What Is Crypto Mining? How Its Works? | Full Details About CryptoCurrency | 20+ CryptoCurrency Mining Currencies
What Is CryptoCurrency?
If you are an internet surfer you are definitely heard about CryptoCurrency, Crypto Cash, etc. So CryptoCurrency is an online currency. It uses for real worldwide transitions. But we can't touch these currencies. And we cannot put it into our physical wallets. These currencies can be stored in your e-wallet. No, I am not telling you about the Paytm wallet. It is a worldwide wallet, it can transfer your currency anywhere. Blockchain technology uses for your crypto transitions. The cryptocurrency was first founded in 2009 by a team of programmers who were under Satoshi Nakamoto. He made the first cryptocurrency which is Bitcoin. His own country is Japan. The Bitcoin symbol is like (₿). Bitcoin is the most growing cryptocurrency in the world. In 2009 when bitcoin start, the bitcoin price was ₹0.60 in INR and $0.0082 in USD. And now in 2021, the price of one bitcoin is around ₹3400000 in INR and $46000 in USD. In 2021 Bitcoin's market cap is ₹62 Trillion worth in INR and $845971741814 in USD. So Bitcoin is one of the biggest and trusted currencies in our world. I am telling you about just Bitcoin because it is the first digital currency, trusted and most valuable. Most of the crypto transitions happen with Bitcoin. Bitcoin price is consistently growing up and it will grow more in the future. Crypto transitions do not happen for daily use normally. Although some online sites are accepting bitcoin for marketing. But usually, Crypto transitions are used for commercial use and country-to-country transitions.
How Many Cryptocurrencies Are There Now?
There are more than 4000+ cryptocurrencies are there in 2021. Because now everyone can make their own cryptocurrencies with a small investment. But there are some valid and trusted currencies that you must be known.
- Bitcoin
- Ethereum
- Binance Coin
- Dogecoin
- Litecoin
- Bitcoin Cash
- XRP
- TRON
- EOS
- Dash
- UMA
- Basic Attention Token
- DigiByte
- Nano
- Sora
- VAI
- Haven Protocol
- Aragon
- Balancer
- Dent
What Is Crypto Mining?
When you want to transfer your crypto to a currency address, you need a broker who helps you to transfer your currency. You can do this with your digital crypto wallet. So for the transition, the app takes some charge from you. It's call crypto mining. And who makes the mining successful, he called miners. Miners use GPU (Graphics Processing Unit) power to mine and transfer their digital currency. This process is also called GPU mining. And miners are taken this GPU processing fee from you. The fee depends on how the amount of currency you are transferring. Also, it takes a good time to transfer your amount successfully. But now every moment many transfer request is happening. So this time Crypto mining is a very important and profitable business. But you have to make a good network. And for this business, you need many powerful GPUs, which is investable.
How Can I Start Mining And Start Earning?
You can also start mining cryptos. You need only a computer with a GPU (decent power). Now many websites are claimed that if you mine for them they will give you some money from their profit. Although most of the sites are fake, they don't give you anything. But some are real sites they give you like Kryptex, BeMine, Cloud Miner, ECOS, etc. Here you can mine cryptos and start earning. There is some paid or free site to start your mining. But we don't recommend paying any this type of site. If you want to pay then do this at your own risk. GPU mining creates too much pressure on your GPU, so you need a good cooling system. The Crypto mining process is very simple, you have nothing to do after start the mining process. Once your mining process is started you will automatically generate Satoshis. Just leave your computer and mining will be automatically happened. The more time you leave your computer to mining the more profit you will generate.
Is Crypto Mining Legal?
It fully depends on your country league. Because country governments don't have any control over cryptocurrencies. Here are the countries where it is legal:
- India (banned by banks)
- Jamaica
- Brazil
- Morocco
- Argentina
- Colombia
- Chile
- Kyrgyzstan
- Cyprus
- Israel
- UAE
- Jordan
- Saudi Arabia
- Iran
- Turkey
- Pakistan
- China
- Japan
- Hong Kong
- Taiwan
- South Korea
- Nigeria
- Namibia
- South Africa
- Zimbabwe
- Canada (banned by banks)
- Mexico
- United States
- Costa Rica
- Nicaragua
- Trinidad and Tobago
- Indonesia
- Philippines
- Lebanon
- Cambodia
- Malaysia
- Thailand (banned by banks)
- Singapore
- Vietnam (not allowed as a payment tool)
- Croatia
- Germany
- Poland
- Austria
- Czech Republic
- Romania
- Slovenia
- Slovakia
- Malta
- Spain
- Portugal
- Sweden
- Iceland
- Norway
- Denmark
- Ukraine
- Switzerland
- United Kingdom
- Australia
- New Zealand
- Ireland
- Netherlands
- Belgium
- France
- Luxembourg
- Greece
- Italy
- Bulgaria
- Bosnia and Herzegovina
And this is following countries were declared that cryptocurrencies are illegal:
- Nepal
- Bangladesh
- Bolivia
- Macedonia
- Ecuador
- Algeria
Why Crypto Mining Is Illegal For Some Country?
First of all, you have to know that country's government or RBI doesn't have any control. This process is run based on blockchain technology. Nobody can mainly control these. And the very important thing is you can't know who send you this currency and from where.
Most of the transactions are happens on the dark web for illegal activity. So the government is unable to tress the criminals and if they use normal transition then the government can catch them. So the government doesn't recommend using cryptos and there no means to mine cryptos. And where the government declared the cryptos as legal there also cryptos are not used for daily transactions. They are use cryptos just for they can.