The scheme of work of cryptocurrency exchangers is extremely simple.
The user selects the currency of sending and receiving. He enters the details of his account from which he will send funds (if we are talking about fiat) and the details where he wants to receive a return payment.
The system creates an application and gives the user some time to pay for it (usually no more than 60 minutes). During this time, the client must manage to send funds according to the details given to him and notify the system of his action by clicking the “I paid” button or similar.
From this moment, the exchanger will start checking the receipt of the payment. When the money arrives, a chargeback is created. The time it is credited depends not so much on the exchanger as on the payment system. Fiat is credited almost instantly, and cryptocurrency – up to several hours.
What is a cryptocurrency exchange?
The development of the economy and changes in the international trade system became the impetus for the emergence of new exchange technologies. Now in exchange offices, trading operations are carried out on the basis of modern computer software. The latest information technologies allow you to exchange currency, sell, buy goods and other resources anywhere in the world. At that time, many new exchangers were created, specially designed for the exchange of cryptocurrencies. New cryptocurrency exchanges, for example, anonymous crypto exchange Godex.io, have been created using the most advanced computer technology, with improved security systems. In functional terms, a cryptocurrency exchanger can be defined as a virtual resource where cryptocurrencies are exchanged for regular money or for each other.
Of course, the calculation can be done manually, but for this it is necessary to take into account the variables that are constantly changing:
1. The complexity of the network of the selected currency. It does not always increase, sharp jumps increase, both upward and downward. Read more about the complexity of the network here.
2. Present value. Cryptocurrencies are very volatile and active and intraday price fluctuations of 20-30% are the norm and are directly related to the profitability of future mining.
3. Overheads. Chief among these will be the total capacity of the equipment used on the farm. The program contains data of the most popular models, saving time searching for the required models in the technical specifications.
We select a cryptocurrency calculator for video cards, where you need to enter the following information:
· Select the used AMD or NVidia video cards. The list is regularly updated as new models are released.
· Algorithm for calculating hashes. You can mine one or more cryptocurrencies, read more about algorithms here.
· Hashrate. The number of hashes checked for uniqueness in one second. Each video card has its own hash rate for each digital coin. If there is no data on the average speed of a particular card, choose the lower model – this way, you are guaranteed to stay in profit.
· The power of the equipment used in watts. Carefully calculate this parameter before entering it into the calculator – the payback of mining depends on it. Always increase this value by at least 20%!
The cost of a kilowatt of electricity. The default is $ 0.1 and if the price is lower in your region, we recommend leaving the default value. In most cases, the real consumption is slightly higher than the calculated one, so we leave a margin for a possible increase in tariffs and other force majeure circumstances.