The process in which transactions between users are verified and added into the blockchain ledger is known as cryptocurrency mining. It also introduces new coins into the existing circulations.
So mining is very important for the existence of the crypto industry and there are a lot of challenges for crypto mining. This article reveals about the challenges faced by the crypto mining and how to conquer them. Read till the end to know more about it.
How To Conquer Crypto Mining Challenges?
Cryptocurrency mining is based on an algorithm known as proof of work. The most popular form of crypto mining is Bitcoin mining. Each time a cryptocurrency transaction is made, the crypto miner is responsible to check the authenticity of the information and to update the blockchain. In order to start mining, the miner requires dedicated computer hardware with a specialized graphical processing unit chip.
What are the challenges faced by Crypto Mining?
Crypto mining has a few serious problems. Let’s look at the challenges.
Consumes too much of energy
Crypto mining utilizes an increasingly large amount of energy. This is because the crypto mining is only possible when mining computers works 24 hours per day. Each system uses up to 1400W of electricity. This will cost you high electric fees.
The unauthorized use of someone’s computer for mining is known as cryptojacking. Browser-based cryptojacking is very common nowadays. Hackers gain more money with little risk which makes this crime more popular. Hackers define cryptojacking as easier, cheaper and profitable ransomware. They use two primary ways to do the crime.
One of the ways is to trickly getting the victims to click on a link that is malicious. This loads all the crypto mining codes in the hacker’s system. The link runs codes that place the crypto mining script on the computer. The script then runs in the background as the victim works.
How to solve these problems?
The above given are the main two challenges faced by crypto mining. Now we can look at the solutions to those challenges.
Use less power-intensive protocols
Less power-intensive protocols like proof of stake(PoS) help you to mine according to the coins you hold. This can be used as an alternative for proof of work(PoW). The main advantage of proof of stake is, it requires only a less amount of energy and it is seen as less risky.
Install ad blockers or use mobile device management solution
Installing ad blockers in your system that involves in crypto mining helps to block malware ads since cryptojacking is often delivered by hackers through pop up ads. Cryptomining scripts can be detected by using adblocker plus. Also, remember to keep your web filtering tools updated and stay updated with the latest version of the software.
This helps you to prevent hackers to some extent. The mobile device management (MDM) system is a better solution against cryptojacking. It helps to manage apps and extensions on the user’s device.
The above given are the problems and their solutions related to the proof of work consensus. Always remember these precaution tips while mining. We feel more than happy while delivering these right pieces of information to our beloved audiences. Please let us know your feedback through the comment section given below and we will try our best to speak out to you asap.