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Types of Cryptocurrency Mining Equipment, Their Classification, Major Manufacturers

To mine cryptocurrencies, miners perform complex mathematical calculations using cryptographic hashing. They do this using specialized software-hardware complexes, the key components of which include central processing units (CPUs), graphics processing units (GPUs), and ASIC devices. The latter are currently used in the vast majority of cases due to their high efficiency.

Mining Pools. What are Mining Pools and How Do They Work

A mining pool is a software-hardware complex that combines the computing power of various miners for joint cryptocurrency mining. Essentially, it is a platform where the server divides a complex task into parts and distributes them among the miners connected to the pool. Once a solution is found together, the rewards are distributed among the participants.

Cryptocurrency Wallets and Their Types

A cryptocurrency wallet is a specialized software or hardware tool for accessing cryptocurrencies and conducting various operations with them. These wallets come in the form of web services, mobile or desktop applications, as well as small electronic devices that can operate offline.

Cryptocurrencies and the addresses where they are stored are directly controlled by the blockchain, and special cryptographic keys are used to confirm the owner's right to manage the funds. These keys are stored in cryptocurrency wallets.

Types and Categories of Cryptocurrencies

All cryptocurrencies can be classified into different categories depending on their emission method, the presence or absence of their own blockchain, or the backing of coins.

How to Calculate Mining Profitability

Mining profitability is determined by a number of factors. These include the equipment specifications, the cost of electricity consumed, mining difficulty, cryptocurrency exchange rates, and other indicators.

What Cryptocurrency Can Be Mined

The choice of cryptocurrency for mining depends on factors such as the cost of the equipment and the electricity required to run it, the mining difficulty (computations), and the current coin exchange rate.