CRYPTOMINING : HOW TO DO IT?

Dig and just dig that's what mining means to us. But here in this fascinating world, its meaning has been changed and especially in the Crypto world. Today everyone wants to start Cryptomining but they don't know its consequences and how to do it. So, I will explain this.

There are several ways to mine Crypto and some of the methods are really easy and some are way too hard to do by own. We'll start by covering the term itself we'll talk about what is Cryptomining and why people bother mining Cryptocurrency in the first place. Then I'll tell you about the different ways you can mine Cryptocurrency - their pros and cons and so on.

TABLE OF CONTENTS :

1. Understanding Mining
2. Cryptocurrency Mining methods
3. The Best methods to mine
4. Conclusion

UNDERSTANDING MINING

What does it mean? Crypto mining is a process in which your machine performs certain tasks to get Cryptocurrency. Let us assume that you have a machine that mines crypto coins. We'll talk about some specifications more later in this blog. Let's say that you have a desktop or laptop and how can you mine crypto on your own. In this process, your pc has to perform certain particular tasks that are required to get even the slightest amount of coins. These tasks are called "PROOF OF WORK", and it is designed for fair play for all. 

Your machine has to perform math problems to get coins. But here is the catch and that is the more coins in circulation, the more complex the problem becomes, and that requires that types of high-powered machines do that.

CRYPTOMINING AND METHODS

There are few ways in which it can be mined and that is as follows:-

METHOD #1 - CLOUD MINING

In this, no high-quality hardware is required and anyone can easily do it and popular one also.

Cloud Mining means that one has to pay some amount of money to high-end Crypto mining companies and they will mine it for you. It is that simple but here is a catch that actually you are renting their machine for mining for a particular amount of time.

It can be free as well as paid also but freeways can take a very long time to give even taste of Crypto coin. As you are renting their machines so, they will give you profit but after taking out their electricity and hardware expenses. The leftover is your profit.

Once you know what you want, you simply perform transactions, register your Cryptocurrency wallet code and that's it. Different pans cost different amounts of money and time periods also. It cost of a subscription varies from $500-$5000 with a period of half year to 1 year.

METHOD #2 - GPU MINING

GPU Mining is probably the most popular. When you Google "CRYPTOMINING", you will see GPU rigs in several lines. It is one of the most efficient and cheap. But the catch is that the alone GPU rags are very costly as it requires no. of processors, motherboard, cooling, rig frame, and of course a-few(2-8)graphic cards.

The guys that use this method are pretty professional in their fields and they have not only hundreds of them but thousand also. A typical well-performing could cost about nearly 2.5L to 3L. It is a hefty investment but will pay you very fast in comparison to CPU mining.

METHOD #3 - CPU MINING

CPU Mining utilizes processors to mine Cryptocurrencies. It used to be a viable method back in the day but nowadays few people are using it.

It is usually not worth it because you can go for months without even noticing even small amounts. 

It is an EXTREMELY SLOW process. You make very little amount but can spend 10 times more amount on cooling and processors of it. It demands high-end processors and gets heat up very quickly. Low processing PCs can get very heated up in no time and can even lead to short circuits of components. 

BUT why even now people are using it? It is because everyone got PCs and thinks that they can do it but they have to be very careful about this. If you have a pure gaming desktop then it can be done but normal ones are highly not recommended. It uses large electricity and heats up in no time. If you have no patience about mining then you can do this method but HIGHLY NOT ADVISED by experts.

METHOD #4 - ASIC MINING

ASICs(Application Specific Integrated Circuits) are special devices that are designed explicitly to perform a single task, in this case, mining.ASICs are very well known and are highly productive when compare to GPU and CPU.  

But why I didn't introduce it any sooner?

Well, mostly because they are subject to BIG CONTROVERSIES.

When ASIC companies introduced their newer version of machines, the announcements caused uproar in the Cryptomining community and companies demanded its ban.

ASICs are very powerful machines and imagine that such powerful machines start robbing the coins of GPU and CPU miners who keep rigs of possibility to keep up both with hash speed and earning. Also, ASICs have twisted the economy of many Cryptocurrencies already. 

THE BEST METHOD

Now as you have understood, how to mine then the question arises that which one would be the best investment?

First of all, the idea is if really you are going to invest it. Do really you want to own rigs or will slaughter your normal CPUs.

The best method is to go for GPU mining and CPU mining is not advisable because it is slow and tedious. If you are a risk-taker then you should go with ASIC mining as they are fast but lately riskier and if don't want to do any work then cloud mining is the best way to do so.

CONCLUSION

As you have probably noticed, I have discussed some of the main ways to mine Cryptocurrency as easiest.

The main thing important is to set up a crypto wallet. In some cases, it becomes very important and almost all care should be given while it's set up. As you have mined for over a year and didn't give much attention to your CryptoWallet and some kind happens, then no one will be responsible for that.

It all solely depends upon your resources and your determination towards it.

If you're serious and are looking for ways to mine Cryptocurrency, I would suggest buying a hardware wallet-they are the safest and most trustworthy Cryptocurrency wallets out there.

Last but not least I want to say that, CryptoMining is good but eyes on your resources should also matter as sometimes it can be beneficial and sometimes loss too.

In the next session, I will tell you about various apps from which you can invest in Crypto.

That's the end from my side.

SIGNING OFF.

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