Cryptocurrency is a huge deal. It’s safe to say that nearly everyone has wondered about how they can make some good money from this boom. The most common way to use this surge to your advantage is to invest in cryptocurrencies. But there is another way as well: becoming a cryptocurrency miner.
Essentially, mining involves telling a machine to solve a series of complicated cryptographic hashing algorithms. In return for solving each new block, miners receive rewards in the form of cryptocurrency. Miners literally generating money that will live within the cryptocurrency’s blockchain. And with the right hardware, programs, and resources, anyone can become a cryptocurrency miner. Here’s how.
Know what you’ll need
While the exact programs needed for mining different cryptocurrencies vary a bit, here are a few of the resources you’ll need to get started with cryptocurrency mining.
- A coin wallet: a password-protected digital wallet where you can store all your earnings.
- A mining software package, which will help you in solving the algorithms. They are available for free.
- Membership of an online currency exchange, where you can exchange your virtual coins for conventional cash.
- A dependable, full-time internet connection that ideally works at a speed of 2 megabits per second or more.
- A cool, preferably air-conditioned space to set up your hardware (because it’s going to get hot).
- A desktop or custom-built computer that is specially designed for mining. (You could use your current computer initially. However, because you won’t be able to use the computer while the miner is running, it’s better to have a separate computer dedicated to crypto mining.)
- A chip that can be dedicated to running the algorithm. Popular options include ATI graphics processing units (GPUs) or a specialized processing device called a mining ASIC chip
Start off small
Starting is simple, but you need to account for the several practical challenges involved in cryptocurrency mining. The initial outlay required to acquire all the necessary hardware and software can seem overwhelming for someone who wants to start off with smaller steps. So, if you’re a bit intimidated by the amount of investment required to carry out cryptocurrency mining by yourself, you can begin with a few baby steps. For a while, you could use your personal computer to mine cryptocurrency. Please remember, however, that it is not ideal to use a laptop, a gaming console or handheld device to mine.
Become a team player
By getting a membership in an online mining pool (which is a community of miners who combine their computing devices to improve income stability and increase profitability), you can enjoy access to the hardware and software you need without spending a lot. Of course, you may not earn as much as you would if you were mining alone, but working in a team gets you access to top-class hardware and programs and the opportunity to learn some of the best practices from other players in this field.
So if you want to become a cryptocurrency miner, the thing to remember is that you need to start somewhere and set the ball rolling. And as you go up this road, remember to keep yourself updated on everything that you need to know to become a successful miner.