Crypto Mining is the practice of adding transaction history to the blockchain network. It is also a process of manufacturing new cryptocurrencies. In recent times, cryptocurrency has been in a lot of buzzes. With people gaining awareness about the digital currency and the benefits attached to it, more and more people are looking forward to investing in it. But if the demand for anything rises, the production and supply are ought to increase.
Since 2017, there has been a stark increase in cryptocurrency services. More and more people are looking forward to crypto mining and crypto hosting. In this article, we will briefly discuss the reasons that have led to the rise in popularity of Crypto Mining.
Why is there Rise in the Popularity of Crypto Mining?
A simple, plain answer to this would be the rise in popularity of cryptocurrency. Since the first bitcoin was released in the year 2009, there was not a great buzz around the topic. It was only in 2017, that there was a sudden hype in the popularity and use of digital currency. This is the period which marked the increase in the numbers of crypto miners. Here are a few reasons that led to the increase in the numbers of crypto miners.
The increase in the number of Cryptocurrencies
The number of cryptocurrencies increased steadily. Today there are over 5000 digital currency existing in the world. The use of so many currencies led to the need for more crypto miners. Without it, the decoding and storing of the transaction in the blockchain would have been impossible.
Greater Profits Incurred
With time, the digital currency industry crossed the heights of profits. The rewards for cracking a single crypto code also increased. This attracted many coders. Hence, leading to an increase in the numbers.
Be Your Own Boss
The work of crypto miners is highly independent. They do not have to work under any other person. The flexibility of the job invited more and more people to be a part of it.
Today there are huge numbers of crypto miners existing and working every single minute. Growing at this great rate, the industry is sure to have a great future ahead.