Why is the Ethereum mining machine getting slower (What is the mining process of Ethereum mining machine)?
Why is the Ethereum mining machine getting slower? According to cryptoglobe new
Why is the Ethereum mining machine getting slower? According to cryptoglobe news, around December 28, 2017, the difficulty of Bitcoin mining reached a historical high of 14T. According to coinmarketcap data, the value of Ethereum reached an astonishing 200 million dollars in 2017. However, in January 2018, a large amount of spam appeared on the Ethereum network, causing the Ethereum mining machine to slow down. What is the reason?
1. Due to the complexity of ASIC chips and the inability to determine the required workload.
2. Over time, the price of Ethereum has been decreasing, which reduces the efficiency of Ethereum mining machines.
3. There are various types of miners in the current market, and the profit margin of these mining companies is very small. However, from an investment perspective, they did not take into account the price of Ethereum, as it lacks the actual profitability for mining and transactions.
What is the mining process of Ethereum mining machine?
According to cryptovest news, what is the mining process of Ethereum mining machine? It was called Ethereum shortly after the birth of Bitcoin. However, due to Ethereum’s blockchain features (smart contracts, etc.), the process of mining with mining machines has become complex – from hardware devices to software, applications, hosting, and exchanges, and so on.
The most popular cryptocurrency mining pool currently is Bitcoin.com, which provides mining services for ETH hash power. However, it only utilizes some specific features running on the Ethereum network. Such systems mainly ensure their security by utilizing proof-of-work algorithm without the need for mining specifically. The Ethereum mining process consists of five stages: the first round is the generation of the first batch of Ethereum blocks; the second round is obtaining rewards from miners; the third round is the process of mining Ethereum through ASIC; the fourth round is the miners deciding how to handle the gas fees generated in this process; and the fifth and final stage is that miners will send these transactions to themselves at their own will and then make the corresponding GAS fee payments at the specified time.
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