If we look closer by stepping aside from our daily work schedule we can observe that we’re living rather surviving on this planet where our daily needs from water to food to clothing is somewhere somehow controlled by the ruling Government and we can’t just deny this fact.And as we’re dealing with a specific topic here , let me tell you that the currency that we use for the exchange of needs and wants , is also controlled by the ruling Government.And here popped the idea of a currency that will become a method of transaction which is not physical but will have records to contribute to a free and happy society so childish to see and then came Bitcoin Mining under crypto-currency in the year 2008 holding the hands of Satoshi Nakamoto advancing fearlessly and finally came into scene by the month of January in the year 2009.
First to start off with the article let us take a step backwards and try to know about what we are going to talk of.Yes , Bitcoin Mining .The whole scenario in not too hard to understand until explained in a more condensed manner. In the world of crypto-currency , mining is something where a fully-operable machine , here we take Computers as an example , calculate maths terms (for beginners) and in return and in exchange the miner gets s certain number of Bitcoin issued.Later on that.So I think for freshers it is clear what the discussion is all about.
To be more specific the more you mine , the more you get a chance of wining or getting a chance to capture Bitcoin/s.Like for ten minutes if the system is online and set to mining then you’ll be getting 50 Bitcoin mining [BTC] which has an tendency of halving it’s amount after a number of series of mining activities or blocks ,generally after 210,000 blocks it halves i.e., approx. Four years.
As it’s a term appointed with something that’s worthy like it’s in real cash , after a day’s hard work you get paid , here it’s running the system up for a day which is consuming your time , electricity , hardware life,internet bills and many other factors , you’d now like to loose all that earned BTC go easy like water , so you need security.And it doesn’t work like what happens in real life.You can’t deposit the money insured with a bunch of security personnel appointed to guard your cash.Here it’s a bit different.As one enters the world of Bitcoin Mining , chances are there for more people to get engaged with the flow and mine more.And here is where the security appears.The more the community mines , the more the security rate.Actually there’s a term – ‘Hash rate’ which is the complexity of mining that block by calculations ofcrypto-currency and the total bandwidth in which the network is operated.So someone would need to move above the 50% of hasrate to break the program and hack so more the processors running the algorithms , more the obstacles for someone who would hack and make it more harder.Taking a lookback where the security stayed for years is like it went from tens to millions of hashes per second in it’s initial year to billions the next to trillions the next and presently hovers on two quintillion hashes per second H/s (look it’s so famous that it’s given a SI unit too) and not only the amount of people and processors invloved in it but the processors are just getting faster and faster in the present ages .
And as it’s now being a trend let’s look into how’s technology is responding to BTC mining.At first it all started with CPUs , the GPUs now there are even customer processors which are only engineered to mine only with huge bandwidth , low power consumption with high processing and great ASICs like 4.7TH/s
And now comes the question of it’s acceptance and value.After knowing all these you definitely can question that , any day.There are many who say no to BTC but the non-involvement of any of the Government and bank influence with the pseudo-anonymous culture there are plenty of such open-minded individuals who take interest in mining and why not ?You could have a public-private pair of key consisting of 26-35 characters giving significance to the owner is being highly transferable though out the internet and values to roughly 700 USD in present time though the pricing is volatile and being accepted whole heartily by 100,000 vendors including Newegg.
But it’s not that simple and we can’t deny there’s no negative impact of BTC as these currency have no legal proof on which the whole world is running and is not possible to calculate nor any one can ever intercept or trace.Crime transaction involved in drug-trafficking , money laundering to illicit practices have come to being and like some particular viruses related to BTC are entering the Hard Drives and asking for the same currency to unlock softwares which we can categorize under the negative impacts of the pseudo-anonymous currency.
To the conclusion part we can clearly see that since years BTC gave a negative image to the mass as well as many took they as their profession but there’s always been a curiosity about BTCs plus mining BTC consumes a lot of power to what one earns from it , so slowly and steadily small organizations are investing (those who can) into the network and try to make it more possible and all coming amusingly again under some ‘governance’.