How to Start Mining for Beginners


How to Start Mining for Beginners

Perhaps you may have seen some crypto merchandise depicting crypto coins and something like a mining rig and wondered what they meant, or perhaps you may have heard about crypto mining and thought about the possibilities of digging the earth for crypto? This post will help you understand what crypto mining is about and how you can start.

What is Cryptocurrency Mining?

Basically, cryptocurrency mining refers to a process where cryptocurrency transactions on crypto networks are verified before being added to the distributed ledger called the blockchain. In simple terms, it means mining or getting digital currencies from the blockchain networks with the aid of special computers called miners.

Bitcoin was the first decentralized digital currency that was created, and there are different ways to earn cryptocurrencies, either via mining, or by trading on cryptocurrency exchanges. For a beginner, before going into mining, it is imperative that you consider some factors and parameters before making the move to become a crypto miner, because the factors will help determine your profitability.

  • Power Consumption

Cryptocurrency mining consumes a lot of power, and with more power consumption comes more electricity bills, hence, it is important to know the power requirements of your hardware before venturing into mining. It gives you an idea of the extra cost your bills will come with.

  • Hash Rate

Your crypto mining hardware functions by solving complex calculations every second, so, the hash rate basically refers to the frequency of calculations performed per second and is measured with MH/sec (Megahashes per second), GH/Sec (Gigahashes per second), TH/sec (Terahashes/sec).

  • Profitability

It is important to know whether mining will be profitable for you or not, including knowledge about the duration before you get returns on your investment. There are various online platforms called profitability calculators. It calculates your profitability based on the current crypto price on the market, power consumption, and hash rate.

Crypto mining rigs come in three major types:

  • ASIC

The Application Specific Integrated Circuit (ASIC) is huge, mines cryptocurrencies at very high speeds, but consumes very low power. However, they are costly to acquire.

  • GPU/CPU

This is the least powerful of the mining rigs the GPU allows you mine cryptocurrency with your computer’s graphics card (which is upgradable) and also use your computer’s central processing unit, it could be really slow though.

  • FPGA

The Field Programmable Gate Array (FPGA) is custom built, and comprises of a series of integrated circuits specifically designed to facilitate crypto mining. It is more effective than GPU/CPU miners.

When you have decided the miner you want to use, and have set it up, you will need the following:

  • A crypto wallet to store your coins
  • Software package for crypto mining
  • Membership of a mining pool
  • Member of a crypto exchange
  • Internet connection that is reliable
  • A location that is properly ventilated

With this little piece of information you can set up your mining rig, and begin mining crypto for yourself, and get yourself a cool miner shirt.

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