cryptocurrency
Latest news

Making money with mining: Tips and tricks to get started

Home

 Making money with mining: Tips and tricks to get started!!


Whether you want to make some cash with mining, give yourself cheap electricity, or just learn the basics of cryptocurrency mining, you’ve come to the right place! Mining has been around since the dawn of Bitcoin and many other cryptocurrencies are currently being mined using similar principles. This guide will take you from why should I do this? to how do I get started? in no time at all!




Whether you want to make some cash with mining, give yourself cheap electricity, or just learn the basics of cryptocurrency mining, you’ve come to the right place! Mining has been around since the dawn of Bitcoin and many other cryptocurrencies are currently being mined using similar principles. This guide will take you from why should I do this? to how do I get started? in no time at all!


Crypto Mining

Mining is a term that's thrown around a lot these days, but unless you're an avid gamer or deal in cryptocurrencies, it's probably a pretty foreign concept.


Mining refers to verifying transactions on blockchains—cryptocurrencies like Bitcoin are built off of blockchains (specifically, blockchain technology), and they use miners as transaction verifiers. There are two ways that people can earn cryptocurrency through mining: by doing it themselves (not recommended) or by letting others mine for them. It takes some tech know-how to do it yourself—and unfortunately, not everyone has that know-how. But if you don't mind paying someone else to handle everything for you, here are some tips on how to get started with cryptocurrency mining!


Is it too late to start mining?

Don’t let anyone fool you into thinking that it’s too late to get involved in cryptocurrency, it’s not. In fact, it is a great time to start cryptocurrency mining. There are so many methods for generating income from your computers or GPUs that there is no reason not to try out a few if you can spare them. 


The downside here is that miners are just like any other business owners; they invest time and energy into their operations, which means their time is not free for you. Still, if you have some extra computing power on hand, then by all means go ahead and give cryptocurrency mining a shot! You might just end up making a pretty penny for your effort.


3 Simple Ways To Start Mining

If you’re going to start making money from Bitcoin, there are two ways you can do it—mining or trading. This guide will focus on mining because that’s a surefire way of generating cryptocurrency. If you want a quick guide on how to trade Bitcoin, check out our guide on how Bitcoin exchanges work. For now, here are three steps for mining your own Bitcoins


chose the right coin to mine

This is an important part of getting into bitcoin, but it can also be a little overwhelming if you don’t know where to start. If you want to mine bitcoins, your best bet is probably to mine in a pool—that way, you can split the work (and maybe get some company) and earn more bitcoins than you would alone. If your PC is fast enough, you might even consider solo-mining and try your luck. Mining altcoins—another term for alternative cryptocurrencies—can be done in a similar way as well. You just need software that can search for coins on a specified exchange; some miners will even take care of finding an exchange for you so that’s one less thing you have to worry about.


Set up a mining rig 

Depending on your needs, you may want to invest in a professional rig that costs several thousand dollars. Other miners choose to build smaller rigs using spare parts on hand or go it alone with a DIY kit that might only cost a few hundred dollars. No matter which option you choose, it’s important to pick out a stable motherboard that can handle all of your GPUs without overheating. The goal is for your rig (and everything attached) not to produce too much heat, which can shut down your entire computer and force you to start over from scratch. Before building or buying any piece of hardware for your mining rig, run some calculations about how much power it will use—how much electricity do you want to spend?


Reduce electricity consumption

Mining equipment requires a lot of electricity, which means that more powerful mining rigs will have higher energy bills than less powerful ones. To reduce your energy consumption, you’ll want to look for a machine with a high hash rate -- or in other words, one that can do a lot of work per second. The actual cost savings will depend on where you live, but it could be substantial if you live in an area where power is expensive. For example, mining machines using standard CPUs (such as Intel’s S9 series) are about 35 percent more efficient than those using graphics processing units (GPUs), according to Morgan Stanley Research.

google-playkhamsatmostaqltradent