Lately, every topic revolves around cryptocurrencies. They have become part of our daily lives. The internet is flooded with news about how their price is skyrocketing from day to day, tips on how to get to them, news from other countries that have decided to legalize the exchange or have decided to ban a coin, and the like. However, this was not the case when they first appeared some more than ten years ago. At the time, people were skeptical of this new phenomenon and did not believe that virtual money would make a big difference in the world.
Let’s go back to the past
Back in 2008, the world faced a global economic crisis where governments began to rescue banks from the financial crisis, but the only ones who were affected in the end were us, humans. We felt that crisis the most and we were the ones who had to pay the price for it through rising inflation and taxes.
For that purpose, a character appeared on the stage under his pseudonym Satoshi Nakamoto who presented to the world his new creation, Bitcoin, ie a cryptocurrency on which no government, no state institution could have any influence on its price. Cryptocurrencies were created by an anonymous person for the needs of other anonymous people around the world.
Of course, people were very skeptical about this and did not believe that cryptocurrencies could make any difference to the financial sector. But this soon changed and other currencies emerged that could freely parry Bitcoin.
One of those cryptocurrencies is Etherium.
A few years after the appearance of the first cryptocurrency, in 2013 we have the opportunity to get acquainted with Etherium. Its creator, Vitalik Buterin, translates his love of information technology and digital technologies into reality by creating this coin, without knowing that a few years later that coin and Bitcoin will take the largest share and play a major role in the virtual money market.
How do you get to this coin?
This cryptocurrency is obtained like Bitcoin, through the so-called mining process. This process allows people to do two things, namely to create new coins and save the old transactions of the already created ones. However, to participate in the process of creating new coins, you need solid hardware that will help you in this activity. In the beginning, this was not the case, there was not enough interest among the people to create new coins and with a computer that was not equipped enough a good result could be achieved, ie a good profit could be realized.
But due to the fact that day by day more and more people are showing interest and want to get into this game, this activity has become more difficult.
And we felt that difficulty during this year, more precisely in March when the Etherium reached its maximum. What does this mean? This means that a lot of computers and a huge processing power were involved in creating the so-called blockchain, the more transactions were made the greater the result.
But there is a fact here that says that every day it gets harder and harder to get to Etherium. Why is this like this? The difficulty results from how many hashes need to be made to find the block solution and get to the final product. The more computing power is involved in finding solutions and solving algorithms, the more blocks and mining time there are so that they are not generated too quickly.
To maintain that mining power, we need as strong hardware as possible, and this means that we have to invest a lot of money in building a mining rig. What does this mean? This means that we need to be supplied with electricity that will be available to us 24/7 without interruption, a motherboard, and an operating system that will work on that motherboard, memory card, and graphics card. And the biggest role is played by where this equipment will be located. In order for the computer to do its job, it needs to be placed in a cold room where there will be a good airflow so that the graphics card does not overheat.
The graphics card or GPU plays a huge role because it helps us solve the mathematical equations through which we can get to Etherium. A single graphics card can solve about 30 million equations, which is a real lot, but in a network, the number of solved mathematical equations per second can be up to hundreds of trillions which is a staggering fact. That is why the mining process is getting harder and harder, but the miners are joining the so-called pool where they are joining forces to facilitate operations.
If we use the calculator to estimate how long it will take to reach an Ether, it will show us that it could be days or months. But this should not demotivate us and make us give up on our goal. Yes, it is a fact that we are currently facing a so-called crisis in the crypto market, prices are rising and falling sharply, but that does not mean that it will remain in this state. Because cryptocurrencies are unpredictable and many factors affect how their price moves, such as if a country decides to ban a coin or if it decides to include their use or exchange for goods and services. For more information about what you need to start the process of mining on Ether and additional things about whether it is worth it or not, how its price moves, etc., you can find out at sayoho.com.
Is it worth joining this process even though we know it is getting harder and harder? All statistics lead to a positive answer and experts say that in the long run this can be quite profitable. But of course it takes a lot of time and money to get a worthwhile result in the end. What will be your decision is up to you, we have somehow tried to capture the situation with this coin today through this text, but one thing remains certain and that is that it is worthy to be side by side with the original virtual coin that everything has appeared, we can only see how it will progress in the future.