Mining: How to start ?

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Posts: 63
Joined: Wed Oct 23, 2019 11:42 am

Thu Feb 20, 2020 4:57 am

By : Abali Ikulu

Mining what is it ?
We can definite mining as the recording of cryptocurrency transaction on the blockchain. Usually miners work with powerful dedicated devices and as a reward for their contribution they get freshly minted coins. In fact talking about mining refer to the inssuance of the new coin in the market .At the other side as that the blockchain is consider as an encrypt infrastructure ,so to add new blocks we need to solve a very complex cryptographic function called hash.That is why mining needs powerful energy intensive computers for saying true ,today mining is not very convenient consider these two popular options method of mining ,for private users who cannot afford all the machinery
and resources necessary to make this activity profitable .
Hosted mining is a good option because you own hardware to mine but the device must be located in a secure facility and monitored 24/7 by a company that provides this service, here the mechanical and thermionic side of this process don't involve you .You usually mange your device at your wish.
- Cloud mining is also another option we can cite, but with this option we have to join a mining pool
and receive part of the revenue based on the performance . Cloud mining certainly saves time as that we don't need to buy or maintain our hardware, His ad side is that the scammers make easy money from people who have less knowledge about the usage of this process. a further disadvantage is that there is cost for the use of the equipment. and there is limit over the equipment is used or how effectively it works . Presently
GPU AND ASIC are the best hardware for mining : Computers used for mining are usually dedicated and must be powerful enough to support the necessary calculations and mechanical component to be integrated which are ; for GPU : graphics processing unit and ASIC stand fro application -specific integrate circuit .
Ethereum,bitcoin gold,Monero, and Zcash are example of coins mined with GPU while ; bitcoin ,bitcoin cash,litecoin, and Dash are example of coins mined with ASICs the two system use graphic cards as those commonly used to play on a PC .there are also Pros and Cons
GPU pros : is stable ,versatile.hundred of coins can be mined with the same GPU device .
GPU cons ; it consumes more energy requires large equipment can't mine major currencies like bitcoin or litecoin.
ASIS pros is the best technology available ,lower power consumption ,provides higher profit margin.
ASIC cons ; it can cost a lot can mine only one currency ,they have typically a one year warranty.
As we see ,since the pros and cons of the two technologies are proportional ,the choice depends on the objectives and interest that we want to achieve with money ,let's remember again that the ratio between the investment to start mining snd the income generated tends to be unprofitable at this time. Stay tuned !
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