What is crypto mining? Crypto mining is a very costly and very tough procedure to get bitcoin mined. Crypto mining is attracting the investor because it rewards the miner in the form of crypto tokens. Also, bitcoin is the most potent crypto coin in the marketplace right now. You will find the answer to that What Is Crypto Mining?
- By Bitcoin mining, you can earn cryptocurrency without investing even a single penny from your pocket.
- Mining pay rewards to the one who solves the puzzle and providing the solution related to mining power.
- Bitcoin miners get rewards for completing blocks that are recorded on the blockchain.
What Is Crypto Mining?
Crypto mining is a process in which is a particular machine called (miner) performs certain activities and gives a smaller amount of crypto coins as a result.
Imagine that you have a bitcoin mining machine. Now think about how many crypto coins you want to mine from that crypto mining machine. Also, you can own as many devices as your budget let you.
In simple words, your PC will perform the mining process by adding one specialised and straightforward machine, which starts the process of mining in your computer.
Bitcoin mining is a very complex process, and you can say that it is like the math question itself. More factors come into play for mining cryptocurrency. All from that, your PC will contribute to mining, and you get rewards.
The above-discussed process of mining is one of the simple ways of mining bitcoin. Now, let’s move towards how to mine bitcoin or how the mining of cryptocurrency can be done?
What Is Cryptocurrency Mining Technique? Is this question still in your mind? There are four types of mining bitcoin. These methods are discussed below:
01. CPU Mining
CPU mining is not much popular nowadays as it was before. CPU mining is a prolonged process of bitcoin mining because it uses a processor of the computer. This CPU method gives you the answer to your question What Is Crypto Mining?
There are several reasons why CPU mining is slow. First of all, you will notice a significantly less amount of crypto coins at the end of the month. Also that it requires a lot of electricity consumption which increases cost more than mining crypto coins.
Then why peoples are still doing CPU mining?
Well, for CPU mining, it’s straightforward; you need a desktop with high voltage electricity and a couple of programs. And you are done with it. That’s why CPU mining attracts new miners as it is effortless to start.
You can also start bitcoin or crypto mining with your laptop, but it’s not recommended because the computer will heat up after an hour or two.
02. Cloud Mining:
Cloud mining is one of the most popular methods or processes of crypto mining, even without doing anything for mining. Cloud mining is also called crypto mining.
Cloud mining is a process in which you pay someone for a machine or rent out their machine called ‘rig’, and this process is called mining.
In cloud mining, all cryptocurrency mined by the machine is transferred directly into your cryptocurrency wallet or bitcoin wallet during the contract or agreed period.
The companies offer cloud mining have the machines called a rig, operated ten to hundred operating system combined.
Also, cloud mining is becoming popular because it makes it possible to participate in the world of different cryptocurrencies. Enable those who can’t afford the rig or don’t want to own a machine or rig.
03. GPU Mining:
GPU mining is also one of the most popular mining methods right now. If you google it now, you will see the GPU rigs at the top of the list. Also, cloud mining uses cloud rigs for their mining.
Experts are dealing with these rigs and are dealing with hundreds of rigs at a time. They are professionals and know that they are doing it in the right way.
GPU mining is prevalent and more effective, right. Formation of the rig is costly, but all other process is straightforward to handle. So Even if you don’t know about crypto or bitcoin mining.
GPU rig uses a graphics card to mine the cryptocurrency. Typically a rig uses a (3-8 ) graphic card made out of a processor and motherboard. A standard and well GPU rig is nearly about $3000.
It is a little bit costly, but it pays off well and quickly. I think it is the best ROI for you in your mining career.
04. ASIC Mining:
ASIC mining is a compelling crypto mining method when compared to its competitor CPU and GPU.
ASICs are so powerful that they can rob others miners using CPU and GPU and maximise their earnings. This ASIC company doubled the economy of some cryptocurrencies. Imagine that if that earning goes to one miner farm and what type of fairness you can get?
Which Cryptocurrency Should You mine?
When it comes to deciding which cryptocurrency to mine? Of course, you will go with bitcoin mining. But this is not good practice because it is the most popular cryptocurrency right now. So everyone there tries to get even a tiny amount of bitcoin. So it may take a lot of time to arrive at your wallet from the mining machine.
So the best practice is to go with less popular cryptocurrencies. It would help if you went with the Etherum or dash or bitcoin cash. Etherum is one of the best choices to start mining in the right way. It has a robust decentralised network. Also much stable than bitcoin.
Also, read out Best Cryptocurrency to invest In 2022.
You have noticed that there are different methods of mining bitcoin or cryptocurrency. Always use the way which suits you more.
One thing you should do before you start mining creates a wallet where you will save the crypto mining coins.
Also that if you go with the less popular coin, you need to research a little more and jump into the mining of that particular coin you select.
All the above-discussed methods are suitable, always chose the plan that suits you. I’ll recommend that without knowing bitcoin or crypto mining, you go with cloud mining.
Leave a comment if you have any questions about mining.