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Here's how it works, and how you can mine your tokens. Bitcoin , Ether , Dogecoin , and most other cryptocurrencies are built using a technology called Blockchain, which is the public ledger, that is is secured using complex encryption techniques. Getting new coins on the ledger involves solving complex mathematical puzzles that help verify virtual currency transactions. These are then updated on the decentralised blockchain ledger. In return for this work, the miners get paid with cryptocurrency.

This process is called mining as it lets new coins into circulation. Thus, miners are an essential part of the cryptocurrency ecosystem. Bitcoin price in India stood at Rs. During mining, computers solve complex mathematical equations.

The first coder to crack each code is able to authorise the transaction. In return for the service, the miner earns small amounts of cryptocurrency. Once the miner successfully solves the mathematical problem and verifies the transaction, they add the data to the public ledger, called the blockchain. This is the algorithm that secures several cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin. It ensures that no single authority becomes so powerful that it begins to run the show.

This process executed by miners is a necessary part of adding new blocks of transaction data to the blockchain. A new block is only added to the blockchain system if a miner comes up with a new winning proof-of-work. This happens after every 10 minutes in the network.

The goal of proof-of-work is to prevent users from printing extra coins they didn't earn, or double-spending. In the early days, soon after Bitcoin came into existence in , it was a profitable activity. Since the resources required to mine a single bitcoin were also less, miners were able to pocket most of the reward as pure profit.

Although the reward for Bitcoin mining has decreased over time, the value of each BTC has increased hugely. But the cost of Bitcoin mining has increased dramatically. This is because the competition for tokens is much higher, and high-performance computing is now required to successfully mine the tokens. White miners point at gray miners; both accuse the government of scapegoating them for electricity supply problems, using them to attempt to head off unrest. In February, Mahsat Quandykov, a division head of the Almaty City Department for Economic Investigations, was given the near-impossible task of tracking down gray miners like Kuanysh and forcing them to register.

Illegal miners can operate covertly in densely populated urban areas, camouflaged by general use. The department also relies on public tipoffs; a WhatsApp hotline has been implemented, along with the offer of monetary rewards. On Facebook, the digital minister has implored people to report on any suspicious mining-adjacent activity.

Just a few weeks later, the department ramped up its investigations. Kuanysh, so far, has escaped notice. In recent weeks, the government itself is beginning to draw public attention. Local media reported that the production — 57, tonnes of ferroalloys a year, with a total power capacity of 64 MW — consumed more than 10 times the power that other plants of that size , according to Rest of World estimates.

Amid all the turmoil, analysts observe that the U. The Ekibastuz facility remains dark. Learn More About us Work with us Team news. Stay Connected Follow along. Get the newsletter Get all our stories delivered Name. Dark Mode. By Naubet Bisenov and Meaghan Tobin. Times have changed, though. For the past five months, the complex has stood idle. Latin America Newsletter.

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