#Cryptocurrency#mining, or #cryptomining, is a process in which transactions for various forms of #cryptocurrencies are verified and added to the blockchain digital ledger.
Each time a #crypto transaction is made, a cryptocurrency #miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other #cryptominers to solve complicated mathematical problems with #cryptographic hash functions that are associated with a #block containing the transaction #data.
The first cryptocurrency miner to crack the #code is rewarded by being able to authorize the transaction, and in return for the service provided, cryptominers earn small amounts of cryptocurrency of their own. In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a #computer with specialized hardware such as a graphic processing unit ( #GPU) or application-specific integrated circuit ( #ASIC).
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A high-ranking promoter of Bitconnect has been arrested at the Delhi airport India for his involvement in the alleged multi-billion dollar Ponzi scheme that blew up earlier this year.
It was confirmed as a scam when the team shut down the BCC crypto exchange and investing platform after being served a cease and desist letter from Texas regulators, declaring an ICO shortly beforehand as a last ditch effort to squeeze more money out of users before exit scamming with the millions already invested.
Well I guess some scammers will get caught lol. Just take care investing my fellow crypto buddies.. if it sounds to good to be true then most likely it's not. Just remember no one can PROMISE x amount of returns when investing 🤑