Cryptocurrency mining is vital to keep many digital assets running, including Bitcoin. If you’re new to the industry, you probably have a rough understanding of how it works: Computers do the work and get paid for it.
Mining is the process of adding new blocks to the blockchain. Computers or special devices solve a complex cryptographic problem, and the first person to offer the right option receives a reward in the form of cryptocurrency.
Also, mining is one of the best ways to replenish your crypto wallet. If you decide to do this, you must first decide what kind of digital asset you want to mine. The number of cryptocurrencies that can be mined is in the hundreds, but not all of them are worth it.
The most popular options are Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, Monero and other high market capitalization assets. What you need to start mining will depend on the coin selection.
Is it possible to mine on a personal computer? If it was 2010, the answer would be “Yes”. However, much has changed since then, and lone miners who now use programs for mining BTC on their computers can no longer expect profits. Especially when it comes to popular cryptocurrencies with high task complexity.
To withstand at least some competition, lone miners now have to invest money (and a lot of money) into building their mining farm. And here there are two main options, depending on the chosen cryptocurrency: a special device (ASIC) or video cards.
ASIC miners are designed specifically for cryptocurrency mining, they have no other tasks. With their help, you can mine most effectively, for example, Bitcoin. However, we must not forget that it would be best to buy several of these devices at once. The average price of a miner is $2,000 – $3,000. On average you need at least 2-3 miners for a mini farm. It is necessary to find a room and provide a cooling system to house ASIC miners, because these devices are used for industrial mining. They consume a lot of electricity and produce a lot of heat.
A mining farm based on video cards is designed like a regular home computer, with a clear bias towards graphics performance. When choosing a video card, you first need to pay attention to its hash rate, that is, how efficiently the graphics processor can find a solution to a cryptographic problem. In addition, do not forget about the power consumption and price, as well as the age of the card, as the devices used may be in poor condition.
A mining farm is promising, but you need to choose the right equipment and calculate the entire economy, find a suitable place with favorable electricity rates and other conditions. It is quite difficult to build a mining farm alone, especially given the many aggravating factors such as equipment repair, thermal insulation and large electricity bills.
Is there an alternative to traditional mining? Yeah! This is cloud mining: this process involves renting equipment remotely from a large mining farm, which allows absolutely anyone to use mining, both beginners and professionals in the field of cryptocurrencies.
One of the most promising representatives of cloud mining, GreenHashes. Professionals in the field preferred renewable energy sources for BTC mining. Powerful equipment allows you to get the most out of cloud mining. Building such a farm on your own will take a lot of time, effort and resources.
Leave all the technical difficulties of installing mining farm equipment to the professionals. By choosing GreenHashes, you become part of a large ecosystem of miners from all over the world.
To start profiting from Cloud Mining, Create an account on GreenHashes go to the website and choose one of the contracts: it differs by capacity, duration and routing level. Do not forget to check the referral program: share useful information with your friends and get bonuses.
If you have any questions about the service or recommendations, [email protected] – the support team has an individual approach to each client, taking into account all requests and trying to implement them as soon as possible for further use. To keep up with the latest news about mining and cryptocurrencies, you can join the official Greenhashes telegram channel and subscribe to the company’s social networks. Twitter handleHere you can find a lot of useful information about investments and environmentally friendly mining.
Disclaimer: This is a paid post and should not be considered news/advice.