BTC

-2.59%

$18983.33
ETH

-2.51%

$1298.28
LTC

-2.04%

$52.41
DASH

-9.17%

$39.33
DCR

-5.24%

$24.4
ZEC

-7.05%

$52.6
location Home > News > Details

What is the principle of crypto mining? What crypto mining algorithms are there?

2022-03-21 09:48

With the popularity of Bitcoin, more and more people are joining the ranks of mining cryptocurrencies. But why is it possible to earn cryptocurrency through mining?

What is crypto mining

Crypto mining is the process of developing designated digital blocks through specific function operations in the blockchain network. Through the joint participation of all nodes, the neutrality and fairness of the network are guaranteed.

Each mining rig is one of the nodes. In return, the owner of the mining rig, the miner gets the reward tokens generated for each block, as well as the transaction fee for each transaction associated with the block.

How does crypto mining work?

A consensus mechanism is a fault-tolerant mechanism used in a blockchain to reach an agreement on a single state of the network among distributed nodes.

These are protocols that make sure all nodes are synchronized with each other and agree on transactions, which are legitimate and are added to the blockchain.

Their function is to ensure the validity and authenticity of transactions, that is, the consensus mechanism determines whether miners can receive rewards.This is how crypto mining works.

The common crypto mining consensus mechanisms are: proof-of-work (PoW), proof-of-stake (PoS), delegated proof-of-stake (DPoS), practical Byzantine fault tolerance (PBFT),Proof of Space Time(PoST).

What are the algorithms for crypto mining?

There are two main types of encryption mining algorithms: POW algorithms that require a lot of hardware resources for computing; POS algorithms that do not require a lot of hardware resources for computing, but require coin mining.

The SHA-256 algorithm used by Bitcoin is one of the POW encryption mining algorithms, and was recognized as one of the most secure and advanced algorithms when Satoshi Nakamoto invented Bitcoin (2008).

What are the difficulties of crypto mining?

There is no difficulty in encrypted mining, the difficulty lies in how to obtain higher benefits through encrypted mining. Everyone can participate in crypto mining, but not everyone can make money through crypto mining.

As the difficulty of crypto mining increases, miners want to earn more dense currency through crypto mining, they need to use professional encrypted mining equipment, and at the same time join a professional encrypted mining pool, through large-scale and professional operation dimension, in order to obtain higher crypto mining income.

LLGO is a professional crypto mining company that provides one-stop crypto mining services for miners.LLGO has built 6 crypto mining centers in Eastern Europe, the United States, Canada and other regions. The scale of crypto mining mines exceeds 100MW, and the hosting scale of crypto mining equipment exceeds 30,000 units.

BTC
Shut Down
Issue amount 21000000
24 hours volume 3.54M
24 hours turnover $ 67.69B
Market Direction Short
Panic Index 22 (Extreme panic)
Swap Rate 18.48%
Market Value Proportion 38.90%
market value $ 2,048.87 x 100 million
24 hour increase -2.59%
Computing power 222.66 EH/s
daily output 0.00000392 BTC / T
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

+67.05%
ETH
Shut Down
Issue amount 121630728
24 hours volume 29.75M
24 hours turnover $ 38.85B
Market Direction Short
Swap Rate 24.27%
Market Value Proportion 17.14%
market value $ 808.87 x 100 million
24 hour increase -2.51%
Computing power 855.24 TH/s
daily output 0.00001549 ETH / M
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

+372.30%
LTC
Shut Down
Issue amount 84000000
24 hours volume 9.49M
24 hours turnover $ 498.87M
Market Direction Short
Swap Rate 13.31%
Market Value Proportion 0.39%
market value $ 22.25 x 100 million
24 hour increase -2.04%
Computing power 485.80 TH/s
daily output 0.00001511 LTC / M
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

-7.26%
DASH
Shut Down
Issue amount 18900000
24 hours volume 743.58K
24 hours turnover $ 30.34M
Market Direction Short
Swap Rate 6.80%
Market Value Proportion 0.04%
market value $ 3.68 x 100 million
24 hour increase -9.17%
Computing power 2.35 PH/s
daily output 0.00024754 DASH / G
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

-58.77%
DCR
Shut Down
Issue amount 21000000
24 hours volume 94.15K
24 hours turnover $ 2.46M
Market Direction Long
Swap Rate 0.65%
Market Value Proportion 0.03%
market value $ 2.51 x 100 million
24 hour increase -5.24%
Computing power 85.24 PH/s
daily output 0.00000354 DCR / G
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

No halving expected
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

-87.59%
ZEC
Shut Down
Issue amount 21000000
24 hours volume 1.27M
24 hours turnover $ 70.18M
Market Direction Short
Swap Rate 8.29%
Market Value Proportion 0.08%
market value $ 5.35 x 100 million
24 hour increase -7.05%
Computing power 9.71 GH/s
daily output 0.00028412 ZEC / K
Halving time

The public chain will have a halving cycle to maintain the value of the currency, and the market will rise sharply after halving in history.

Completed
Earnings volatility

The computing power of the entire network is due to the increase and decrease of mining machines, which affects the average distribution of revenue. If the computing power decreases, the average revenue will increase, and if the computing power increases, the average revenue decreases.

+61.30%
hide
New payment password
Confirm the new password
Email verification code
Cannot receive a CAPTCHA?