In this scenario, it is the bank’s job to make sure that Carl has enough balance to make the $100 payment to Ava.
In the previous example, suppose Carl sends $100 to Ava via bank transfer. Monero miners perform two important tasks: This number will continue to increase until there are 18.4 million Monero coins in circulation. So, now that you know a bit more about Monero and how it differs from Bitcoin, it’s time to find answer your next question - what is Monero mining? What is Monero Mining?Īt the time of writing, there is a total of 15,829,795XMR in circulation. This has made Monero a good option for beginners and other people who don’t want to invest lots of money to start mining. Instead, Monero mining can be carried out using your computer’s CPU/ GPU. 
An ASIC can cost anywhere between $600 to $1000, which has made Bitcoin mining unattractive for anyone except professionals.įortunately, Monero mining doesn’t require you to purchase an ASIC. Monero Mining Does Not Require an ASICĪn ASIC ( Application Specific Integrated Circuit) is a special type of hardware used for Bitcoin mining. What is the safest Bitcoin wallet? Read this guide find the safest Bitcoin wallet to protect your funds.
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