Mining a cryptocurrency is way more rewarding than you might think. There are various cryptocurrencies that you can mine nowadays. In this context, we will talk all about Ethereum, which is a popular alternative to Bitcoin. Contrary to Bitcoin and Litecoin, many businesses, including start-ups, have begun making transactions in Ethereum.
What is Ethereum?
Ethereum is a digital currency that is run by the community Ether (ETH) and thousands of computers all across the globe. In layman terms, it is open access to digital money and data-friendly services for everyone. Unlike Bitcoin, which utilizes a blockchain wallet to conduct financial transactions, Ethereum utilizes blockchain technologies to operate from the cloud. Ethereum employs a token known as Ether, the financial unit, to make any transaction possible. For these reasons, Ethereum has attracted many business sectors such as finance, property, applications developers, investors, hardware manufacturers, and much more. Enough about Ethereum. Let’s discuss how we can mine it.
How Ethereum Mining Works?
Mining serves two functions: Making new coins and keeping a log of all transactions of present digital tokens. Miners all around the globe contribute their computing power to verify and add all transactions to the public ledger. This public ledger is popularly referred to as a blockchain. Ether’s blockchain is called Ethereum. After a trade is added to the Ethereum blockchain, it can’t be changed or erased, giving observers a permanent and verifiable listing.
To be able to log trades of Ether, miners have to invest in hardware such as Linzhi Phoenix, which offers a fantastic hash speed and power consumption efficiency.
All the miners have to compete with each other all over the world. So, to win the race, you have to invest in a powerful computer system. There are lots of ASIC hardware available on the marketplace, but one brand that has performed exceptionally well in the current market is Linzhi Ltd, a privately owned fabless semiconductor company based in Shenzhen to offer Ethereum ASIC miners at a reasonable price.
Ethereum’s core group is presently working on implementing a new mining algorithm named Progressive Proof-of-Work, making mining more accessible to the broader community. And for this, our team at Linzhi Ltd are already prepared to utilize this change so that our customers can have a healthy return on their investments.