I am a miner … of bitcoins: this is cryptocurrency mining

I am a miner … of bitcoins: this is cryptocurrency mining

MADRID, 07 Jul. (Bolsamania.com/BMS) .- The investment required criptodivisas nerves, constant attention and be very ready to enter a market where volatility is served in portions XXL. In recent months, traders have watched warily as the universe of digital currency it was becoming a place among the world markets, with a market capitalization has soared more than 95% since January, reaching its highest ever mark in the 117,000 million, on 12 June. Despite this record volume, it is still small in size and being very immature, as criptomonedas still have no real use, bringing its buying and selling is essentially speculative. But there is an alternative investment to become a ‘wallet’ digital assets: mining.

It is called mined criptodivisas the process by which an individual joins a technology based block chain (blockchain) and provides computational effort network. Through a process of solving complex mathematical problems, validates transactions made in the p2p network (ie, consisting of millions of computers that are organized in a decentralized manner) and gets in return a reward in the form of criptodivisa . They are bitcoins, ethers or litecoin depends on the network that is being undermined, but they all have one thing in common: the higher the power of our machine to undermine, the greater the likelihood that we become a virtual currency.

“You must have a computer system with sufficient capacity to carry out a large number of operations per second. The first computer to find the right solution to the problem will win the prize, “says Juan Luis Santos, a professor at the Open University of Madrid (UDIMA). Hence comes the name of mining, he explains, “because the process in which the miners dig to try to get a gold nugget resembles. When better the tools most likely to find ore, or in this case the solution to the word problem “. Once that problem has been solved, the process goes to infinity as it is released another, in which the miners are concentrated to be the first to solve it.

There is a fundamental requirement for the criptodivisas remain stored on your computer and before you start to undermine a portfolio (wallet) that allows each virtual currency deposit discovered is needed first step. “The most common is Electrum computers, but the choice of the program largely depend on the operating system,” says Santos. As for the mining itself, the most common software are BitcoinMiner and CGMiner, while more sophisticated miners who have specific hardware (ASICs) BFGMiner mined using the program. Once you have bitcoins or other criptodivisas in the virtual portfolio, if they want to exchange for goods and services or dollars or euros it is necessary to be discharged on an exchange or ‘exchange’. One of the most popular in Europe is Bitstamp, who recently joined litecoin, expanding its offering of virtual assets.


But not everything goes. Since the protocol that gave birth to the blockchain technology, the backbone of bitcoin, was released in 2009, miners have evolved towards professionalisation of this practice, while improved engineering of computer equipment to join the block chain. “A few years ago with a normal computer you enough,” she recalls Alejandro Gómez de la Cruz, lawyer blockchain and ‘smart contracts’ in Grant Thornton. In those early days, the central units of the PC (CPU) is used. Soon after, they discovered that sapped graphics cards faster. The jump was immediately because also consume less resources and


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