The opportunity to make money quickly has always been the number one issue, today the extraction of digital currency interests many people. Those who want to earn money have a huge number of opportunities. In particular, you can mine cryptocurrency and earn good money.
Mining-what is it?
The word mining originates from the concept of extract, obtain, and get. The essence of the process is to create crypto money using a special algorithm. A unique data block is generated on a home computer to verify the validity of transactions. As a rule, a block contains a hash, the title of the previous block, a random number, and a hash of transactions. At the same time, the chain with all transactions is called a blockchain.
Every blog discovered is rewarded in a certain way. They vary depending on the currency. The reward for Bitcoin will be reduced by 2 times every four years as a rule. So, since 2016, a reward of 12.5 bitcoins has been given, and this amount will be slashed to 6 bitcoins in 2020.
The Ethereum block is encouraged by 5 ETH.
The mining efficiency is entirely determined by the PC’s computing capability. The most effective approach is to keep some of the funds that have been mined rather than selling them all. That is, you can cover the cost of electricity, as well as service. However, most of it should still be postponed. And the longer the cryptocurrency is stored, the better. With the growth of the exchange rate, the miner will receive a good profit. It is worth noting that every novice miner should not forget about the possibility of using such technical assets as bots and robots, for example, DCA trading bot and etc.
What is needed for mining?
This is a question that many people have when they first start working with cryptocurrency. However, there are several demands that must be addressed, the most important of which will be discussed below. The expense of this equipment depends on the miner.
Equipment
- GPU graphics card – powerful, not budget, modern one. The latest generation NVIDIA, and AMD cards are suitable. For example, AMD Fx is characterized by high performance in mining. It is preferable to utilize several video cards.
- The farm is a computer equipped with an excellent cooling system. There should also be a motherboard with a huge number of available slots in which it will be possible to install video cards. It is worth noting that you can take any processor. It is only important that it works stably. The RAM must be over 4 GB.
- As for the OS, in this case, it is recommended to use Microsoft Windows 10 Pro 64-bit. In addition, an operating system designed directly for the extraction of a certain type of currency is presented: ethOS for Ethereum and so on.
- Internet with excellent ping.
How to mine without investments?
Many new miners are interested in how to mine without spending money. You may even get bitcoin on a laptop. To do so, you’ll need the following:
- get a wallet for cryptocurrency;
- choose the optimal mining method;
- pick up generous taps with interesting working conditions, where profits will drip automatically;
- timely withdraw Satoshi to your wallet;
- using exchanges, change the cryptocurrency to rubles.
- It is recommended to use licensed software from well-known manufacturers. It is good that signature databases are updated frequently.
How to assess profitability?
There are web resources that provide calculators of the profitability of mining on the network. When using them, it is enough to enter such data:
- hashing speed;
- cost of equipment;
- energy consumption indicator;
- the current value of bitcoins (other cryptocurrencies).
- Profitability calculators can be found on such sites as BitcoinWisdom, ASIC Trade, BTCInvest, and more.
It is also realistic to use the Telegram WhatToMineBot bot, which allows you to calculate what is the benefit of mining under initial conditions. It is important to take into account that different resources and means can give different results. It is also worth devoting time to studying the theory of mining, to highlight for yourself the optimal ways and methods available for technical capabilities.
Prospects and risks
Bitcoin is a promising currency, which is due to its constant rise in price. According to experts, cryptocurrencies are presently profitable, especially when compared to the pace of growth.
Advisers recommend that newcomers to this market act with caution and avoid reacting to various speculative offers. It is suggested that they begin today by learning about investing. It’s critical to understand the market and be wary of all enticing deals. Currently, there are many scammers working in this field who are ready to tell a novice miner a lot of fairy tales just to get his money. Therefore, you should not give money to anyone. You should keep them at home. At the same time, only the miner is responsible for the safety of his financial savings. There is no need to shift responsibility to other people, otherwise, you can lose all investments.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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