What is Cryptocurrency?
A cryptocurrency is a digital currency that can be used to buy goods and services but uses an online ledger to secure online transactions. Cryptocurrency is a completely digital system with each supplier generating its own currency that can be purchased. A cryptocurrency is a form of payment that can be exchanged online for goods and services, but it is not based on the US dollar, Euro, or any other printed monetary system. Much like stocks, the interest in cryptocurrencies is to trade for profit.
In traditional banking, there’s a central authority that controls, maintains, and updates a centralized ledger of the currency; meaning every single transaction must go through the central banking system. With cryptocurrencies, there’s no central authority, nor is there a centralized ledger. The decentralized ledger system is known as the blockchain. Unlike the traditional banking system, anybody can be directly connected to and participate in the purchasing and selling of cryptocurrency.
What is Crypto Mining?
Crypto mining is a term that refers to the process of gathering cryptocurrency as a reward for work that you complete. In a more literal sense, what is crypto mining? How does it work? The term crypto mining refers to gaining cryptocurrencies by solving cryptographic equations using computers. The servers solve math problems via a 64-digit hexadecimal number called a hash. Mining rigs used in crypto mining produce an output efficiency known as a hash rate and are measured by hashes per second.
This equation solving process involves validating data blocks and adding transaction records to the blockchain. There are entire networks of computers and other devices involved in crypto mining. These systems perform the transactions and keep shared records via those blockchains. But all of this comes to a crashing halt if there is a loss of power. Data disruption could occur, so reliable power is integral for the crypto mining process.
Reliable Power for Cryptocurrency Data Centers
Like data centers, these cryptocurrency mining facilities require consistent, reliable power and lots of it. Many of these cryptocurrency mining centers have adopted backup power solutions like data centers. An emergency or backup generator can provide power and is not weather-dependent on something like solar or wind power.
When power is lost, in what is considered a building with critical power requirements, emergency power takes over. Mining rigs are made of complex computers that are running 24 hours a day, 7 days a week, 365 days a year. With computers running around the clock, the chance of a power outage derailing the mining process is high. Emergency generators provide that much-needed safety net that crypto mining needs. Many crypto mining operations are even enlisting fleets of standby generators to protect uptime.
Generators for Mining Cryptocurrency
When it comes to finding Generators for Mining Cryptocurrency, it’s about finding the right company that’ll work with you to meet your exact power needs throughout the whole process. Total Energy Solutions can pair your company with a generator that will be able to run your crypto mining operations. If you’re choosing to optimize natural gas, we have natural gas generators available that can be paired with gas scrubbers to ensure clean and dry natural gas fuels your generator. We can also provide regular maintenance on your natural gas or diesel generator to ensure you never lose a minute of productivity due to generator failure.