Blockchain Made Simple: What is Cryptomining?

Blockchain Made Simple:

Blockchain is one of the hottest sectors in the market, yet few investors really understand what the blockchain is, and how it works. This is why DMG Blockchain Solutions is presenting Blockchain Made Simple. Hosted by Dan Reitzik, Blockchain expert and CEO of DMG Blockchain Solutions; Blockchain made Simple is a series of fun, easy to digest videos, answering questions like What is Cryptomining? How is Blockchain used in Retail? and How are Bitcoins created and earned?

What is Cryptomining?

Cryptomining is the process used to digitally create bitcoins and other cryptocurrencies. The process involves computers solving a very difficult math puzzle in exchange for the right to declare the existence of new coins. Mining provides a reward to miners, paid out in cryptocurrency. In the early days of Bitcoin, one could use ordinary computer hardware and software to solve the hash functions. But the difficulty level of the math now requires highly optimized computers called mining rigs to compete successfully. The electricity demands to run the mining rigs are massive so many investors host their mining rigs at industrial scale mining companies.

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