heyOne of the most effective ways to earn decent money on cryptocurrency is mining. This allows you to keep the network running and earn tokens as a reward. However, before you start mining, you need to answer a few questions: What kind of mining is most effective? How to identify benefits? On which hardware for me? Which cryptocurrency? In other words, you need a strategy.
To start mining on your own, you will need three things: mining hardware (central processing unit (CPU), graphics processing unit (GPU), or ASIC), mining software, and a cryptocurrency client/coin wallet.
Different types of cryptocurrencies may require different hardware to get the best results. For example, ASIC equipment is configured to verify transactions for cryptocurrencies such as bitcoin and bitcoin cash. For cryptocurrencies such as Ethereum, Zcash and BitcoinGold, graphics processing units (GPUs) are suitable.
To choose mining software, you need to understand what algorithms and hardware it supports.
Deciding which mining equipment to buy, which mining software to choose, and whether it is better for me to join a mining pool or take the risk and embark on a solo journey is a more serious question to be explored further. Could be, for example, popular cryptocurrency forums. Experienced miners will gladly share their experience with a novice depending on your needs.
5 Stages of Mining Process:
purchase equipment;
Open an electronic cryptographic wallet;
install equipment using special software;
Connect to a pool of miners (if necessary, depending on the coin); run the program.
Bitcoin is one of the most popular and profitable cryptocurrencies for mining. The largest mining farms are located in China (though some have already moved to Europe and Canada), and their scale is outstanding. BTC mining on home computers is clearly a losing business, hence the need for farms.
Most suitable device – ASIC, powerful and energy saving. Namely, the ASIC S19Pro, Antminer S19Pro, Antminer S17+, Antminer S19j, and WhatsMiner M30S models.
How much can YOU earn?
As of August 2022, BTC is worth around $24,000, which means you could theoretically earn $150,000 (6.25 x 24k) per block.
To calculate how much you can earn today on bitcoin mining on specific equipment, you need to know the following: hash rate, daily cost per BTC, power consumption of the equipment and cost of kWh. For convenience, it’s easy to use one of the many calculators that are ranked first in Google.
It is important to know that in addition to buying, installing and installing equipment, you must take care of maintenance, sound and heat insulation, unforeseen expenses (repairs), and also take into account the rising cost of electricity. Will mining be profitable? Certainly yes, but taking into account the fact that you know it “inside the kitchen”, or hire a consultant to advise you, you will have an impressive following to start and run your own farm. capital can be.
Is it possible to mine cryptocurrencies without a large starting capital? If you are looking to mine your initial capital.
There is an alternative – this is cloud mining.
Cloud mining is an alternative to the traditional method of cryptocurrency mining with the help of specialized equipment. You rent the required amount of electricity from the owners of the mining farm, in return – you deposit cryptocurrencies passively. However, you should be careful and choose only reliable services.
One of the leading representatives of cloud mining is Sunmining. He was one of the first to start mining cryptocurrency using solar power. A wide range of contracts (rental capacity) and referral levels make this service available to anyone who wants to.
First, you need to register on the site and familiarize yourself with the equipment and available contracts (they differ in price, contract term, amount of rental power and referral level). The more capacity you rent, the higher your profit. Next, you have to decide what you want to do with the bitcoins after mining – you can store them on an exchange or wallet, use them as a long-term investment, or convert them into currency immediately. can. Work according to your needs.