Published on July 21st, 2015 | by bitcoin0
cryptocurrency mining 101
Information about cryptocurrency mining 101
A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. Bitcoin became the first decentralized cryptocurrency in 2009. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as contraction of bitcoin alternative.
Cryptocurrencies typically feature decentralized control (as opposed to a centralized electronic money system, such as PayPal) and a public ledger (such as bitcoin’s block chain) which records transactions.
Mining is the extraction of valuable minerals or other geological materials from the earth from an orebody, lode, vein, seam, or reef, which forms the mineralized package of economic interest to the miner.
Ores recovered by mining include metals, coal, oil shale, gemstones, limestone, dimension stone, rock salt, potash, gravel, and clay. Mining is required to obtain any material that cannot be grown through agricultural processes, or created artificially in a laboratory or factory. Mining in a wider sense includes extraction of any non-renewable resource such as petroleum, natural gas, or even water.
Mining of stones and metal has been done since pre-historic times. Modern mining processes involve prospecting for ore bodies, analysis of the profit potential of a proposed mine, extraction of the desired materials, and final reclamation of the land after the mine is closed.
The nature of mining processes creates a potential negative impact on the environment both during the mining operations and for years after the mine is closed. This impact has led most of the world’s nations to adopt regulations designed to moderate the negative effects of mining operations. Safety has long been a concern as well, and modern practices have improved safety in mines significantly.
Year 101 (CI) was a common year starting on Friday (link will display the full calendar) of the Julian calendar. At the time, it was known as the Year of the Consulship of Traianus and Paetus (or, less frequently, year 854 Ab urbe condita). The denomination 101 for this year has been used since the early medieval period, when the Anno Domini calendar era became the prevalent method in Europe for naming years.