Miners who are devoted to one type of coin hate another kind of pool

Miners who are devoted to one type of coin hate another kind of pool
Miners who are devoted to one type of coin hate another kind of pool. Image source: Pixabay

If you are also deciding which virtual currency to mine, use a mining pool called multipool. With this pool, your hardware will automatically switch to the most profitable cryptocurrency for efficient mining. The MultiPool keeps updating every 30 minutes so that you can see the status of multiple virtual currencies in real-time. This pool can also be configured to prevent your hard drive from arbitrarily switching to other virtual currencies.

However, according to experts, the following was written about this kind of pool to switch hardware. Miners who are devoted to one type of coin hate this kind of pool, because the profitability of mining goes up when it gets harder. Multipool is profitable. It goes back and forth to the virtual currency, raises the difficulty level, and then leaves immediately, so for a miner who concentrates on one coin, the difficulty level will be returned immediately.

Crypto trader has a great track record. Bitcoin is not a currency issued by a state or a central bank, and it is an entirely new virtual currency that is operated by a large number of unspecified participants in a decentralized and utterly digital manner without any issuer. The fact that the cryptocurrencies have been operating for eight years without failure has led to widespread recognition that it may have universal value rather than that of some enthusiasts. You think that the service without a central administrator, which has never existed before, is being accepted by society with a certain sense of reality.

In the case of Bitcoin, although there are many purchases for investment purposes at present, it is spreading all over the world, and its value is surprisingly rising. Even in foreign countries, you can easily buy it, and some stores such as major electronics retail stores can use it as currency. Behind that, there are high expectations for the blockchain, which is the foundation that supports Bitcoin.

The weaknesses of Bitcoin are low processing speed, low confidentiality, and low scalability

That’s right. Blockchains can be broadly divided into public blockchains, in which an unspecified number of people can participate, and private blockchains, which are limited to use by specific members and for specific purposes. Bitcoin is the typical example of a public blockchain. Still, as a weakness of Bitcoin, the interval to create blocks is currently about 10 minutes, and about 7 cases can be traded in 1 second. There are a few things. It’s due to the way consensus is formed, and it’s an open and decentralized mechanism.

A method called Proof of Work is adopted for consensus formation of Bitcoin, but this is the one that the person who inputs more computing power and processes at high speed is the ledger. A coin is newly issued as an incentive, and participants are operating the system for the coin and commission. For this reason, the creation of this block is called mining in analogy to gold mining, and the people who participate in the block creation are called miners.

In other words, this mechanism is very innovative in the sense that it guarantees the equality of the opportunity to do simple calculations. However, on other hands, it is also accelerating the oligopoly, in which wealth is concentrated on miners who use a lot of electricity and put in computational power. It is known that miners are concentrated in countries and regions with low electricity bills. However, someone needs to be responsible for creating blocks, and on platforms other than Bitcoin, various methods are now being tested as to what the consensus-building mechanism should be.

Bitcoin address mechanism

A general Bitcoin address is a combination of 27 to 34 alphanumeric characters, and unlike ordinary IDs, it is a string of characters that is difficult to read.

What is a private key?

Just like your PIN code on your savings account, you should keep your private key in a safe place. Still, Bitcoin can be part of the story for everyone. It can also be said that it is up to 1% or more of the people who are not participating now to decide the story.

Disclaimer: The views of authors published on South Africa Today are their own and do not necessarily represent the views of South Africa Today. By viewing, visiting, using, or interacting with SouthAfricaToday.net, you are agreeing to all the provisions of the Terms of Use Policy and the Privacy Policy.