What is crypto currency?
As we all have our national currencies, India = Rupees, USA = Dollar , Russia = Russian ruble, etc.
Crypto currency is a digital currency which is stored in your crypto wallet, It is exactly same as your Paytm wallet. It uses cryptography to secure transactions. Cryptocurrencies don't have a central issuing or regulating authority, instead using a decentralized system to record transactions and issue new units. Any one can buy and sell them. There are more than 50,000 crypto currencies, some of them are :- Bitcoin (BTC), Stellar (XLM), Dogecoin (DOGE), Monero (XMR).
Why you need to buy a crypto currency?
You need to buy a crypto currency because if you buy a currency at a low price than after some time when the price of that currency increases than it will make you much profit. On that time you can sell the currency at high price. As cryptocurrency has a positive side it also has a negative side, that is this curency is totally untrackable and if any fraud happens to you than you can't complain or report to any authority.
What is mining?
As transactions of crypto currencies is done, for validating or authenticating the transaction much computational power is required which is provided by the miners. The validating process is mostly done by graphics card's processing power, that is one of the reason why the price of graphics cards are much high at this time. Miners buy a lot of graphics cards for mining, they set the graphics cards in a row for providing much processing power and to earn more money. They set atleast 10 -15 graphics cards.
How the miners earn money?
So here a question arises that how a miner earn by mining. As you know that for validating or authenticating much more processing power is required which is provided by the miner's computers. As an example if someone is sending 1000 rupees bitcoin or any other crypto currency to another person, there a transaction fees is charged which is sent to the miner, this is how miners earn from crypto currency mining.