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It's important to note I am not recommending any of these cryptocurrencies. Mining exploded over the past few years, transforming from a program running on a spare PC to giant mining complexes built into the sides of mountains in frigid climates in order to control the heat generated by mining computers. Most leverage the architectural benefits of the blockchain concept, which allows transactions to be added to a central, yet distributed data store.īitcoin's blockchain is particularly interesting because, while the identity of each person conducting transactions can be hidden, every single transaction ever conducted in Bitcoin is available for anyone to review and analyze.īitcoin also introduced the concept of coin "mining," the practice of using computer hardware to solve challenging problems as a way of creating new digital coins. Some are mere "forks" of the original Bitcoin concept, while many others have been coded from the ground up. Today, there are thousands of different cryptocurrencies. What is crypto? The business starter guide to cryptocurrency.This freedom provided great value to many different types of individuals and organizations, ranging from activists stuck in repressive countries, to organized crime organizations hiding transactions, to individuals and massive corporations interested in exploring a new data management paradigm. It offered a way to transact money, protect identity, and move value across the world virtually instantaneously and free from government, banking, and central oversight.
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When Bitcoin and the blockchain concept exploded onto the internet in 2009, it took the speculative world by storm. Here's all the hardware you need and what you need to know to get started.
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How to build a cryptomining rig: Bitcoin mining 101