The industry of blockchain, particularly cryptocurrency, is quite exciting and engaging that a lot of people want to enter this field. However, some were not familiar or didn’t know where to start. If you are a beginner, you must come equipped and knowledgeable as you will be taking a risk. In this manner, you should be able to understand first the concept of cryptocurrency mining, including how it works and other things you need to know. Get ready to fill up your baggage for we will be pouring you some information that is significant if you will be opening your way to cryptocurrency.
What is Cryptocurrency Mining?
If you don’t have any background about this, then here’s a quick orientation about it. Cryptocurrency mining defines as a process in which your transaction will be verified and will be input to the ledger, which is a collection of data of all the recent and current trades of a specific blockchain.
How does cryptocurrency mining work?
Cryptocurrency mining is not just a simple verification of data, though. You have to compete with several miners to be able to compute a complicated mathematical equation which you have to bypass, to be able to get the information held by a block. If you are successful, you, as a miner, will be receiving a reward, which is the cryptocurrency, or your digital money.
This digital money can be exchanged to your local currency. However, it will depend upon on which type of cryptocurrency you will be receiving.
Some crypto requires a considerable amount to be able to be withdrawn, such as Bitcoin, and it also takes time to be gained. Though, there were also cryptos which you can achieve faster and do offers a cheaper transaction fee.
If you are not yet ready to withdraw or invest your coins, then you can secure it by purchasing or downloading an e-wallet which is for digital cons only.
What is the most accessible cryptocurrency to mine?
As a beginner, you should not raise your expectations hastily, for there are several types of cryptocurrencies that were hard to acquire. It is recommended that you start on the most accessible crypto to mine first and the following were some of it:
This works just like the other cryptocurrency. However, in a more accessible manner.
As there were a lot of networks which is running the system, it is difficult for the system of the crypto to shut down. This is also and cannot be controlled by the authorities. Another edge is that your information was also secured so that you can transact with anyone without needing to exchange info.
Just like its name, you can experience a transaction or withdrawal as light as a feather or faster. If other crypto makes other cries and tired because of the level of the difficulty in mining, Feathrcoin will give you a smoother experience of mining.
If you are planning to donate or share your part after mining, then you should try Startcoin. This cryptocurrency let you gain and invest, but at the same time, it supports and lends a hand for charitable purposes. Coins will be given as a reward after supporting their crowdsourcing projects.
You can also try these cryptocurrency which is suitable for beginners for its friendly server to mainstream users. This is highly reccomendable for it does not only offers a competitve currency exchange as well as market and technology, but you can also access the blockchain industry which was long ago, can be accessed only by millionaires or those who hold a vast businesses.
What are the tools used for mining Cryptocurrencies?
If you are planning to engage in this cryptocurrency mining, then you should also prepare yourself with the useful tools which you should have.
This is one of the recommended softwares that you should consider trying. Aside from it works on different platforms such as Windows, Mac, Os X, etc. , it also has broad community support which you can learn other information about mining, as well as they can also guide you as you take your steps.
- High RAM or Big Capacity of Hard Drive
A lot of cryptocurrencies only allows you to mine if you reach their standards as well as this is important for if you are planning to mine, you will have to download several programs related to mining, minus the fact that you even haven’t started mining yet. Ideal memory for a hard drive is 200 GB or higher.
- Stable Internet
If you are planning to become a full-time miner, then you should have a stable internet connection as well as back up the connection in case of power shutdown. You don’t want your effort to be put in waste when a blackout came and connecting to a blockchain will be on a
- Cooling Pads or Colling System for your Laptop or Computer
Commonly, you have to run your computers the whole day, and mining might result in a much release of heat. Thus, you have to invest in Ac or fans or cooling pads to alleviate the temperature of your pc.
- Crypto Wallet
As mentioned above, you can save your coins to an e-wallet. Although, make sure that you will be downloading a legit or official wallet for scams are everywhere, one wrong move, and you may lose everything that you have worked on to.
Can I become successful with cryptocurrency mining?
A yes and a no. If you will be going to do this as a fun hobby, then probably not. Earning a coin takes a lot of effort and time. Success in this field also requires you more significant effort and bigger investment. Mining cryptocurrency is not that profitable. It might cost you more money rather than gain.
But overall, success is in the power of the people. If you will have grit, perseverance and passion as well as determination, then who knows, you might also be listed alongside the successful persons behind the blockchain industry as well as those people working at the back of the different cryptocurrencies.
Also, as a beginner, you should take these essential tips first, and hopefully, you will be able to attain your goal, may it be for personal gain or for your business that can also help others.