04-06-2020, 10:21 PM
How do new cryptocurrencies get mined?
<!-- SC_OFF --><div class="md"><p>So I understand how in many ways when you are investing in bitcoin you are putting your faith in the system. It's decentralization is it's value. </p> <p>So when someone creates a new cryptocurrency (I'll just call it Nucoin for my question), does it have a different type of algorithm from bitcoin? Would Nucoin be identical to bitcoin when it comes to coding? Or would it have it's own system that makes it decentralized, and therefore worthy of its investors' faith?</p> <p>How would people mine Nucoin? Are rigs that mine bitcoin capable of mining other currencies as well, even of they are brand new? Like, if Nucoin was released today could a bitcoin rig immediately start earning it?</p> <p>Also, in 21XX (whatever year the last bitcoin will be awarded, can't remember what year it is) could other coins still be being mined? Or does all mining end in 21XX?</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>So I understand how in many ways when you are investing in bitcoin you are putting your faith in the system. It's decentralization is it's value. </p> <p>So when someone creates a new cryptocurrency (I'll just call it Nucoin for my question), does it have a different type of algorithm from bitcoin? Would Nucoin be identical to bitcoin when it comes to coding? Or would it have it's own system that makes it decentralized, and therefore worthy of its investors' faith?</p> <p>How would people mine Nucoin? Are rigs that mine bitcoin capable of mining other currencies as well, even of they are brand new? Like, if Nucoin was released today could a bitcoin rig immediately start earning it?</p> <p>Also, in 21XX (whatever year the last bitcoin will be awarded, can't remember what year it is) could other coins still be being mined? Or does all mining end in 21XX?</p> </div><!-- SC_ON --> Kind Regards R