While BTC was designed to usher in the decentralized economy, the mining aspect of this cryptocurrency continues to see escalating centralization due to the creation of more mega-mining facilities. Today, if you want to become a major player in the field of cryptocurrency mining you better have some deep pockets as you will be competing against software giants and even governments. This has led the mining industry to grow extremely competitive. As the value of cryptocurrencies has seen a sharp increase, so has the amount of processing power put towards mining. The mining industry has undergone huge growth and transformation over the last year in accordance with the rise in the value of cryptocurrencies. This reward can vary depending on the overall power or Hash Rate of the blockchain being used.Ĭryptocurrency mining is no longer regulated to a few software developers and their personal rigs. Cryptocurrency miners are awarded for completing the proof-of-work algorithm and thereby, adding the next block to the blockchain. ![]() Cryptocurrencies such as Bitcoin rely on mining operations to verify transactions and approve their entry onto the blockchain. Mining is one of the core principals of the decentralized economy. ![]() The Top 5 Largest Mining Operations in the World
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