Bitcoin mining - what is it and is it profitable? What is a mining contract?
How to get started with Bitcoin mining? What is a Cryptocurrency mining?
First of all, before a user starts to mine cryptocurrency and get a certain profit from it, he needs to fulfill several conditions
Register a wallet for the cryptocurrency that you will mine. In order to consistently make a profit, you need a cryptographic address to which the system will send you digital coins after processing each block of the chain. For example, if you decide to mine Bitcoin, then you need the appropriate Bitcoin wallet (list here). If you decide to mine Ethereum, then you need an ETH wallet, etc.
Mining cryptocurrencies on your own at the present time is a very long and unprofitable task, for which you will not get the proper profit. That is why all the advanced "getters" of digital assets join the largest mining pools with a common system of incredible computing capabilities. Many advisory advisers recommend spending a little more money at the initial stage, but purchasing ASIC chips that will help to efficiently mine cryptocurrencies, save money on energy costs and serve a longer period of correct operation.
If you yourself decided to mine cryptocurrency on a regular PC, without the appropriate mining equipment, you will not be able to do this effectively. Now, for mining almost any digital coin, you need decent computing power that ordinary PCs and video cards do not have. And if you decide to mine Bitcoin currency, then you definitely need a good mining farm.
Be prepared for the fact that you have to spend a decent amount of money at the very beginning to purchase computers specifically for processing the encryption code, as well as pay specialists who can install and configure them for you. The most relevant tool for mining are ASIC systems, which cost a lot of money, but it is they that will allow you to quickly and efficiently mine digital currencies.
Choose a cryptocurrency for mining
This is the main thing that a miner should decide at the very beginning. Now it is possible to mine not only bitcoins, but also hundreds of other digital coins that can bring you very good profit in the future. The difference in the production of individual cryptocurrencies will lie in the difficulty of forming blocks (which in the end will affect what computing capabilities of the equipment you need), the reliability of your assets and the final profit.
Choose a program for mining. Now there are many programs for mining cryptocurrencies that can be installed on Windows, Linux, OS X systems. It makes no sense to talk more about them, since it all depends on your system, equipment, type of coins mined. Look for information on developer sites. There are more than enough traps in this area.
Get a reliable internet connection. This is also a very important condition for the effective mining of digital currencies. Your system constantly needs to be in work and form the encryption of transactions of the Blockchain system. And to ensure this for her, you need high-quality Internet that will not fail and interrupt cryptocurrency mining.
After buying a farm and setting it up, you will definitely need to find a special room with a cool climate (air conditioning) to install all the equipment there. A mining farm takes up a lot of space, in addition, noise and its heat generation during constant operation simply will not allow you to install the equipment in your home in any unsuitable place. Therefore, take care in advance of finding the appropriate room where the air conditioner will be installed.
If you want to efficiently mine cryptocurrencies, then forget about using conventional video cards, as there are more efficient encryption processing machines that most miners and pools currently use. And they are called ASIC chips. ASICs are integrated circuits that were originally designed to perform specific tasks. In our case, this task is to encrypt transactions of the Blockchain system of a particular cryptocurrency.
The advantages of ASIC over conventional CPU graphics cards are that they provide much greater computing capabilities with significantly lower energy costs, which is also important for any miner. Also, high-quality ASIC chips break less than standard video cards for PCs. Due to these advantages of ASIC chips, the majority of users prefer to use them, rather than similar expensive CPUs, which can provide approximately the same computing capabilities.
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