Source
Possibly one of the most important questions right now that I am being asked is "Am I too late to start mining crypto?"
The answer to this question simply put is no. But my reasons why the answer is no are a little more complex.
Reason # 1
The era of crypto has just begun and we are only beginning to scratch the surface of what having globally distributed and secured peer to peer networks really means. This means that not only will people with the skills to deploy miners for these networks become more sought after but the complexity of deploying a miner will likely become greater. As such getting in now and wrapping your head around the already complex concepts will put you ahead of the curve.
Reason # 2
While the age of crypto has really only existed for about the last nine years in that time its ecosystem has grown greatly. Bitcoin itself has been around since 2008 with the network having been launched in 2009. When bitcoin was launched however it was launched under a gpl license meaning anyone could make use of that already created codebase to make other crypto and they did. The point here however is that the world is our oyster because most if not all crypto codebases are publicly published at least any that are worth mentioning. Any one of us with the know how or even simply the desire to learn can create their own crypto. However obviously because this is the blockchain 2.0 phase in which a crypto will more generally be expected to actually exist for a service or platform simply going and forking bitcoin isn't going to work as well as it once did.
Reason # 3
The really nice thing in my mind about getting into crypto mining is that its alot like fight club; you decide your own level of involvement. The first mining that I ever did with crypto was purely bytecoin based I mined around 60k of those things using https://minergate.com/ software as my miner on three different computers. Because the computers that I was mining on where kind of garbage it took about a month to mine that amount but once I had that amount I actually took it onto an exchange and folded it out at a good time into a number of other cryptos I still hold most of that value today in Siacoin which I am waiting for the right time on. But as you can see here setting up this software on a computer and simply leaving it running is enough to get you started. However I will note that as you get further into mining there are some basic skills that become invaluable, being comfortable with command line on whatever OS you are on is almost a must if you are doing any sort of advanced mining. I would also recommend having some basic knowledge of computer hardware IE there are at least 3 different ways of mining with your hardware that is CPU mining GPU mining as well as HD mining. If anyone of those terms seems foreign to you then I do suggest its time to go and bone up on your computer hardware terms as I will not be covering that here.
Alright now that I have hopefully confused you a little more.
Its time to get mining! And don't forget to Steem ON!
One can accomplish many things,
but many can accomplish more.
I have a strong confidence on efficient mining with currencies like burstcoin hdd mining will become popular with time
I fully agree, have you looked at the facilities that they offer within burstcoin? there is even smart contracts within it they are called ATs but it is an application transaction. I have been digging into burstcoin for the last week and I am really impressed.
I should start mining myself I don't know why I haven't took the time... I heard peercoin mining is pretty profitable now after mining I'm going to look into it. Id like to learn more about mining, I'm going to follow you please follow back and check out some of the coins I'm currently trading keep up the work!
Thanks buddy much appreciated.
I am in the same boat... only I am newer to most of this, still learning and don't want to invest the time or $$ in the wrong things.... so that is why this post caught my eye. Thanks for that, keep up the good work. Reblogged and upvoted for you. I had my first real blog post last nite... actually do OK for a day which was neat to see. Check it out if you have a minute. Take care
Thanks for the response Barry and for sure I will go check out your post now. and if you guys have any questions please feel free to ask.
Thanks for the post, Raymon. Good to know I'm not too late to the party -- though I still don't know what to do about it. Back to researching I go!
This is a great post and happy to upvote. Now following and looking forward to reading more of your posts. Catch us also on Twitter Twitter✔. Cheers. Stephen
is HD mining just ASIC mining?
Actually ASIC mining I didnt even really include in this list HD mining I am referring to hard drive mining. Thanks for the question!
oh hard drive mining, like maidsafe and sia?
Yep or STORJ, there a few others.
A person would be wise to look into other, easier & more efficient forms of "mining" too.
Like proof of working stake.
A good one to look at is Truckcoin. https://steemit.com/a-10000/@ric/free-bitcoins-using-truckcoin-high-interest-staking-wallet
Good note buddy thank you.
Great info bro thanks a lot