What is Cryptomining?

Cryptomining (or “bitcoin mining”) is a computer process where bitcoins (a form of “cryptocurrency”) are entered into circulation.

Cryptocurrency is a digital form of currency that can be used like cash or a credit card. Unlike the U.S. dollar, there is no central authority that prints more coins, or maintains the value of cryptocurrency. Bitcoin became the first viable cryptocurrency in 2009.Bitcoin miners obtain new coins by being the first to solve complex mathematical puzzles. They use specialized computers that do nothing but run high-speed calculations that attempt to solve those puzzles.

When miners solve a puzzle they receive bitcoin (as well as transaction fees), and a transaction is entered on the “blockchain ledger” that contains all the transactions in the network.

When a transaction on the blockchain ledger is validated, it becomes a permanent record on the blockchain ledger. Validation is accomplished by solving complex mathematical puzzles to verify blocks of transactions that are then updated on the blockchain ledger.

Huge Electricity Demand

Creating a bitcoin consumes 121 terawatt-hours of electricity each year, more than is used by the Netherlands or the Philippines, according to the Cambridge Bitcoin Electricity Consumption Index.

The banks of computers used to mine bitcoins consume huge amounts of electricity, which draws criticism from environmental groups.

Low Frequency Sound An Issue

Neighbors complain about the noise generated at some bitcoin mining sites — and not just the loudness, it’s the low frequency. (Low-frequency sounds travel farther than high-frequency sounds because the longer waves cover more ground before losing energy.)

“The powerful computers must be cooled by an array of fans. Their whirring noise has left residents who live near cryptocurrency operations … agitated and frazzled. Some compare it to a giant dentist’s drill, others to a fleet of helicopters taking off in their backyards,” say some.

In Murphy, North Carolina, “residents who can hear the indelible hum most prominently live near an unobstructed path from it. During winter, the noise gets worse without leaves on trees to help absorb the sound. But year-round, residents living up to a mile away from the mine can hear it….” and residents cite research showing that prolonged noise exposure can make mental health disorders worse as well as contribute to high blood pressure and other cardiovascular issues.

2 Responses

  1. Sorry but I have to correct your POST. CRYPTOMINING IS A SOFTWERE ANONIMUSLLY CREATED https://en.wikipedia.org/wiki/Satoshi_Nakamoto. this Sofware is the processor for Crypto currency for example Crypto coin or any other name you want to use.

  2. FCR says:

    Thanks, Mafalda! To be entirely accurate, Satoshi Nakamoto created the software for bitcoin and helped create the blockchain ledger which makes up the computer process we discuss in the first paragraph. Cryptomining is a generic term for the entire process of creating bitcoin, as we explained.