A LOOSELY ILLUSTRATED GUIDE TO DIGITAL COIN EXCAVATION AND MINING, BLOCKCHAINS, AND THE “MINTING” PROCESS OF CRYPTOCURRENCIES ALL TIED UP WITH A BOW.
Cryptocurrencies have had a brilliant beginning to the year. One thing is for sure, there will undoubtedly be volatility in the digital coin world. The value of a single coin rose by double in just a few months.
When these digital coins appear to fade into oblivion, they seem to come back strong, partially by bullish investors, improving legislation, and tech giant entrepreneur tweets.
By this point, most people have at least heard of cryptocurrencies. But most people still do not know how the currency got its start.
- Digital coins do not get stored on a piece of plastic like a debit card.
- You do not print the currency like cash (which our treasury loves to do). It is not a tangible object like bullion.
- The coins reside somewhere in an immense virtual expanse until it is excavated into circulation by a coin excavator.
In this illustrated guide, we cover the following:
– How to create digital currencies, which is a process called (mining).
– How the economics of mining is changing as time goes on.
– The impact mining has on power usage.
THE DIGITAL EXCAVATOR
We want to introduce you to a man named Billy “Looney Eyes” Connelly to explain all of this. Billy was active during the Gold Rush in the 1840-50s. Now — many years later — he is back prospecting again in the new landscape.