Cryptocurrencies are a novel and exciting way to make transactions go digital. The first cryptocurrency, Bitcoin was created in 2009 by an individual or group known only as Satoshi Nakamoto who wanted people without centralized control over their money when it is sent from one person/programme too another across any distance could send value back-and forth using this new type of internet cash that doesn’t require banks; instead they rely on cryptography for security which makes them immune against fraud!
This new way of ‘purchasing’ has opened up alot of doors in the world of business but over the past couple years mining Bitcoin with GPUs has become increasingly difficult. These types of miners would use their computer’s central processing unit (CPU) to generate hashes and if your PC had a decent graphics card you could get alot more bang for your buck in terms of mining coins. In the early days, it was possible to mine Bitcoin using a regular computer but as time went on and more people joined the network, it became harder to get coins because you have to constantly ‘re-calibrate’ with the help from other people using the same software across the world. This is known as ‘pool mining’ and today it’s almost impossible to get any Bitcoin or other cryptocurrency by just using a normal computer.
The only way to mine cryptocurrency in the present day is if you have an ASIC (application-specific integrated circuit) made for this specific purpose – such as Antminer S9 from Bitmain. But these are expensive and difficult to get hold of so it’s not really an option for most people. The one other way is ‘cloud mining’ but while some companies are upfront with their numbers, others lie about how many cents per kilowatt-hours they pay you while using up all your electricity in the background!
