Cryptocurrency mining is the process to confirm and validate transactions on a Proof of Work (PoW) based cryptocurrency. The coins are mined using ASIC (Application Specific Integrated Circuit) hardware or by using Graphics Processing Units (GPUs)
The mining business was instrumental in the rise of the sale of GPU units which drove the stock price of Nvidia Corporation from $30 in October 2016 to more than $200 in October 2017. Bitmain is the most popular manufacturer of Bitcoin and Litecoin ASIC miners.
We have compiled a list of top 7 cryptocurrencies which you can mine:
Bitcoin follows the SHA-256 Hashing algorithm. Bitcoin was the first Proof of Work (PoW) protocol to ever come into existence. It is was mined using PC and GPU units by computer and gaming enthusiasts, soon with the rising price and popularity, it evolved as a large-scale business opportunity.
The ‘tragedy of the commons’ effect led to the decline of the mining business with CPU and GPU units. Soon, technological advancements led to the development of Application Specific miners, which were designed to yield maximum efficiency in mining.