We are very much familiar with the unique nature of virtual currencies and the inherent advantages related to the transaction through crypto currencies over fiat currencies.
If bit coin is the king of the crypto world, then Ethereum is the queen. In the past few months, the price of Ethereum has risen significantly, and right now it is considered to be one of the most promising crypto currencies.
Let us now learn a little bit about Ethereum:
It is basically a decentralized programmable block chain-based software platform built specifically for applications that run exactly as programmed without any censorship, fraud, or third-party interference. The most appreciable thing is that the code written on the Ethereum block chain cannot be hacked, tempered, or altered. Due to the tamper-proof feature, it is considered to be an interesting application of block chain technology. With the help of this software platform, developers can build and execute DApps (Distributed Autonomous Applications) and smart contracts independently without any human interaction.
It is actually Ether and not Ethereum that gets produced or mind. Ethereum is just the network based on block chain technology and it is the Ether, the crypto currency that helps in running the platform. In current times, Ethereum is one of the most attractive investment options as it has this huge growth potential. It can be mined using specialized ASICs.
ASIC Mining: It is essentially the process of mining Bit coin and Ethereum like crypto currencies. An ASIC miner such as Linzhi phoenix is nothing but a piece of equipment that is soon going to become the future of Ethereum mining. ASICs are solely built for the purpose of mining. It is so much different from other types of mining devices. Developers make use of ASICs only for mining cryptos and nothing else. There is PoW i.e. proof-of-work block chain that requires mining to carry out its operations. Miners compete and make complex calculations in order to solve a mathematical puzzle which helps in earning a block reward. Developers have to face crypto currency mining difficulty when a huge number of mining devices plug into the network. ASIC hardware increases the chances of successfully mining a block. One noteworthy thing to know is that each ASIC device is designed specifically to mine a particular crypto currency because each digital currency has its very own cryptographic hash algorithm. ASIC devices are intended to match that cryptographic hash algorithm, making ASIC mining a worthwhile endeavor. Moreover, it is easy to set up ASIC mining devices. Compared to GPUs and CPUs, ASICs are said to have high efficiency and computation powers. With ASIC’s power, users are much assured of earning rewards faster compared to any other type of hardware. The ASIC mining devices designed at Linzhi consume less energy relative to their computing power.
Most developers and users do not consider it a great idea to mine Ethereum using ASIC miners. This is because the network is now shifting from PoW (proof-of-work) to the PoS (proof-of-stake) system. Their concern is genuine to some extent. But, the noticeable thing is that Ethereum still supports PoW and that’s the only reason why the latest and powerful ASICs are launching in the crypto market. Moreover, ASIC Ethereum miners are much less costly than Bit coin’s, providing you the chance of making easy money from mining.
