What is mining?
Mining is the process of using your computer to solve complex mathematical calculations to add new blocks to the Bitcoin blockchain. When you send Bitcoin transactions from one wallet to another, you are asking your wallet to broadcast a transaction to the bitcoin network. By reading the transaction from your wallet you are mining. When you publish your transactions on the Bitcoin network, the miners validate them and add them to their database. At some point, the miners will start to run out of room on their databases. They will start making transactions faster than they can validate them, and eventually the network will not validate all the transactions. When that happens, a miner will ask all of their peers for help in validating the transactions.
What is Ethereum Classic?
An Ethereum clone, Ethereum Classic offers a slightly different approach. Unlike Ethereum, Ethereum Classic is released via a fork of the Ethereum blockchain on June 19, 2016. On the other hand, Ethereum was released via a fork on June 1, 2016. The adoption of Ethereum Classic, as opposed to Ethereum, was a response to the lack of enterprise-class support, and the aggressive scaling of Ethereum by its developers. Ethereum Classic is an open source protocol that operates by a proof of work (PoW) consensus mechanism instead of the proof of stake (PoS) consensus mechanism found on Ethereum. In other words, an Ethereum Classic node essentially validates transactions only if the majority of its CPU power is being used to mine the Classic chain.
Also read :- How to mine Etherium Classic
What Is NEO? - And What Is the NEO Coin?
What is a mining rig?
A mining rig is essentially a computer used to mine a cryptocurrency and Ethereum is no different. Though, there are two types of miners there are a few specifications to keep in mind when choosing which one to purchase. Specifications for Ethereum miners CPU & GPUs – Typically, the more powerful the GPU, the more hashpower is created. The GPU is essentially the processor of a computer. RAM – The quantity and type of memory that a miner has determines how many calculations are performed at once. In general, the more RAM the better. Temperature – To work efficiently, a miner must keep its temperature below a certain threshold. The lower the temperature, the more efficient the miner will be. Water Proof – A miner uses a vast amount of electricity to operate.
What is a GPU?
This is a graphic processing unit. In simplest terms, it is a specialized processor that performs the following functions: Analyzing images and streams of data. Tetris-style 3D/2D and 2D graphics. Parallel computing. Photo credit: Arco You can find graphic cards at any electronics store, but you can also order them online. In a mining setting, you must use a high-end graphics card that is able to perform very complex processing tasks at breakneck speeds. These machines are great at what they are meant to do. How do you choose a graphics card? As with anything in life, there are pros and cons. That's the case with a graphics card, as well. Photo credit: PC Gaming Hardware PROS Card looks sleek. It will stand out from the crowd. Includes dual GPUs.
Conclusion
With recent technological advances, the underlying hardware required to mine has become more efficient and affordable. This has allowed for the inclusion of Ethereum into many cryptocurrency-based ventures, such as Ethereum Classic. Both have their strengths and their weaknesses, but as of now, Ethereum is the more popular of the two coins, with a total market cap of $16.4B compared to Ethereum Classic's $600M. If you enjoyed this article, please scroll up and click the "Follow" button next to my name to not miss my future articles. Disclosure: I am/we are long ETH-USD, ETC-USD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha).