Want To Get Started Mining Cryptocurrency?
In 2008 there was a cryptography mailing list that was published under the alias of Satoshi Nakamoto. This anonymous whitepaper outlined how the Bitcoin foundation would operate. This unknown entity also registered the Bitcoin.org domain. There have always been speculations of there actually being three people behind the running of said domain. In 2009 the very first Bitcoin version is announced and the mining commences.
Bitcoin is a worldwide payment system and is a cryptocurrency. It is a decentralized digital currency that works without a single administrator or a central bank. Bitcoin have no monetary value such as a physical commodity like gold or silver would have. You will find that it is not accepted as a legal tender like you would as a dollar bill or a quarter.
What is Cryptocurrency Mining?
So you think that you can be a cryptocurrency miner? Cryptocurrency mining is a computationally intensive process that uses computers to comprise a cryptocurrency network complete to verify a transaction record called a “block chain”, and receive a digital coin in return. So you must educate yourself on the entire process and lingo before even venturing into the business. This venture is costly and time- consuming, to say the least. You must be dedicated to the task not to mention educated on what is going on in the latest technology as well as the financial market before you begin.
Cryptocurrency and cryptocurrency mining just may be the thing for you. Start small and get your feet wet. Set up a system in the basement where the area is cool and you know that there is no possible way that the machines will get wet or overheat. You will be doing a great deal of reading because you have to dedicate yourself to ways to improve the coin mining experience.
Crypto Mining Software
There is various mining software available. You just have to research what you need. Research and ask a lot of questions. Make sure that it is user-friendly. Watch out for scammers.
Mining Hardware and Rigs
If you are a gamer or possibly know a gamer, then you are familiar with the computer systems that are built around the games. These systems are also known as ‘rigs’. You have to build a computer system that is with-stand the power usage. You have to have an ASIC or Application Specific Integrated Circuit for miners to take over completely.
They constantly had to purchase higher powered computers. Their CPU or Central Processing Units were not fast enough and bogged down their system so badly that they could not achieve the results that they wanted. They were forced to go bigger and purchase GPU or Graphical Processing Units. These were actual graphics cards that were able to hash data 50 to 100 times faster and consume less power. However, even the GPU’s proved to be not enough and users found the FPGA’s or Field Programmable Gate Array worked better than anything thus far. The FPGA attached to the computers using a very convenient USB port connection. Yet once again the FPGA failed the speed test. The ASIC is a must have in the mining hardware.
Miners could not hash fast enough and this is extremely important because a hash to a miner is the same as a share is to a stockbroker. If you are not mining fast enough then you are not making bitcoins. If you are not making or buying bitcoins then you are technically not making the money, hash or bitcoins you are seeking.
Mining Clouds and Pools
Bitcoin or Ethereum mining can be expensive so if you want to invest without the hassle, there are alternatives available. You can use what is called the Cloud Mining or remote mining to do everything for you. All you will have to use your computer for is to communicate with the investors and to check on your bitcoin wallets. Your home will stay cooler because you will not have all those fans in your housekeeping your CPU cool, and your home will be much quieter too. Your electricity costs will be much lower also because you will not have all that equipment running. With that being said you will not have that equipment around to sell when the mining rigs collapse.
When you contract a Cloud Mining group, they will do the work for you. They will set up the mining rigs. The rigs will mine for the altcoins, which are not worth much but when added up can bring you some worth. They will also mine for Litecoins and Ethereum. Right now each one of these is stated not to be worth much but together they are worth some. However, developers believe that they will grow beyond anyone’s imagination. No one thought Bitcoin would take off yet if you invested in Bitcoin back in 2009, you could be rich right now. Pools are great for those who are new or slow at mining. Everyone ‘pools’ their resources together and a share is given to those who can prove that they indeed worked. This is perfect for those who are just learning how to mine. You earn while you learn.
It is highly advised that you be aware of scammers throughout the entire process. There are numerous hackers out there that pretend to be profitable mining companies. Do your research and ask questions. Do not go into debt to do this venture. If you cannot afford to mine cryptocurrency then you probably should not go into it until you can start it comfortably. People are making millions in cryptocurrency and the value is constantly going up. If you do it wisely so can you. It is becoming a thing of the present. Are you in?
Cryptocurrency Mining Profitability
No one really wants to answer this question. The conversion rate changes all the time and that is a factor. Some say it depends on what you are willing to spend. Yet have you noticed that there is a lot more discussion going on?