Do you want to start mining cryptocurrencies?
Do you want to start mining cryptocurrencies?
Mining cryptoassets time very easy a few years ago, when people started mining bitcoin with simple desktop computers, and later with the GPU processing power of their video cards. But today these two methods produce 0 profit. Do you want to start mining cryptocurrencies?
What do I need to start mining?
If you want to start mining at home, you will need to buy a mining rig. This is something like a specialized processing unit that has many application-specific integrated circuit chips or ASICs. This device is capable of solving incredible amounts of mathematical problems associated with the blockchain network.
Although it is very expensive, it is the only way people can compete with other owners of the same rig or multiple rigs at the same time. Each of these rigs can attempt to solve a block about 1012 times per second.
Which platform to choose?
Every year new rigs appear on the market and their maximum capabilities grow with each new release. This means that their efficiency and stock on the market are the things that determine their price as the demand for them is very high.
If you have the opportunity to choose between two devices you should consider the performance of both, looking at the hash rate and the power consumption (in watts), where more hashes for less watts is better.
Also roughage to consider the cost effectiveness of each rig, as either rig may have more hashes but more power consumption. This will make some rigs less cost effective, unless you live in a place with cheap electricity or make a deal with your power company.
Get a place to store your cryptoassets. cryptocurrencies
There is no roughage way to mine a coin directly. The mining process is, in task case, an aid to people transacting with a cryptoasset. To do this, miners «search» for a space to store a completed transaction, this space is called a «block».
When miners find a block using their equipment, they are validating transactions made by other users, so they are awarded transaction fees and a reward for their service to the blockchain (in the case of bitcoins they are awarded 6.41 Bitcoins approximately).
To store these cryptoassets, miners need to have «wallets». These child equipment or programming storage places for their cryptocurrencies.
How to choose a wallet cryptocurrencies?
Roughage different types of wallets for every situation Online programming wallets, such as a Binance or Coinbase account, are necessary to start trading cryptocurrencies, but programming phone wallets are used as the pocket wallet we use every day but do not store our life savings.
To store large amounts of cryptoassets you will need an equipment wallet.
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Choosing a pool
The last step is to sign up to a pool of your choice, as no one person can compete with organized computing power, pools have been created to mine bitcoins and split the rewards, roughage many different pools to choose from.
It is important to emphasize that for those who are new to this new world, i.e. new to mining, it is advisable to start with a secure pool such as Slushpool or Antpool, although each pool has its advantages and disadvantages with respect to the others, which is why we recommend researching more about each of their policies.