How Algorithms Can Assist with Bitcoin Mining

Bitcoin and other cryptocurrencies have come a long way in a short span of time. The value of bitcoin in 2011 was just $0.06 and had virtually no takers. Fast forward to the present day and the very cryptocurrency now enjoys five-figure values as industries and governments grow accustomed to its use to pay for goods and services.

There are now 16 million bitcoin tokens in existence. The amount of bitcoin tokens allowed to exist at any one time has been hard-wired to be capped at 21 million, so time is running out if you want to get involved in mining. This cap was written into bitcoin’s source code as a means of guarding against future inflation. Cryptocurrencies are by nature decentralized and designed to be pro-libertarian and anti-quantitative easing.

Bitcoin cannot exist without mining. Mining is the process of interacting with the blockchain and completing a string of complex cryptographic calculations, comprising combinations of numbers and letters. Bitcoin miners utilize…