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 e-currency

Electronic currency is defined as one of the barter tools that enable its owners to purchase various goods and services through websites. The digital currency does not differ from the rest of the recognized currencies in terms of the function it performs. Perhaps what distinguishes digital currencies from other currencies is the inability of their owners to Touching them and carrying them like other common currencies, due to their digital nature, digital currencies are traded through Internet sites and computers, and thus it is very necessary to document all exchange operations and save their data in electronic wallets.
E-currency mining
E-currency mining

E-currency mining

Cryptocurrencies are traded through the so-called blockchain, which makes the exchange process more secure, and it is necessary to save all currency movements over the Internet and the transactions that were used, and these codes and mathematical equations are kept in a digital wallet, and this procedure is called electronic currency mining and is essential in the process Documenting currency ownership and preventing cybercrime such as hacking currency data and its chain codes. The nature of the digital currency made it a target for hackers and hackers by obtaining the user’s key or on its electronic wallet. Gox, which was the third-largest exchange company in the world, announced Bankruptcy as a result of the theft of its bitcoin stock with a total of 380 million dollars, cryptocurrency miners are increasing day by day with the boom of the cryptocurrency market.

Miners

With the boom in trading using electronic currencies, the profession of prospecting for information appeared similar to the profession of mineral exploration in the ground, where miners track the operations and deals made by investors using electronic currencies, to ensure that there are no cases of double-spending, as the user spends the same money Twice and thus maintain credibility in currency trading, which will enhance the demand for it, and the miner will get his share in digital currency, when completing 1 megabyte of data for bitcoin, for example, the miner gets 12.5 BTC, as many of them enjoy the challenges of this profession and the difficulty of tracking the movement of Electronic currency via the Internet and documented in electronic wallets, in addition to the abundant money they earn from this profession.

Cryptocurrency mining tools

The tools and equipment needed to carry out the process of mining electronic currencies were simple and less complex, and with the spread of the currency and the growth of its trading volume, it became necessary to use more advanced equipment and more capable of dealing with a larger amount of huge mathematical equations, data analysis, and storing a huge amount of encrypted data. Graphics processing units and application-specific integrated circuits are one of the most important must-have tools that cost from hundreds to tens of thousands. GPUs are used by beginners as they are the least expensive and at this time huge demand from huge companies for investment in e-currency mining.

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