How to mine cryptocurrency

In our previous blog , “What is Crypto Mining?”, we looked at the basics of crypto mining. Now, for beginners, our team of professionals has provided a detailed step-by-step guide for you to start your mining journey – whether at home or online. With this, getting started is easy, and you can attain all the help you need for free, right here. 

The First Step Is To Start With a Single Choice That Shows Proof of Work

So many cryptocurrencies to mine, where to start? Take our advice and opt for cryptocurrencies to mine that shows proof of work. According to sources that we have analyzed, “Here are some suggestions to choose from:

  • Kadena is a cryptocurrency built for businesses and powering global financial systems. It’s one of the more profitable cryptocurrencies when you mine it with an ASIC.
  • Ergo is a platform designed to provide an efficient way to implement financial contracts on the blockchain. Because Ergo is resistant to ASIC mining, you can mine it using a GPU.
  • Dogecoin is a meme coin. Although it started as a joke, it became extremely popular in 2021, and it’s possible to make a profit mining it with an ASIC.”

When considering your choices, always bear in the mind the profitability and viability of the mining operation. Sure, you can opt for Ethereum or Bitcoin and other popular choices, but remember that these cryptocurrencies are flogged with miners already. To make money, opt for the alternative – the crypto path less traveled. 

… You’ll then want to choose the way in which you mine. There’s Application-Specific Integrated Circuit (ASIC) mining which uses a device to mine specific cryptocurrency. And, there is Graphics Processing Units (GPUs) mining and Computer Central Processing Unit (CPUs) mining. 

You may want to join mining pools which involve a group of miners who collaborate together to mine crypto and share in the block rewards. Alternatively, you can opt for solo mining or cloud mining where you mine on your own or pay a company to mine for you. Out of all these options, we at Easy Earned Money, suggest you start with ASIC or GPU mining.

Step 2 Is All About Buying your Mining Equipment

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Once you have chosen the type of cryptocurrency you want to mine and the way in which you mine it, then you’ll need to buy your mining equipment. Opt for brand new “rigs” or second-hand ones from reputable suppliers.  

We suggest ASICs or GPUs, however, it’s recommended to compare mining devices with a profitability calculator. Once you’ve spotted the perfect device for your crypto mining vision, it’s about configuring your mining device to get it ready. First, download the mining software for the chosen cryptocurrency. Second, store your device in a well-cooled location. 

Moving onto Step 3, You’ll Need to Set Up a Crypto Wallet

Step three involves setting up your Crypto Wallet. When it comes to compatible wallets, there are a plethora of digital wallets to choose from. And they’re free. In this easy step, you’ll need to set up your wallet and create an address to receive and store your cryptocurrency. 

Step 4, Playing Your Role as a Miner 

Once you’re all set up, let the mining begin as explained by Coinbase . “Beyond releasing new coins into circulation, mining is central to Bitcoin’s (and many other cryptocurrencies’) security. It verifies and secures the blockchain, which allows cryptocurrencies to function as a peer-to-peer decentralized network without any need for oversight from a third party. And it incentivizes miners to contribute their computing power to the network.”

Time is Still on Your Side!

Did you know that it will take until 2140 to mine all Bitcoins available? This means time is still on your side and as you join the millions of miners across the world, there’s still time on your hands to make a good financial go at crypto mining. And as Coinbase suggests, the network is like playing the lottery. With this, if you generally win in nature and have lady luck on your side, there’s no doubt you’ll be the first to guess a 64-digit hexadecimal number we call the “hash” and earn the financial reward. 

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Credible Sources: 

  1. https://www.fool.com/investing/stock-market/market-sectors/financials/cryptocurrency-stocks/how-to-mine/
  2. https://www.easyearnedmoney.com/what-is-crypto-mining/
  3. https://www.coinbase.com/learn/crypto-basics/what-is-mining

Source: https://www.easyearnedmoney.com/how-to-mine-cryptocurrency/