What is Blockchain?

What is a Blockchain?

Blockchain technology is the technology for storing transactional records, called blocks, of the public in several databases, called chains, in a network connected by peer-to-peer servers. These storages are usually called 'digital ledgers.'

Each transaction in this ledger is authenticated with the digital signature of the owner to prevent tampering. The digital ledger works like a Google spreadsheet shared across a network, where you record transactional records based on what you've actually bought. Anyone can see the data, but nobody can mess with it.

How are Blocks Added to a Blockchain?

Blocks are the data structures within a blockchain database, where the data about transactions are stored forever. The block records some or all of the most recent transactions that haven't been validated. The block is closed when the data has been validated. Afterward, a new block is created for new transactions.

Once a block is written, it can't be changed or removed.

How does Crypto Mining Work?

Crypto mining is the process of using computers or computing units to verify transactions on a blockchain. Anyone can mine cryptocurrency, but with the expansion of mining and increasing costs, it's progressively difficult for new comers.

Crypto mining can be done in a number of ways, since CPU mining does not yield the efficiency it should, so the mainstream methods are GPU mining, ASIC mining, and cloud mining.

Mining with GPUs is very popular because it's cheap and efficient. Although GPU mining rigs are more expensive than CPU mining rigs, they have better hash speed and more workers.

GPU rigs use graphics cards to mine cryptocurrencies. An average rig has a processor, motherboard, cooling, rig frame, and a couple of graphics cards.

For a decent GPU mining rig, you're looking at around $3000. The investment is huge, but it pays off much quicker than something like a CPU miner. 

Application-specific integrated circuit (ASIC) miners are computers that are specialized for mining cryptocurrencies made through proof-of-work. Proof-of-work mining is basically a race, so the people with the highest hash rate,the number of calculations that can be done per second, are more likely to solve the puzzle first. Therefore, ASIC miners were created to increase cryptocurrency miners' hash rates. When compared to GPUs and CPUs, ASICs produce an insane amount of hash rates.

The ASIC miners, however, are designed to mine a single algorithm, so the miner must determine the algorithm or crypto he would prefer to mine, for example, Bitcoin/SHA256 or Ethereum/ethash, Litecoin/Scrypt.etc. Compared to GPU mining rigs, it is less versatile.

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