The word cryptocurrency has bot thrown around left and right for the past duo of months. You see it on your social media timelines, ter the news, and pretty much anywhere else your eyeballs glance ter the digital space, but where are thesis cryptocurrencies coming from?
Well, there are people who work behind the scenes of all of the coins that enthusiasts are investing ter and they’re called miners. Eugene Mutai, who is based ter his native country, Kenya, set up his own mining equipment and is cashing ter on the creation of this digital currency.
According to CNN, Mutai previous worked spil a farmer and determined it wasgoed time for a switch. After doing some research, Mutai quickly switched his labor-intensive job to the virtual world. “I wasgoed nosey about what wasgoed making thesis alternative coins drive. Bitcoin wasgoed hard to mine by that point te time,” Mutai tells CNN. “There were already many Bitcoin miners.” Instead, Mutai commenced mining Ethereum, a similar but less well-known cryptocurrency.
Mutai, like many others, had never seen anything like this before and quickly became engulfed. It opened up his world to a brand-new chance to make money.
“The way I understand what mining cryptocurrencies is, is that it’s basically supporting the network and helping the verification and adding of transactions to the entire blockchain database,” Mutai told CNN. Ter the simplest form, miners confirm transactions instead of big banks and credit card companies.
By definition, cryptocurrency is limited entries ter a database no one can switch without fulfilling specific conditions. Essentially, once a transaction takes place the network is notified instantly. Once the transaction is confirmed it cannot be reversed. Its records are then added to the blockchain. A miner’s job is to confirm the transaction.
How is Mutai making money? Every time he confirms a transaction and it is added to the blockchain, he gets paid. “There’s something known spil a Hashrate, which is basically how swift can you verify transactions, and eventually help the transactions to be added to the block. The more powerful your laptop, the more transactions you can verify, the more money you can make. Then for every transaction verification, you get something called a share, which is translated into the cryptocurrency that you’re mining,” Mutai continued. He brings ter approximately $800 each month.