Cryptocurrency

Cryptocurrency

There are 44 products.

Cryptocurrency & Bitcoin - Miners, Hardware Wallets, Gifts, Stickers, T-shirts & more! A Cryptocurrency Miner is a system (person or computer) who specializes in enabling cryptocurrency transactions. Traditional currency systems, like the ones our various banks use, involve the movement of hard cash (Rand, Dollars, Pounds, etc), which is...

Cryptocurrency & Bitcoin - Miners, Hardware Wallets, Gifts, Stickers, T-shirts & more! A Cryptocurrency Miner is a system (person or computer) who specializes in enabling cryptocurrency transactions. Traditional currency systems, like the ones our various banks use, involve the movement of hard cash (Rand, Dollars, Pounds, etc), which is issued by the various central banks to other banks resident in each country. It is through this system that the supply and demand for money are kept at equilibrium. It also acts as a safeguard to check fraudulent and illegal transactions. For example, while engaging in online shopping to buy a mobile phone, the transaction between you and the supplier is regulated by your banks (yours and the suppliers’). Those banks now get a commission off the transaction carried ouy because they enabled it.

Since the advent of cryptocurrency, which is in a way, a substitute for hard cash, there has to be a way to regulate its movement too. This is where cryptocurrency miners come in. Acting as a bank of sorts, they DO NOT create cryptocurrency, but they act as a safeguard for the different cryptocurrency transactions running concurrently. They are then rewarded with some crypto themselves.

Nowadays, however, because of the complicated process of mining, mining is relegated to highly specialized computers called cryptocurrency mining hardware. The most essential hardware here is a bitcoin miner known as the ASIC miner. ASIC miners specially designed computers manufactured to mine bitcoins.

It would be a waste of time and resources to go into bitcoin mining without having this important hardware.

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