Would you like to become a well-off person due to new technologies? Do you dream about financial success & real freedom? Mining is a kind of activity, which envisages the creation of new blocks of the cryptocurrency chain and making a profit as newly created virtual coins or commissions. This is real innovation and many enjoy doing this and receiving a good income. Please, read the brief review on how to start this business, what programs are needed and a number of other issues.
Mining: tips & tricks
For a number of years since the emergence of the cryptocurrency, thousands of people have earned a fortune through individual or solo mining. They just bought an “iron staff”, and produced a cryptocurrency in their apartment or garage. This was not a luxury office at all which often is perceived as a component of a decent job. At that time, the reward for the block was quite high, and the costs were insignificant. Nor did it matter what speed the miner had, because the main requirement was the stability of the Internet connection.
Time is flying, anyway. Nowadays the cost of mining one bitcoin depends on many factors:
- tariffs for electricity;
- computer power;
- availability of necessary equipment;
- system settings;
- participation in the pool or solo-mining.
For these reasons, in 2013 the miners began to abandon personal locations and started creating pools – namely special a la “trade union” associations, which purpose is to build up a block of transactions jointly. The reward is received by the miner who forms the block last. However, extra money or premium is divided among all participants in proportion to the computing power. Such a pool can include a few tens to thousands of miners or even more! The more people, the higher is the speed and the greater the chance to “close” the new chain unit.
This word is not for countryside anymore! Here some explanations for how the system is working:
- To accelerate the process and increase their share, pool members create powerful farms – they buy powerful video cards, motherboards, processors, power supplies, RAM and other equipment. Only with this approach and teamwork with other miners can you get the best result.
- Your computer & software stuff is connected to the pool in order to increase the chance to create a new unit and share the reward received among the participants. This is what you need for mining in the first place.
- Every year, the requirements for completing materials for mining are growing. Recent years the beginners could have only laptop, and they could work independently from scratch. Today we have to assemble powerful units, which include a large number of video cards, the purchase of which requires money.
The process of Mining begins with the choice of coins to be mined. As it was said before, we consider only the currency with the proof-of-work algorithm. The following options are available to name just a few:
The above recommendations and instructions for a newbie will help you to understand the essence of the earning such a way and launch operations. If there are unclear moments, you can always watch the training videos. So be confident and go ahead.