There is no dearth of ways to make money in the field of technology. As every decade has passed in the twenty-first century, the field of technology has grown wider, deeper and faster. Even at the end of the previous millennium, people who had a knack for the technicalities involved in the relatively simple task of switching your computer BIOS from a double-digit year counter to a four digit one seemed to possess a special kind of know-how! To be fair, there still exist some people who lambast tech, but even they must have cellphones! Overall, technology has continued to make our lives easier and our pockets heavier – if one knows the right way to use it!
Bitcoin cash mining is one of those ways to milk technology for monetary profit. In order to understand why Bitcoin price has been a roller coaster, it is essential to know what goes on behind the hoopla of Bitcoin at the circuit level, as it were.
Let’s Get Down To The Brass (Silicon) Tacks
Informing a currency that is meant to be virtual, several obstacles stand in the way. First and foremost, the way that the money (or “value”, to keep it distinct from the image of government-issued paper notes and metal coins) is generated needs to be genuinely developed, not as a sham or a front for money laundering. This is way more complicated than it seems because technology also gives malicious programmers the opportunities to rip off genuine value creators. One of the oldest problems that these malicious people create is the double spending problem, which means that the same digital currency is used twice in a very short span of time to cheat the other transacting party into providing a product or service before the original source can mark the digital currency as ‘spent’ or ‘used’. Since the fraudulent transaction occurs almost simultaneously on two different nodes of the network, it is missed until it is too late to reverse or stop the second spend. To address this loophole, Bitcoin cash mining had to use blockchain, which is a ledger that records each and every transaction in an immutable, irreversible way to create blocks that contain the authentic ‘value’ that has been generated by the computing hardware employed in Bitcoin cash mining.
The original way to create Bitcoin was to deploy computers that have considerable processing power to solve mathematical puzzles, the solutions to which require millions and millions of calculations (technically all these calculations are part of or variants of floating point operations, or flops, which is the measure of the processing speeds of circuits). In the earliest days of Bitcoin cash mining, normal personal computers were connected in a cloud network so that all the networked processors could share the workload and hence generate the solutions faster and more efficiently, thus getting rewarded with a consummate share of the value they had helped create. The origin of Bitcoin price as a competitive entity to ‘real’ money began when the solutions to the complicated puzzles actually helped in increasing the depth of human knowledge in the fields of Science, Technology, Engineering and Mathematics (STEM).
With the rise of Bitcoin price, Bitcoin cash mining became a lucrative way to increase the scope of computers and processors to newer methods of providing and creating value beyond the carrying out of calculations with brute force to arrive at acceptable solutions. Examples of such newer methods of Bitcoin cash mining based on blockchain formation through crypto algorithms are the usage of the cloud to host distributed apps, to run devices using Internet of Things (IoT), to manage businesses with minimal human drudgery in labor intensive areas like inventory management, to protect voting systems in government as well as private sector elections, to implement government schemes with the assurance of benefits reaching only those who are in actual need – these are just a few that are already in action!
Bitcoin Cash Mining – Wave Of The Future
Bitcoin cash mining has evolved into a cost-intensive, low-output industry over the last few years because many big firms got in on the game during the upward surge of Bitcoin cash price, and by now the most profitable way of Bitcoin cash mining is to invest in infrastructure. There are dedicated Application Specific Integrated Circuits (ASICs) that run Bitcoin cash mining software, while top-end Graphics Processing Units (GPUs) are also used in configurations that resemble home computers but have been overclocked for Bitcoin cash mining.
As the newer uses of blockchain technology become more mainstream, Bitcoin cash mining is bound to diversify from just producing scientific information (itself a necessary and theoretically never-ending task) to improving a lot of the underprivileged