{"id":5285,"date":"2023-02-01T05:55:16","date_gmt":"2023-02-01T05:55:16","guid":{"rendered":"https:\/\/kriptomat.cash\/what-is-mining\/"},"modified":"2024-06-19T11:23:17","modified_gmt":"2024-06-19T11:23:17","slug":"what-is-mining","status":"publish","type":"post","link":"https:\/\/kriptomat.hr\/en\/what-is-mining\/","title":{"rendered":"What is mining?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5285\" class=\"elementor elementor-5285 elementor-2394\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bcb0d20 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bcb0d20\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1dc1a72\" data-id=\"1dc1a72\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bb5c2e6 elementor-widget elementor-widget-heading\" data-id=\"bb5c2e6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">What is cryptocurrency mining?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-edba639 elementor-widget elementor-widget-text-editor\" data-id=\"edba639\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In today&#8217;s blog, we are talking about mining and mining. If you are an investor, it is possible that you have not encountered mining, but this process is no less interesting than investing in cryptocurrencies. Indeed.  <\/span><\/p>\n<p><span style=\"color: #000080;\">\n  <b>Mining<\/b>\n<\/span> j<span style=\"font-weight: 400;\">e the process by which networks of specialized computers generate and release new cryptocurrencies, while verifying new transactions. The mining process involves large, decentralized global computer networks that verify and ensure the validity of blockchain or blockchain. We can also talk about blockhain as a virtual book that documents cryptocurrency transactions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a reward to miners for their contributions to the processing power of the global network of computers &#8211; miners were rewarded with new crypto coins. This &#8220;exchange&#8221; somehow secures the network, forming a circle in which:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Miners maintain and secure blockchain.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">blockchain rewards miners with coins,  <\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">coins as a reward further encourage miners to maintain blockchain.<\/span><\/i><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5f88c5d elementor-widget elementor-widget-heading\" data-id=\"5f88c5d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"> \nHow can you acquire cryptocurrencies?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e996f16 elementor-widget elementor-widget-text-editor\" data-id=\"e996f16\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<span style=\"font-weight: 400;\">There are four primary ways through which you can acquire Bitcoin, but also other cryptocurrencies.  <\/span>\n\n<span style=\"color: #000080;\"><strong>You can:<\/strong><\/span>\n<ul>\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buy at Kriptomat ATM at our two locations in Zagreb<\/span><\/li>\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Buy on the stock exchange such as Coinbase, Binance, Kraken and the like<\/span><\/li>\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Receive as payment for goods or services you have sold<\/span><\/li>\n \t<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">&#8220;Mining&#8221; means &#8220;mining&#8221;<\/span><\/li>\n<\/ul>\n<span style=\"font-weight: 400;\">Today we&#8217;re talking about the last<\/span>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5f299d elementor-widget elementor-widget-heading\" data-id=\"f5f299d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mining on the example of Bitcoin\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b2deb13 elementor-widget elementor-widget-text-editor\" data-id=\"b2deb13\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">By 2009, anyone with an average home computer, either a CPU, or a GPU &#8211; could participate in the mining process. Today, this is impossible and, more complex, ASIC miners are used. Application-specific integrated circuit). As blockchain has grown over the years , the computing power required to maintain it has also increased proportionately.  <\/span><span style=\"font-weight: 400;\">So it is in October 2019. It took 12 trillion times more computing power to mine a single bitcoin than in 2009. the year when the first blocks were mined. Also, as rewards for miners have decreased &#8211; this has called into question the cost-effectiveness of mining for amateurs and hobbyists. All this further resulted in the fact that today almost all mining is in the hands of specialized companies or groups of people who pool their resources. However, there are still miners who mined as natural persons.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e63938 elementor-widget elementor-widget-heading\" data-id=\"1e63938\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\nHow long does it take to mine 1 Bitcoin?\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-faf561c elementor-widget elementor-widget-text-editor\" data-id=\"faf561c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It usually takes approximately 10 minutes to create one bitcoin, and one block is 6.25 btc. The hardware used for mining, greatly affects the speed of mining.  <\/span><span style=\"font-weight: 400;\">Bitcoins are mined on average every 10 minutes. With the increase in computer power, it is certain that miners will find hashes easier. To ensure that Bitcoin and continues to be mined every 10 minutes &#8211; the level of difficulty mining must be adjusted, in such a way that if the speed of computer hardware and the number of miners increases, that this does not affect the time it takes to validate new blocks.<\/span><\/p>\n<p style=\"text-align: justify;\"><i>\n  <span style=\"font-weight: 400;\">Let&#8217;s remember <\/span>\n<\/i><a href=\"https:\/\/kriptomat.hr\/bitcoin-halving\">\n  <b>\n    <i>Bitcoin Having<\/i>\n  <\/b>\n<\/a><b>\n  <i>: <\/i>\n<\/b> <span style=\"color: var( --e-global-color-text ); font-family: var( --e-global-typography-text-font-family ), Sans-serif;\">There will always be only 21 million bitcoins in circulation. The last block should theoretically be &#8220;mined&#8221; in 2140. Age. The assumption is that from that point forward, miners will no longer rely on the newly issued bitcoin as a reward, but will instead rely on fees they charge &#8220;in return&#8221; to carry out transactions<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5032c25 elementor-widget elementor-widget-heading\" data-id=\"5032c25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">\nHASH, NONCE, DIFFICULTY\n<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b42c93 elementor-widget elementor-widget-text-editor\" data-id=\"9b42c93\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Learning about the mining process, you will surely come across new concepts one of which is indispensable, and that is <\/span><b><span style=\"color: #000080;\">&#8220;hash&#8221;<\/span>. <\/b> <\/p>\n<p><span style=\"color: #000080;\"><b>&#8220;Hash&#8221;  <\/b><\/span><span style=\"font-weight: 400;\">Is an alphanumeric code used to represent a word, message, or data. In the process of mining bitcoin based on the Proof-of-Work consensus mechanism &#8211; the valid hash must meet certain criteria &#8211; respectively, it must start with a certain string of zeros. Bitcoin is based on a &#8220;sha256&#8221; hash algorithm that, once executed, is always 64 digits, that is, 256 bits, respectively.  <\/span><span style=\"font-weight: 400;\">What miners are looking for, that is, trying to guess is <\/span><span style=\"color: #000080;\">\n  <b>&#8220;nonce&#8221;<\/b>\n  <span style=\"font-weight: 400;\">. <\/span>\n<\/span> <\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Nonce&#8221; is the only piece of information that miners can add, and it looks like a disposable array. Miners enter it, to change the hash output, so that it has a value equal to the mining goal. So we can say that &#8220;nonce&#8221; is the way to achieve mining goals.  <\/span><span style=\"font-weight: 400;\">The level of difficulty, or &#8220;mining difficulty&#8221; determines how much minimum zero is required in order for a block to be considered valid. This means that the miners are constantly changing  <\/span><b>&#8220;nonce<\/b><span style=\"font-weight: 400;\">&#8221; until they meet a certain condition, that is, until they reach a certain number of zeros at the beginning of the hash. <\/span><span style=\"color: #000080;\">\n  <b>&#8220;Mining difficulties&#8221;<\/b>\n<\/span><span style=\"font-weight: 400;\">  depends on the global hash rate, that is, on the unit that indicates the strength of the &#8220;minner&#8221;, that is, how many hashes a pojeid miner can check per second. When global has hrate grows difficulty grows, and this is corrected every 2016 blocks or approximately every two weeks. Likewise, when the global hash rate falls &#8211; then the difficulty also falls.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Miners take a block of transactions and a certain amount of data, and as a resultget a certain hash that may look like this: <\/span><span style=\"font-weight: 400; color: #000080;\">&#8220;89s950gdtxa3849tjd7471bcff1e96e53fbcd602c7438a38d8e4257bbe78bddd&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such a hash is not good because it does not contain a certain number of zeros at the beginning that are necessary in order for a block to be considered valid and to be added to the blockchain.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here&#8217;s an example of a valid hash: <span style=\"color: #000080;\">&#8220;<\/span><\/span><span style=\"font-weight: 400; color: #000080;\">00000000000000002cf16881a7cd5312ec584ca17147f63292544780d10ee&#8221;<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35d610a elementor-widget elementor-widget-heading\" data-id=\"35d610a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\nThe process of crypto mining\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a270501 elementor-widget elementor-widget-text-editor\" data-id=\"a270501\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Specialized computers perform the calculations that are necessary in verifying and recording each new bitcoin transaction. This achieves high blockchain security. Blockchain verification requires a huge amount of computing power, which is voluntarily contributed by miners. Bitcoin mining can be compared with running a large data center.  <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Miners &#8211; were natural, legal entities, buy hardware, and pay for electricity needed for its work, but also for cooling. In order for this to be profitable at all, the value of the coins earned must be higher than the cost of mining these coins.  <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Miners or miners race to find hash and nonce that match each other. Matching hash and nonceaa is a prerequisite for a block in the chain to become valid.  <\/span><span style=\"font-weight: 400;\">Every computer, or miner, &#8220;races&#8221; on the network to guess first the 64-digit hexadecimal number known as the &#8220;hash&#8221;. The faster the computer throws out guesswork, the more likely the miner is to earn a reward. Miner &#8220;winner&#8221; updates the block chain book (eng. Blockchain ledger) with all the newly confirmed transactions &#8211; adding to the chain such a newly confirmed &#8220;block&#8221; containing all these transactions \u2013 and gets a predetermined amount of newly minted bitcoins. On average, this process occurs every ten minutes.  <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e63a858 elementor-widget elementor-widget-heading\" data-id=\"e63a858\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Reducing mining rewards  <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ec25f1 elementor-widget elementor-widget-text-editor\" data-id=\"1ec25f1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The reduction of rewards is directly correlated with the process of BitcoinHalving, i.e. halving. In short, the end of 2020. The prize was 6.25 bitcoins, and before that it was twice as high. In 2024. the prize will be reduced by half, and so every four years thereafter. In fact, as the difficulty of mining increases, rewards will decrease until there is no more bitcoin left to mine.<\/span><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b1e5638 elementor-widget elementor-widget-heading\" data-id=\"b1e5638\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Why is mining important?<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a902bc elementor-widget elementor-widget-text-editor\" data-id=\"9a902bc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">In addition to mining &#8220;releasing&#8221; new crypto coins that then enter circulation, mining is also crucial for the security of Bitcoin, as well as many other cryptocurrencies. This process &#8220;checks&#8221; and secures blockchain, which further allows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cryptocurrencies to function as a peer-to-peer decentralized network that has no need for third-party surveillance;  <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Miners to contribute to the blockchain network with their computing power, in exchange for a reward;  <\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Miners are the most important to users because they type transactions into the Blockchain network, i.e. they &#8220;execute&#8221; transactions between senders and recipients of cryptocurrencies.<\/span><\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d93ebb5 elementor-widget elementor-widget-heading\" data-id=\"d93ebb5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Is Bitcoin mining legal?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b63f308 elementor-widget elementor-widget-text-editor\" data-id=\"b63f308\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If you&#8217;re wondering if Bitcoin mining is legal \u2014 the answer is yes, but not everywhere. While in some countries of the world, such as El Salvador, a new &#8220;Bitcoin city&#8221; is planned to be built, and decisions are being made about the future of geothermal energy-based mining &#8211; there are also locations in the world where mining is strictly prohibited. Examples of countries are  <\/span><i>\n  <span style=\"font-weight: 400;\">China, Algeria, Nepal, Russia, Bolivia, Egypt, Morocco, Ecuador <\/span>\n<\/i><span style=\"font-weight: 400;\">and P<\/span><i>\n  <span style=\"font-weight: 400;\">akistan<\/span>\n<\/i><span style=\"font-weight: 400;\">. In the Republic of Croatia, mining is not prohibited, but also, there is no clear jurisdictional framework. The general position on cryptocurrencies in The Republic of Croatia is such that earnings generated through cryptocurrencies are defined as income. Therefore, although the possession of cryptocurrencies is not taxed, earnings from trading or selling are considered earnings. In other words, if you mine bitcoin and sell capital gains &#8211; it will be taxed. If you&#8217;re interested in more about cryptocurrency taxes, stop by our previously published blog on this topic.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000080;\"><b>Announcement of the following blog:  <\/b><\/span><span style=\"font-weight: 400;\">We hope you enjoyed today&#8217;s topic, and a new topic awaits you next week. In case of questions or topics that you would like to know more about &#8211; write to us, either through social networks, or via email. We are excited to prepare an article for next Wednesday.  <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Until next blog, <\/span><\/p>\n<p style=\"text-align: justify;\"><b>Your Kriptomat.hr Team<\/b><span style=\"font-weight: 400;\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>What is cryptocurrency mining? In today&#8217;s blog, we are talking about mining and mining. If you are an investor, it is possible that you have not encountered mining, but this process is no less interesting than investing in cryptocurrencies. Indeed. Mining je the process by which networks of specialized computers generate and release new cryptocurrencies, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4520,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,50],"tags":[],"class_list":["post-5285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dive-deeper","category-general"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is mining? - Kriptomat<\/title>\n<meta name=\"description\" content=\"Mining is the process by which networks of specialized computers generate and release new cryptocurrencies, while verifying new transactions. 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