Crypto mining involves solving cryptographic equations on a specialized machine to earn a reward in form of Cryptocurrency Token.
Crypto mining is the process of utilizing your device's raw power to earn a cryptocurrency.
Over the years, crypto mining has become immensely popular because of the lure of monetary rewards. Theoretically, by investing in a robust mining machine, you can start earning crypto tokens and build your assets. However, in reality, things are a little more complicated.
What is Crypto Mining?
In crypto mining, the miner has to solve cryptographic equations on a specialized machine designed especially for mining purposes. These cryptographic equations are part of specific tasks called Proof of Work (Pow), which earns you a cryptocurrency token on completion.
The complexity of PoW depends mainly on the mining pool you are currently on and will determine the time and computing required to perform the task. To attract miners, these pools will initially have larger rewards for simpler tasks. However, when the pool starts to fill, the pool provider will increase the tasks' complexity.
After you perform a task or compute a crypto transaction, it must be recorded on a block that forms the blockchain. However, before registering, these transactions have to be verified through a peer-to-peer network. After successfully recording the transaction, you will receive rewards in the form of cryptocurrency.
What do you require for Crypto mining?
To mine cryptos, while choosing a mining machine, the main areas to focus on are the device's hash rate, power consumption, and efficiency. There are several crypto mining machines in the market that can churn out excellent hash rates while consuming less power, such as:
Ebang EBIT E11++, ASICminer 8 Nano, INNOSILICON T3+57T BTC Miner, WhatsMiner M10V1, Bitmain Antminer S15
But if you are just curious what it is and want to have fun with it or earn some side cash you can use the graphic card that you already have now.
Warning! Mining on laptop is not recommended because of the poor airflow!!!
After choosing a mining machine, the next step is to decide the software you will mine on. This software connects your device to the peer-to-peer network and registers you as a node. There are several software available in the market such as:
CGminer
Ethminer
For absolute beginners I would recommend these three:
BetterHash (it automatically finds the best crypto to mine based on what GPU you have)
NiceHash
How to start Crypto Mining?
Crypto mining theoretically is an easy task to perform and can provide you easy and profitable returns. You can start Crypto mining by following these steps:
Choose a crypto wallet.
Ensure that you have a stable and fast internet connection.
To keep your device cool, set it up in a cool location.
Decide on the hardware and software you want depending upon your target cryptocurrency.
Start mining
That's it, you are officially a CRYPTO MINER!!!! Congratulations and happy earning!
Also check out my list of crypto promotions and other free ways to earn crypto or cash - Free crypto and cash.