What software is needed to mine Ethereum (Is mining Ethereum illegal)?

08/16/2023 13:42 • Metaverse & Beyond • 61 views

What software is needed to mine Ethereum? According to data monitored by the third-party big data rating agency RatingToken, 26 proposals were added globally on August 9, 2018, with the majority being alliance blockchain projects.

What software is needed to mine Ethereum? Mining machine manufacturers have mainly optimized for the following issues:

1. Mining machine manufacturers mainly provide services to enterprises and professionals.

2. ASIC chip manufacturers mainly improve the efficiency of computing power by researching and developing graphics cards and GPUs.

3. There are currently multiple ASIC manufacturers actively developing new products in the market, including Bitmain’s Antminer S19 and Innosilicon’s T17.

4. The largest mining pool in China is Antpool, but due to its different business model, it cannot support more types of digital currencies.

Is mining Ethereum illegal?

Is mining Ethereum legal? In terms of law, mining Bitcoin or other cryptocurrencies requires paying for electricity. China has already treated “mining” as criminal liability. If so, does it involve criminal activities?

1. When is Ether mining initiated?

On December 10, 2018, the Shanghai First Intermediate People’s Court issued “Interpretations on Several Issues Concerning the Application of Criminal Law in Handling Illegal Fundraising Cases.” It pointed out that in 2019, the Supreme People’s Procuratorate will initiate prosecutions according to law. Since early 2020, the Ministry of Public Security has carried out investigations on three cases of new illegal criminal activities related to network virtual property. In the third quarter of 2018, Huo Xuewen, Director of the State Financial Supervision and Administration Commission, presided over an investigation team and prepared a relevant work report. From the end of 2017 to the end of March this year, the Haidian District Public Security Bureau in Beijing organized police officers to conduct arrest operations in Chaoyang Road, Beijing and nearby police stations for trial (tentative time), and one suspect has been arrested after verification. During the period from the end of 2019 until the beginning of September, the public security organs detained a total of 17 people. Since 2020, the actions of “mining coins,” “selling coins” (i.e. purchasing tokens), and conducting digital asset transactions through mining machines and wallets have all been illegal activities. “Miners,” that is, the manufacturers or users of mining machines, are involved in the issuance and circulation of Ether on the Ethereum network, while investors can directly invest in a specific currency they own. These are all activities that are known to be deemed illegal and belong to illegal activities but still have practical value. (China Business Journal) [Original Article Link]

2. How does the new economic form of “blockchain” and “Internet+” evolve?

1. Use artificial intelligence technology to establish consensus mechanisms, making it closer to smart contracts and improving data processing efficiency and reducing costs.

2. Generate a new ledger using computer algorithms and have different nodes verify if there are any security vulnerabilities.

3. Does “mining” involve a large amount of funds or illegal activities?

According to relevant regulations, virtual currencies denominated in RMB should be calculated based on the following principles:

1. Mining Ether must disclose the specific content of the obtained income to the public.

2. “Mining Ether requires paying a certain amount of electricity fees.” How are the fees calculated? “Mining Ether” refers to the special application product developed through a specific technology. When people find that there are multiple software programs available in the system, they will require to invest a certain amount of ETH for Ethereum mining. In order to maximize their own interests and play their roles to the maximum extent, mining pools should first support this service and then deploy all application programs that can be provided to customers on the corresponding devices.

3. Mining pools generally provide two types of services: 1. servers that provide services for mining pools (including but not limited to hosting servers); 2. mining pools are responsible for maintaining the network environment; 3. mining pools operate and maintain servers for mining Ether.

4. Mining pools mainly undertake all daily operation and maintenance work of the mining farms and operators.

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What software is needed to mine Ethereum (Is mining Ethereum illegal)?

Is mining Ethereum illegal?

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