THE cryptocurrency mining is an example of technological evolution in the world of finance and investments. It is a rather complex procedure that requires a lot of study and attention to make viable discoveries. Normally, the task can be performed without major problems, although this is not the situation for miners in some countries.
New country attacks cryptocurrency miners
In an attempt to alleviate the tension around the country’s energy supply, the government of Iran started to restrict cryptocurrency mining. The measure was adopted despite the understanding that cryptocurrencies are a strong global trend. On the other hand, it is a way to avoid international sanctions conditioned to the digital asset.
As disclosed by TechCrunchthe impediment in cryptocurrency mining occurs through the power cut in all the 118 mining companies authorized in the country. The act will begin from the day June 22, before seasonal spikes in energy demand. The information was confirmed by the spokesman for the energy industry of the WillMostafa Rajabi Mashhadi.
THE cryptocurrency mining is directly associated with two high costs, investment in cutting-edge technological equipment and energy expenditure. In Brazil, miners do not believe in the viability of this activity, given that the costs with the electricity bill are usually expensive.
In an interview with GZHthe miner, Grübler criticizes the impacts that the cryptocurrency mining may cause to the environment. For him, the extreme need for energy is associated with agile calculations. this is why mining is usually carried out in places with low energy costsas in Siberia and Iceland.
Technology behind cryptocurrency mining
THE cryptocurrency mining is basically how to mine digital money on super powerful computers. With the passage of time and popularization of this new technology, the activity has become increasingly competitive and advanced.
In this sense, it is important to highlight that the process involves the discovery of cryptocurrencies, a digital currency that is neither issued nor controlled by governments and banks.
In short, they are lines of encrypted code whose access is unique to each user. In order to promote the security of these digital assets, they are protected via blockchain, a public database stored on the internet without central control, but validated by all users.
The purpose of this technology is to provide a public and auditable transaction history. Thus, it is possible to view the balance of each and every address, up to the amount of digital currencies in circulation.
Laura Alvarenga has a degree in Journalism from the Centro Universitário do Triângulo in Uberlândia – MG. He started his career in the area of communication advice, spent a few years working in small local print newspapers and is now engaged in the career of online journalism through the FDR portal and Bit Magazine, where he researches and produces content on economics, social rights and finance and technology. .