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Learn about electronic currency mining

Electronic currency is one of the barter tools that enable their owners to purchase various goods and services through websites, and the digital currency does not differ from the rest of the recognized currencies in terms of the function it performs, but what distinguishes digital currencies from other currencies is the inability of their owners to Touching it and carrying it like other common currencies, due to its digital nature, digital currencies are traded through websites and computers, and thus it is very necessary to document all exchange operations and save their private data in electronic wallets.

 Electronic currency mining:

Where digital currencies are traded through the so-called blockchain, which makes the exchange process safer, and it is necessary to save all currency movements over the Internet and the deals that were used, and these codes and mathematical equations are saved in a digital wallet, and this procedure is called electronic currency mining and is considered Mainly in the process of documenting the ownership of the currency and preventing electronic crimes such as piracy of currency data and its serial codes, the nature of the digital currency made it a target for hackers and pirates by obtaining the user's key or on its electronic wallet, as Gox announced that it was considered the third largest exchange company. In the world, as a result of its bankruptcy as a result of the theft of its Bitcoin stock of a total of 380 million dollars, prospectors in electronic currencies are increasing day by day as the digital currency market thrives.

 Miners :

With the boom in trading using electronic currencies, the profession of prospecting for information similar to the profession of mineral exploration appeared in the ground, where astrologers track the operations and deals that investors made using electronic currencies, to ensure that cases of duplication of spending did not occur, such as if the user spent the same money twice and thus Maintaining credibility in currency circulation, which will enhance the demand for it, and the miner gets in return his share in a digital currency, when completing 1 MB of data on bitcoin, for example, the prospector gets 12.5 btc, as many of them enjoy the challenges of this profession and the difficulty of tracking the movement of the currency Online electronic devices and their documentation in electronic wallets, in addition to the abundant money they make from this profession.

 E-currency mining tools:

 The tools and equipment needed to carry out the process of mining electronic currencies were simple and less complex, and with the spread of the currency and the growth in the volume of circulation in it, it became necessary to use more sophisticated equipment and was more capable of dealing with a greater amount of huge mathematical equations, analyzing data and storing a huge amount of encrypted data. Graphics processing units and application-specific integrated circuits are among the best tools that must be owned, whose cost ranges between hundreds and tens of thousands, as beginners use graphics processing units because they are the least expensive, and it is noticed at this time that a huge turnout by huge companies for investment In electronic currency mining.