Cryptocurrency Mining – Episode IV of the Advanced Guidance

Mining is an important part of the bitcoin ecosystem, because it is the activity that ensures network security. The bitcoin network is a distributive one, which means that all the participants in the network contribute to its support. In other words, every person who contributes resources becomes a small part of a supercomputer. In this way, any attacker who wants to undermine the blockchain should come with resources greater than the total that the mining community contributes to.

The nodes are the ones that record the entire network activity, each transaction separately, and validate it. Obviously, anyone could try to fake the blockchain, but no one can fool all the nodes in the network, which function as individual notaries and validate that operation as true or false.

For the fourth meeting I have prepared the theme – Cryptocurrency mining. We have them as guests Adrian Pop from Blockchain Mining Host, farm from Toplita and Silviu Ursulescu from StartHash, farm from Bacau. Together with them we will touch on all the topics below:

• What does cryptocurrency mining mean and how does it work?
• What is the difficulty and how is it calculated?
• What is the hash rate and how does it work?
• What is half the reward and how does it work?
• Is it profitable to mine Bitcoin? What about another cryptocurrency?
• Other curiosities in the industry.

The Advanced Guidance Series continues Thursday, November 21 from 7:30 pm – Cryptocurrency mining

The meeting will take place on the Zoom platform at the Goana After Bitcoin / Crypto Romania / Crypto Coffee / Concorde Blockchain Security initiative. The channel will be open starting at 7 pm and can be accessed at the following link.

These materials are for educational purposes only. We do not want to promote products or projects. Your participation in this initiative is completely free, without any obligation. The projects or applications described come to strengthen and exemplify the purpose of these guidelines (as real cases of applications of the topics discussed).