to minMinefield: The Basic Principles of Cryptocurrency Mining

Cryptocurrency Mining: Explained

  • F2pool (China)
  • Antpool (China)
  • ViaBTC (China)
  • Poolin (China)
  • Binance Pool (Malta)
  • BTC.com (China)
  • Huobi.pool (China)
  • Foundry USA (USA)
  • Slush (Czech Republic)
  • SBI Crypto (Japan)

Types of Cryptocurrency Mining

Mining hardware

  • GPU mining (video cards-based mining)
  • CPU mining (processor-based mining)
  • ASIC mining on special equipment intended to mine cryptocurrencies that work on certain algorithms
  • Extra method: SSD and HDD mining

Mining Methods

Individual (solo) mining.

The second option is collective mining in pools.

The third option is known as cloud mining.

Mining software

Is Cryptocurrency Mining Profitable?

  • electricity costs;
  • hardware productivity;
  • ongoing complexity for the actual cryptocurrency;
  • the market rate of a coin/token in relation to other currencies.
  • Cryptocurrency value: What is the value of your chosen cryptocurrency in U.S. dollars or other official currency?
  • Electricity costs: What is your average electricity rate in your region? Do not forget that rates may vary drastically depending on the season, time of the day, and a few other factors.
  • Efficiency: How much power does your computing system consume?
  • Time: How much time are you going to dedicate to mining?

How to Start Cryptocurrency Mining

  • If you are a first-time miner, we recommend you begin by checking the computational power of your computer;
  • Set up a cooling system for your computer;
  • Download and install mining software of your choice;
  • Choose either a CPU or a GPU mining method;
  • Create a Wallet;
  • Check out whattomine.com for more information about different types of coins and the most profitable types of coin at the moment;
  • Join a mining pool (mining pools) to enhance your mining difficulty by combining your resources and hashing power with other users. Refer to the list of the best mining pools to join right now mentioned above.

FAQ

Is crypto mining illegal?

Is mining cryptocurrency profitable?

How do I start mining cryptocurrency?

  • Get appropriate high-powered computer hardware for cryptocurrency mining (bitcoin mining);
  • Set up a cooling system for your computer;
  • Set up a Wallet;
  • Download mining software;
  • Join a mining pool.

Can you mine cryptocurrency at home?

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store