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For the first time, digital currency mining was discussed more than ten years ago. Since then, the bitcoin rate has grown hundreds of times, and thousands of people worldwide have begun hunting for cryptocurrency. What is mining, and how to make money from it? Read our article.
The concept of mining
The word "mining" literally means mining. In the context of finance and information technology, such a “raw material” is considered to be cryptocurrency.
Mining is the extraction of digital currency using special equipment.
In the language of blockchain engineers, mining is the joining of blocks that store information about transactions. As a result, they form a continuous and consistent chain - blockchain.
To attach a block, it is necessary to solve a specific mathematical problem by deciphering the cryptocurrency algorithm.
This is what miners do, or rather their special devices. If the equipment finds the correct answer, its owner receives a reward of digital coins.
At the same time, the more miners aim to solve the problem, the more difficult it is to find the correct answer, and the cost drops.
There are three main ways to mine cryptocurrency. Let's talk in more detail about each of them.
This method of mining cryptocurrency is considered the most accessible and suitable for those just starting to mine. A person cannot deal independently with equipment purchase, installation, and configuration. All that is required of him is to rent the amount of hashrate on a remote server.
Hashrate is the total amount of power required to mine a cryptocurrency. The higher this figure, the more influential the equipment.
After that, professional miners take over all the work on extracting digital coins. It is enough for a person to replenish the balance in the personal account of the cloud service and withdraw the funds received to his wallet. Typically, the hash rate lease period varies from one to three years.
It is important to stipulate that even the most proven data centers cannot guarantee a 100% profit. The digital market tends to sag, which means that the income from mining will be minimal at such moments.
Associated with this is the high volatility of cryptocurrencies. By mining, a person agrees with the risk of losing the invested funds.
Another disadvantage of such mining is the high probability that a person can run into scammers. Often, attackers enjoy the trust of novice miners and leave them without money.
In this case, the miner mines the cryptocurrency alone. He independently assembles and configures the equipment, after which he tries to solve the problem.
Every year it becomes more difficult to mine, so miners use more powerful equipment. Today, only a few use solo mining, preferring to unite in teams.
A pool is a server for collective mining.
This mining method allows you to combine the power of several pieces of equipments and quickly find solutions to problems. The pool is based on a server that sends tasks to team members with more spartan conditions.
Each digital currency uses its encryption algorithm. The goal of any miner is to decrypt it, turning a set of random data into ordered information. Subsequently, it will be recorded in the blockchain.
However, for the secure operation of the blockchain, crypto-encryption alone is not enough. Another danger lies in the fact that anyone can attach a block to the chain. Therefore, this process is also controlled by the so-called consensus algorithms.
Proof of work (PoW)
For the miner, this term will also mean that he did the calculation. After that, a signal arrives that the block can be attached to the chain.
It is this principle that underlies Bitcoin and many other digital currencies.
Proof of staking (PoS)
This algorithm means "proof of ownership." In this case, only those miners who have enough coins in their account can generate blocks. The more their number, the higher the probability of receiving a reward.
Necessary: some cryptocurrencies use a combined type of algorithms.
Types of mining farms
When cryptocurrency first appeared, it could be mined using a simple computer. Over time, the miners began to improve the equipment - the so-called rigs took the place of the PC.
The difference between a home computer and a rig lies in the hardware components. If, in the first case, their role is equivalent, then in the second case, attention is shifted to the power of the video adapter. The processor, motherboard, and other components only support its operation.
Over time, the value of the digital currency increased significantly, which attracted even more people to mining - this is how mining farms appeared.
A mining farm is a set of devices whose power is used to mine digital coins.
Today, any mechanism sharpened for the extraction of digital currency can be called a mining farm. However, in the professional community, it is customary to distinguish three main types of farms.
Based on video cards (graphic adapter)
This method has long been popular among miners. However, the presence of one video adapter practically did not bring profit. To increase the capacity of the equipment, the miners installed several at once - at least four to six.
At the same time, video adapters have two undoubted advantages for their owner. Firstly, they are pretty easy to reconfigure for different algorithms. Secondly, in the event of a breakdown, they usually have a good warranty.
Despite this, now this type of mining farm is used less and less. It is almost impossible to get the well-known bitcoin using this method. However, it is still suitable for mining altcoins and other less popular cryptocurrencies.
Based on FPGA modules
FPGA modules are the first programmable devices designed specifically for cryptocurrency mining.
They allow miners to manually change the configuration of the scheme, adjusting it for a specific task. In this case, bitcoin mining.
The performance of these modules is not much different from the power of video adapters. Their advantage is that they do not need to be cooled, unlike other types of equipment.
Based on ASIC
The ASIC device is designed exclusively for crypto mining. In this case, not a video adapter is used for calculations, but a particular chip. Thanks to him, the ASIC has a particular advantage - the equipment "eats" less electricity, which increases its performance.
In the case of ASIC, you do not need to assemble the equipment yourself. However, due to high power, the device constantly overheats. To maintain a cool temperature on the mining farm, it is necessary to purchase additional equipment for cooling the chips to the device.
Another drawback that miners often point out is the high noise level. Because of it, they are using an ASIC-based farm at home is quite problematic.
Important: the device uses only one algorithm for currency mining, and it is impossible to reprogram it for another algorithm.
Technical requirements for mining
Mining on ASICs requires almost no effort - purchase equipment and start mining cryptocurrency.
A different situation develops with mining on video adapters. For the system to be profitable, it is necessary to take into account all the subtleties when assembling and configuring it.
The basis of such a mining farm is a computer with an excellent cooling system. Please pay special attention to the motherboard of the equipment: it should have room for several video cards.
As for the operating system, miners most often prefer Windows 10 Pro-64-bit. At the same time, some of them use strategies tailored exclusively for the extraction of digital currency—for example, ethOS, Hive OS and Rave OS.
Is it possible to start mining on your own
Before you start mining, really evaluate your skills. If you have difficulty assembling and disassembling your computer's system unit or do not understand the operation of video adapters, the extraction of digital currency will not be easy for you.
Do not forget about financial opportunities. At a minimum, you will have to spend money on equipment and start-up capital.
In addition, the equipment will consume a considerable amount of energy, so prepare for hefty electricity bills in advance.
If the costs do not scare you, you can start creating a mining farm. Since the ASIC device does not require assembly, we will analyze the example of mining based on video adapters in detail.
Buy all the components and assemble the device.
When buying video adapters, pay attention to their power and power consumption. It will be better if you use devices of the same type on the farm - for example, only Nvidia or only AMD.
Important: the choice of a video adapter is directly affected by what kind of cryptocurrency you will be mining. Therefore, decide on a digital coin before heading to the store.
Before you start setting up the equipment, take care of a stable Internet and check the uninterrupted supply of electricity.
Choose a crypto currency
Now the most popular among miners are Ethereum, Zcash, Monero. The power of the video adapter is no longer enough to mine bitcoin.
Decide on a pool
Since work in the pool is considered the most efficient, we will focus on this mining method.
Before joining a team, make sure it is reliable. To do this, pay attention to:
- the number of miners;
- the characteristics of the video adapters of the participants - the more powerful they are, the more likely they are to get good earnings;
- server age - usually there are not so many participants on young pools, which means less performance;
- the order of distribution of profit - it is divided between the participants either equally or depending on the efforts spent by each;
- withdrawal of funds - what currency the participants use and how much they overpay for the commission.
- install the mining program.
- each digital currency requires its own program. It is she who performs calculations, thereby extracting the crypt.
Open a wallet to store digital currency
You will not be able to mine until you have a wallet to store cryptocurrency. You will need it to deposit the received funds.
Services for beginners
As we found out, at the initial stage it is important to decide on the following tasks:
- choose the cryptocurrency you will mine;
- indicate the profit you are aiming for;
- choose a place where you will store digital coins.
To solve these issues, novice miners can use special services - WhatToMine and Coinmarketcap.
The first resource is an online cryptocurrency mining calculator, the second one displays the rating of digital currencies.
Is it profitable to mine cryptocurrency?
If you decide to try your hand at mining, you need to take into account all the risks of this process.
The most obvious of these is the volatility of the digital currency. Be prepared for the fact that due to the fall in the exchange rate, your profits may depreciate significantly. In such cases, it is better to wait out the difficult times and wait for the moment when the cryptocurrency starts to grow again in the market.
However, sometimes the situation still does not stabilize. Then the miners have no choice but to sell their equipment in order to somehow cover the losses.
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If you're interested in the exciting world of Decentralized Finance (#DeFi), you don't want to miss this insightful article. 🚀
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