Understanding the equipment needed for mining
We have already learned that mining requires a node.
To be precise, you will be using some core part of your computer, the CPU.
Furthermore, computers with GPUs, which are more powerful than CPUs, are becoming more common these days.
This is because the better the performance of this core part, the faster the calculation work can be done.
Since the early bird gets the worm in mining, the better the core of the computer, the better the odds.
In short, the better the computer, the easier it is to mine.
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What you need to know about ASIC
Some computers have ASICs that are developed for specific applications.
In recent years, ASICs have been modified for the sole purpose of mining.
Since ASICs can cost up to a thousand dollars each, they cannot be purchased by individuals, and in recent years the mining market has become an oligopoly market for large companies.
In recent years, the mining market has become an oligopoly market dominated by large corporations, which are buying up ASICs in large quantities to increase their chances of winning the race of the early birds.
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Let's understand how decentralization of mining works
In understanding cryptocurrency mining, the knowledge of hash rate is very important.
The hash rate refers to the speed at which mining takes place.
Because it is a speed, it is constantly fluctuating, and the increase in the hash rate is proportional to the increase in the number of miners.
The increase in the hash rate is proportional to the increase in the number of miners, since the number of miners often increases when better computers are developed.
Therefore, as the hash rate increases (i.e., the number of miners increases), decentralization accelerates.
At first glance, an increase in the hash rate may seem like a good thing, but if the hash rate increases too much, more and better computers (ASICs) will be needed, and only large companies will be able to mine.
To prepare for such a situation, a mechanism called Difficulty is built into each cryptocurrency.
This difficulty ensures that the hash rate is not too high or too low, but just right.
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