone knew that this platform (and the coin it owns) will be entirely research-based – it would be the first of its kind on the market.
Another big reason was the promises made with the platform. And I’m not even talking about Cardano mining – it’s more about the characteristics that the coin would bring to the crypto world.
From the outset, Cardano was heralded to be revolutionary in the way it handles transactions. The fact that it would succeed in reconciling security, speed and total decentralization was at the heart of all the discussions on this subject.
Normally, people would be very skeptical of such claims. There are notable examples of developers announcing and promising breakthrough technological advancements before and during the ICO, and their products being returned and completely failing right after. In such cases, speeches about greatness are used to create hype around the product, but little attention is paid to its current state.
With Cardano, however, the situation is quite different. Again, this is mostly down to Mr. Hoskinson – his name has given the promises surrounding Cardano a lot of credit.
Cardano Price
Above you can see the Cardano price chart from its release to date.
The current price of ADA coin is $ 0.08. Cardano peaked in price at $ 1.15 and then started to decline in early 2018. It had nothing to do with Cardano mines or IOHK.
In late 2017 and early 2018, the cryptocurrency market experienced a major crash. This was due to several reasons, the main one being that some governments around the world have imposed sanctions on cryptos.
Some cryptocurrencies have never really recovered since the initial crash (some are still collapsing to this day!), Others have started to rise again. As can be seen from the chart above, Cardano sits a bit in the middle – after the coin’s first dip, the ADA cryptocurrency has since stabilized. Neither governments nor Cardano mining had to do with this stabilization.
It is commonly believed that Cardano has stabilized and is likely to start growing again due to its overall strength. The platform is constantly evolving with the support of a large and influential company, people seem to have real use of the coin and believe in the promises of the co-founder. These details and others are considered to be the main factors influencing the rehabilitation of Cardano.
The coin currently occupies 9th place in the market, with a cap of ADA 45 billion.
Cardano Mining
So, now that we have covered what is Cardano, we can start to analyze how to mine Cardano. Although, as you’ve probably already figured out, the question should be CAN you mine Cardano?
The short answer to this question would be no. Cardano mining is impossible because it is not part of the “Proof of Work” consensus. However, Cardano can be implanted.
What does it mean? Basically, you just keep your Cardano wallet (the main one to use is called Daedalus) and in turn receive a certain percentage of your ADA coins already owned as a form of payment. This method is used by the “Proof of Stake” system, which confirms transactions via already existing ADA coins, rather than using computer hardware (which would be the case with Cardano mining).
“Cardano” mining is extremely convenient for two reasons.
First of all, you don’t have to worry about the extraction methods. There’s no cloud mining, GPUs, or CPUs – none of that. You save a lot of money in mining equipment, cooling, and electricity, which you can then invest in the ADA part itself.
Plus, the process is * a lot * a lot easier – all you have to do is keep your wallet online and that’s it – the income distribution adapts to itself. The more Cardano coins you own and bet, the more you will receive.
The developers also promised that during the “Age of Reward” they will release constant updates and features regarding Cardano. Meanwhile, stake pools (like a mining pool, only with the “Proof of Stake” system in place) will emerge and people who have little Cardano but participate in the transaction processes may receive greater rewards.
Overall, the “Proof of Stake” system seems to work for Cardano. The coin’s development team being professional and experienced in their respective fields, this cryptocurrency has great support and can continue to grow and progress, both in terms of price AND in terms of technology, without having to a real mining option in Cardano.
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Résumé
Now that we’ve covered most of our goals, let’s take a quick look at what Cardano is.
The platform (along with the cryptocurrency) was developed and released a year ago, in 2017. It was created by a company called “Input Output Honk Kong”, headed by the president of the company, Charles Hoskinson.
The Cardano cryptocurrency has the particularity of being entirely research-based and balancing security, speed and always being completely decentralized. The project’s ICO was very successful and generated a lot of hype – it’s no surprise if you take a look at the personal successes of the team and Mr. Hoskinson.
How to use Cardano? Can you mine Cardano? No, no, you can’t. Cardano mining is not possible, but you can bet on Cardano. Cryptocurrency uses a “proof of stake” system, considered beneficial to that of “proof of work”. You just need to keep your Cardano wallet online and watch your profits grow – it’s that easy!
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Conclusion
If you are looking for cryptocurrencies that would be both popular and beneficial to mine, you will likely come across dozens, if not hundreds, of suitors. It can be very difficult to choose, especially if you have little prior knowledge on the subject of cryptocurrency.
Cardano is one of those cryptocurrencies. Plus, the creators of the piece really strive to make it the BEST of its kind. And while mining in Cardano the old-fashioned way is impossible, IOHK is a great alternative to this problem.
Due to the growing popularity of cryptocurrency mining, many people have probably never heard of staking. This can often be overwhelming – not everyone wants to participate in something they have no prior knowledge of, especially when there is a familiar alternative. But this Cardano mining method is actually beneficial in many ways – it’s (in a way) free, doesn’t require any ongoing effort, and is very flexible.
On top of everything, the developers of Cardano promise constant updates and renewals. The team seems to be very determined to produce the best product possible. She’s been sticking to her plans since the play was launched.
So even though mining in Cardano is not really a business, it is possible to get it through other means. If your main goal is to acquire cryptocurrency and you don’t necessarily care about the process, you should definitely check out Cardano.
Hope you found this guide useful. Many people around the world believe in and are willing to contribute to Cardano’s success. There are dedicated online forums that you can visit and consult to better understand ADA goals and motivators, if this is still not clear to you.
I wish you the best of luck in your mining projects in Cardano!
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