What exactly is crypto mining reddit

Siblings Ishaan and Aanya Thakur first learnt about cryptocurrencies from their father Manish Raj, a former Wall Street investment banker, who would tell them about alt coins over dinner and at bedtime. The stories piqued their curiosity, leading them to learn more about how to mine digital tokens. Most of the mining work involves the initial set up and fine tuning of computers, says Ishaan, The duo learnt how to mine by watching YouTube videos and reading posts on Reddit.

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Content:

• Dogecoin (DOGE)
• The brutal truth about Bitcoin
• 'A Race Toward Zero': With Hashrate in the Clouds, Bitcoin Mining Is Less Profitable Than Ever
• Steam game pulled from store after allegations of cryptocurrency mining
• Reddit tests NFT user profile pictures, just like Twitter
• ‘Money just disappearing’: Reddit traders regret crypto-shares ETF

WATCH RELATED VIDEO: Cryptocurrency Mining Software Reddit - Cryptocurrency Mining Software Reddit

Dogecoin (DOGE)

Representations of virtual cryptocurrencies are seen in this illustration taken November 28, MOSCOW, Jan 20 Reuters - Russia's central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability, citizens' wellbeing and its monetary policy sovereignty. The move is the latest in a global cryptocurrency crackdown as governments from Asia to the United States worry that privately operated and highly volatile digital currencies could undermine their control of financial and monetary systems.

Russia has argued for years against cryptocurrencies, saying they could be used in money laundering or to finance terrorism. It eventually gave them legal status in but banned their use as a means of payment. In a report published on Thursday, the central bank said speculative demand primarily determined cryptocurrencies' rapid growth and that they carried characteristics of a financial pyramid, warning of potential bubbles in the market, threatening financial stability and citizens.

The bank proposed preventing financial institutions from carrying out any operations with cryptocurrencies and said mechanisms should be developed to block transactions aimed at buying or selling cryptocurrencies for fiat currencies. The proposed ban includes crypto exchanges.

Cryptocurrency exchange Binance told Reuters it was committed to working with regulators and hoped the report's release would spawn dialogue with the central bank on protecting the interests of Russian crypto users. Restrictions on owning cryptocurrency are not envisaged, said Elizaveta Danilova, head of the central bank's financial stability department.

The central bank said it would work with regulators in countries where crypto exchanges are registered to collect information about the operations of Russian clients. It pointed to steps taken in other countries, such as China, to curb cryptocurrency activity.

In September, China intensified its crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Joseph Edwards, head of financial strategy at crypto firm Solrise Group, played down the report's significance, saying no one outside Russia would be losing sleep over it.

Russia is the world's third-largest player in bitcoin mining, behind the United States and Kazakhstan, though the latter may see a miner exodus over fears of tightening regulation following unrest earlier this month. The Bank of Russia said crypto mining created problems for energy consumption.

Bitcoin and other cryptocurrencies are "mined" by powerful computers that compete against others hooked up to a global network to solve complex mathematical puzzles.

The process guzzles electricity and is often powered by fossil fuels. In August, Russia accounted for Moscow-based BitRiver, which operates data centres in Siberia hosting bitcoin miners, said it did not consider a complete crypto ban likely, expecting a balanced position to develop once different ministries have discussed the proposals.

The central bank, which is planning to issue its own digital rouble, said crypto assets becoming widespread would limit the sovereignty of monetary policy, with higher interest rates needed to contain inflation. Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Russian c. More from Reuters. Daily Briefing Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up.

The brutal truth about Bitcoin

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. But not long after these accusations started circulating, it has been taken off Steam. But YouTuber SidAlpha noticed that something was afoot, when someone on the Team Fortress 2 forums posted about how the game was tied into an item scam.

'A Race Toward Zero': With Hashrate in the Clouds, Bitcoin Mining Is Less Profitable Than Ever

Take a look at the beta version of dw. We're not done yet! Your opinion can help us make it better. We use cookies to improve our service for you. You can find more information in our data protection declaration. Running the cryptocurrency Bitcoin requires more energy than New Zealand and Belgium put together. How can something virtual keep power plants around the world so busy? DW's Timothy Rooks looks into the numbers. If you are reading this article, you are using electricity. The same goes for every Google search, email sent and photo saved to the cloud.

Steam game pulled from store after allegations of cryptocurrency mining

The reason for the change is to prevent games from scamming Steam users into buying fake items, which is what happened when the game Abstractism renamed itself Team Fortress 2 to sell a bogus rocket launcher. Valve apparently hopes to make these refunds automatic. In a statement to Kotaku , Valve explained it had "removed Abstractism and banned its developer from Steam for shipping unauthorised code, trolling, and scamming customers with deceptive in-game items". But according to Steam code shared by Reddit users , Valve has also taken steps to actively prevent fake item scams via the Steam marketplace. The code shows a pop-up will appear should players attempt to trade for items in a game they have never played, with a warning saying: "This trade appears suspicious".

Reddit tests NFT user profile pictures, just like Twitter

Dogecoin DOGE is a peer-to-peer, open-source cryptocurrency. It is considered an altcoin and an almost sarcastic meme coin. Launched in December , Dogecoin has the image of a Shiba Inu dog as its logo. While it was created seemingly as a joke, Dogecoin's blockchain still has merit. Its underlying technology is derived from Litecoin.

‘Money just disappearing’: Reddit traders regret crypto-shares ETF

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. China is one of the world's largest crypto-currency markets. Fluctuations there often impact the global price of crypto-currencies. It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst. Trading crypto-currency has officially been banned in China since , but has continued online through foreign exchanges. However, there has been a significant crackdown this year.

Unrest in the central Asian country — the second-largest centre for mining of the cryptocurrency — led to an internet blackout. Bitcoin took a hit on Thursday after the internet in Kazakhstan was shut down amid intensifying violence. The central Asian nation in recent days has been rocked by violent clashes between protesters, police and the army.

We recently discovered eight deceptive mobile apps that masquerade as cryptocurrency cloud mining applications where users can earn cryptocurrency by investing money into a cloud-mining operation. By: Cifer Fang August 18, Read time: words. We have reported our findings to Google Play, and the apps have been promptly removed from the Play Store. Some of these apps have even been downloaded more than , times.

For much of the year, the cryptocurrency has been less profitable to mine than ever. Read more: How Bitcoin Mining Works. Coming into , miners were producing approximately 90 exahashes a second or 83,,,,,, cryptographic numbers a second in an effort to generate new blocks. And ASIC financing could largely be to blame. The practice, whereby big operations can take out loans to bulk-order newer-generation hardware, floods the network with fresh hashrate. The surge in hashrate has meant more competition than ever for the digital gold rush — and with fewer bits to go around, small-time miners are having trouble keeping up.

January has been the worst month for bitcoin since the pandemic-induced panic selling of March , however the price is showing strong signs of recovery. On-chain trends have offered some hope to investors that this market reversal may continue, with data from analytics firm Glassnode revealing that long-term holders are refusing to sell. Bitcoin exchange reserves are also falling, suggesting a potential supply squeeze that could force the price up in the short term. You can follow all the latest cryptocurrency news, analysis and expert price predictions right here.