In this fast-growing digital world, computers are the main mode of working these days which leads to energy consumption on a large scale. In the first place, one needs to know about secure ways of digital transactions. Let me help you know about few of the terms being used generally.
Cryptocurrency a currency or an asset in the digital world, designed and used as a medium of exchange to secure financial transactions. It is a kind of digital, virtual and alternate currency. Bitcoin is the first of its kind, followed by many more like Litecoin, Dashcoin, Monero, NEO, Ethereum, Omisego etc. these have sidelined the traditional currencies and have made the transactions encrypted, secure and independent. There are no central bodies to issue these cryptocurrencies, so have benefits like not subjected to inflation and deflation, no brokerage cost and privacy in transactions.
These cryptocurrencies are generated through a process called ‘mining’. To get a hold on the word Mining cryptocurrency, one has to know about blockchain and its correlation in working. The Blockchain is a record register software used in digital transactions using a cryptographic technique. It is a very secure and time-saving mode of keeping loads of information. It has two types of records: transactions and blocks. Blocks have the collection of valid transactions that are arrayed and encoded in a Merkle tree. Two blocks are connected, a block is attached with the hash of the previous block. This generates a new crypto coin. This task is carried out by the network nodes and are called the dubbed ‘miner’. Every time a series of transactions are linked together into a block, it adjoins to make a blockchain. One who does it gets a reward of cryptocurrency.
Hardware and software run by the people for mining Bitcoins etc are enslaved to energy consumptions 24×7. Companies of energy distribution are exploiting the consumers by increasing the rates day by day. Miners have to invest lots of money from the mining into running and maintaining the equipment. Energy production can be clean, green and cost-effective.
Dago mining designed a mining system with three technologies brought together: an efficient photovoltaic system using solar concentration panels, innovative salt water batteries system for energy storage which makes the farm self-sufficient in 12-18 months from the start terms of energy. Dago mining is an extremely efficient, renewable and lucrative way of producing green energy.