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Cryptojacking is the act of exploiting a computer to mine cryptocurrencies, often through websites, [1] [2] [3] against the user's will or while the user is unaware. [4] One notable piece of software used for cryptojacking was Coinhive, which was used in over two-thirds of cryptojacks before its March 2019 shutdown. [5]
GPU mining is the use of Graphics Processing Units (GPUs) to "mine" proof-of-work cryptocurrencies, such as Bitcoin. [1] Miners receive rewards for performing computationally intensive work, such as calculating hashes , that amend and verify transactions on an open and decentralized ledger.
One bitcoin is divisible to eight decimal places. [7]: ch. 5 Units for smaller amounts of bitcoin are the millibitcoin (mBTC), equal to 1 ⁄ 1000 bitcoin, and the satoshi [a] (sat), representing 1 ⁄ 100 000 000 (one hundred millionth) bitcoin, the smallest amount possible. [2] 100,000 satoshis are one mBTC. [68]
A diagram of a bitcoin transfer. The bitcoin protocol is the set of rules that govern the functioning of bitcoin.Its key components and principles are: a peer-to-peer decentralized network with no central oversight; the blockchain technology, a public ledger that records all bitcoin transactions; mining and proof of work, the process to create new bitcoins and verify transactions; and ...
According to Digiconomist, one bitcoin transaction required 708 kilowatt-hours of electrical energy, the amount an average U.S. household consumed in 24 days. [ 162 ] In February 2021, U.S. Treasury secretary Janet Yellen called bitcoin "an extremely inefficient way to conduct transactions", saying "the amount of energy consumed in processing ...
UTXOs constitute a chain of ownership depicted as a series of digital signatures dating back to the coin's inception, regardless of whether the coin was minted via mining, staking, or another procedure determined by the cryptocurrency protocol. [2] Prominent examples of cryptocurrencies adopting the UTXO model include Bitcoin and Cardano ...
In the context of cryptocurrency mining, a mining pool is the pooling of resources by miners, who share their processing power over a network, to split the reward equally, according to the amount of work they contributed to the probability of finding a block. A "share" is awarded to members of the mining pool who present a valid partial proof ...
Monero (/ m ə ˈ n ɛr oʊ /; Abbreviation: XMR) is a cryptocurrency which uses a blockchain with privacy-enhancing technologies to obfuscate transactions to achieve anonymity and fungibility.