Cryptocurrency mining is vital to keep up with the work of many digital assets, including Bitcoin. If you’re new to the industry, you probably understand how it works: computers do the work and get paid for it.
Mining is the process of adding new blocks to the blockchain. Specialized computers or devices solve a complex cryptographic problem, and the first person to submit the correct option receives a reward in the form of a cryptocurrency.
Also, mining is one of the best ways to replenish your cryptocurrency portfolio. If you decide to do this, you must first decide what kind of digital asset you want to extract. The number of cryptocurrencies that can be extracted is 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 choice of currency.
Is it possible to mine a personal computer? If it were 2010, the answer would be “Yes”. However, much has changed since then, and now lone miners who used BTC mining programs on their computers can no longer wait to make a profit. Especially when it comes to popular cryptocurrencies with high complexity of tasks.
To withstand at least some competition, solo miners now need to invest money (and a lot) in setting up their mining farms. And here, depending on the cryptocurrency chosen, there are two main options: a specialized device (ASIC) or video cards.
ASIC miners are specifically designed to mine cryptocurrencies, they have no other tasks. With its help, you can extract more effectively, for example, Bitcoin. But we must not forget that it would be best to purchase several of these devices at once. The average price of a miner is $ 2,000 to $ 3,000. On average, you need at least 2-3 miners for a mini-farm. To accommodate ASIC miners, it is necessary to find a room and provide a cooling system, as these devices are used for industrial mining. They consume a lot of electricity and generate a lot of heat.
A video card-based mining farm is designed like a normal home computer, in which there is a clear bias toward graphics performance. When choosing a video card, you first need to pay attention to its hash rate: the effectiveness with which the graphics processor can find a solution to a cryptographic problem. Also, don’t forget about power consumption and price, as well as the age of the card, as used devices may be in poor condition.
A mining operation is promising, but you need to choose the right equipment and calculate the whole economy, find a suitable place with favorable electricity rates and other conditions. It is quite difficult to build a mine alone, especially considering the many aggravating factors such as equipment repairs, thermal insulation and huge electricity bills.
Is there an alternative to classical mining? Yes! This is cloud mining: this process involves renting equipment from a large mining operation remotely, which allows absolutely everyone to use mining, both beginners and professionals in the field of cryptocurrencies.
One of the most promising representatives of cloud mining is GreenHashes. Professionals in their field have chosen renewable energy sources for BTC mining. A powerful team will allow you to get the most out of cloud mining. Building a farm on your own will take a lot of time, effort and resources.
It leaves to the professionals all the technical difficulties on the installation of the equipment of the mining operation. By choosing GreenHashes, you become part of a huge ecosystem of miners around the world.
To start earning Cloud Mining benefits, it is enough create an account on GreenHashes website and choose one of the contracts: it differs in capacity, duration and reference level. Don’t forget to check the reference program: share useful information with friends and receive bonuses.
If you have any questions about the service or suggestions, please write to [email protected] – The support team has an individual approach for each client, taking into account all wishes, and trying to implement it as soon as possible for later use. To stay up to date with the latest mining and cryptocurrency news, you can join Greenhashes’ official telegram channel and subscribe to the company’s social media via its Twitter commandwhere you can find a lot of useful information about green investments and mining.
Disclaimer: This is a paid post and should not be treated as news / advice.