Mining is a way to earn money, which, with a competent approach, can bring big profits. The most important thing is to learn how to earn income on cryptocurrency, not to be afraid to take risks and believe in yourself. In the article, I will tell you where to start cryptocurrency mining at home.
The mining of Bitcoin or other cryptocurrency is based on resolving computer goals and decrypting the next block of the chain, in order to extract fees in the form of electronic coins. Let's describe with simple concepts what the basis of mining is, what methods of “mining” are, to what extent this method of earning is promising.
Types and methods of mining
The first cryptocurrency is Bitcoin, which was invented by Mr. Satoshi Nakamoto (nothing is known about the real person).
The distinctive features of modern virtual cash include:
- Limited number of coins.
- Known global output.
- Unregulated cryptocurrency emissions. To date, there are no government structures that control the production of any virtual currency. So, it is available to anyone.
Bitcoin is a kind of encrypted code, the total value of which depends on the degree of demand in the markets.
How can I mine
Based on the available information, the concept of mining can be more clearly formulated.
The action is carried out in the following ways:
- Independent activity (solo-mining). In this case, the miner uses personal equipment for obtaining coins, and the earned monetary unit is left for himself.
- Mining in pools. In order to increase the efficiency of work, citizens pool together and use the common potentials of computing equipment to extract cryptocurrency. Further profit is distributed, taking into account the share of each person.
How to start mining at home
In this section I will consider the following issues:
- How to start mining on a personal PC in 2024?
- You are a beginner and do not understand how to mine?
- What needs to be done, what is it for, how to organize the process at home?
The first part of the plan:
- Choose a currency.
- Make a wallet.
- Pick up a pool.
- Download the program.
- Proceed to the extraction of electronic coins.
It will not work independently to earn cryptocurrency without serious power, so miners working at home are rallying in pools. This is a certain number of computers that combine their own actions to find the required unit. When a block is found, funds are divided according to capacity.
Farm or cloud?
The cryptocurrency for 2024, after a sudden increase in the value of Bitcoin, has gained fame. Cloud mining resources that offer rental of coin mining capacities have become popular.
The most experienced earn cryptocurrency on their own, creating farms at home.Let's analyze the pros and cons, and find out which is preferable, cloud mining or your own farm?
What is cloud mining? Initially, experienced computer scientists in a very narrow environment became the miners of bitcoins. The demand for mining grew along with bitcoin and its distribution. With an increase in the number of miners, the mining period grew and grew, and earnings fell. At that time, the founders of leading farms had the idea of sharing their own power with others.
Advantages and disadvantages of cloud mining
- «+» Big return - it’s possible to double the investment twice in a year. Given that the electronic currency will only grow, then this is even more attractive.
- «+» On the same exchange you can purchase various coins and diversify losses from falling.
- «+» On almost all resources there is an “affiliate program”, on which it is also possible to earn money.
- «–» There is a possibility that the pool will simply turn out to be dishonest (a scam) and after a while, it will be lost with the finances of miners.
- «–» Significant investment to make a profit.
The advantages and disadvantages of farms
As a result of popularization and raising of cryptocurrency, ordinary inhabitants began to engage in mining. They began to buy graphics cards and set up farms - some in the garage, some in the apartment, some right at the workplace. In this regard, the price of video cards has increased, and now the most powerful ones "you will not find in the afternoon with fire."
- «+» Own farm - sounds attractive, almost like your own car factory.
- «+» In reality, it’s possible to earn some money, recover the cost of equipment and gain income.
- «–» Expensive equipment. Here it is necessary to realize, the more video cards you get, the more coins you can get. Farm price can reach tens of thousands of dollars.
- «–» To mount a farm and make settings, you need to be an experienced computer programmer.
- «–» You can go into the negative. There are many dangers - from the failure of equipment, to the fall of the exchange rate.
What to mine?
In addition to bitcoin and bitcoin cache, there are many other cryptocurrencies that will provide income to miners. The list contains the 10 most profitable and necessary for 2024. They all have their pros and cons. The course may change, for this reason, in order to choose a currency, it is necessary to continuously monitor the situation on the market.
- Ripple - acquire.
- Dash - mine.
- Litecoin - mine.
- Monero - mine.
- NEM - to acquire.
- Stratis - to acquire.
- WAVES - to acquire.
- Stellar lumens - acquire.
- Etherium classic - mine.
- Etherium - mine.
Selection and acquisition of iron
A mining farm is a PC with 5-7, and sometimes even more, video cards. The number of connected video cards affects the overall processing power. By applying a special transaction recording program, the farmer carries the utility of BlockChain. In ordinary terms, a person leases the performance of a video card, earning electronic currency in exchange. Earned coins are displayed on a crypto wallet.
Which pool to choose
A pool is a server that shares the payment task between all participants. As soon as one of them hits the target, a block is created and the participants will receive a reward.
- Pool Power Pools that have not yet gained power will not be able to make a decent offer of profitability. Explore ratings, look for pool statistics, for example, on BTC.com or on Blockchain.info.
- Rate your equipment. It may be necessary to improve the performance of the video card. If you start mining with old equipment, the income will not be able to recoup even the cost of electricity.
- The method of sharing benefits. Typically, earnings from decision blocks are distributed in proportion to the contribution of the participants.
- Payouts. Find out if it is possible to transfer the mined to a card or into an electronic wallet, as well as the percentage of the commission of the resource.
Which miner is better
A typical cryptocurrency mining ASIC is made in the form of a chip.It can not be flashed and stands out with the highest performance. High-quality models are equipped with several processors made on the basis of the chip, power supplies and fans for cooling. Having figured out what constitutes ASIC, we will determine the characteristics of the selection of equipment:
- The beneficial effect of a hashrate.
- Power consumption - such devices consume a lot of energy and on the eve of acquisition, it is necessary to compare the power of the network and the device.
- The ratio of cost and proper quality - sets the payback period of ASIC.
Before buying, think it may be more appropriate to invest in cloud mining resources, where you rent the power of the same ASICs, but they are located in a remote center and are serviced by professionals.
Download wallet or register online
At first glance it seems that the wallet on your own PC is more reliable - only you use it, and no one can manage your coins. However, the home personal PC is also not immune from hacker attacks, and when PC repair is required, the ability to access the wallet itself is lost.
To exchange for another currency, you also need a wallet on the exchange, therefore, it makes no sense to install it on your PC. If only for the illusion of security, to withdraw coins from the exchange to your PC.
The disadvantage of finding a wallet on the exchange is the same hacker attacks. In a period of steep decline, certain exchanges make it difficult for users to withdraw.
There is no trust in over-the-counter online resources, it is unclear who owns them, and whether they will disappear with a wave of the hand. Exchanges are also affected, but they are more reliable.
Cryptocurrency trading without mining
Despite the fact that cryptocurrency is present in an isolated digital world, developers are non-stop engaged in its adaptation to these conditions and the possibility of using it for profit. You can earn money on cryptocurrency even without investments, you just need to understand all the methods.
Recently, only lazy media have not reported a cryptocurrency takeoff, forecasts about bitcoin, opportunities and prospects. Such notes increased the credibility of electronic money, and many rushed to the Internet to search for stable income on cryptocurrency. However, the Internet is filled not only with important and business announcements. Full of scam, looking forward to newcomers. Swindlers do not sleep and systematically build traps.
Trading without mining is the process of buying and selling coins on special platforms - exchanges. After registering on the exchange, you replenish your account with real money, then buy cryptocurrency, and after its growth, you sell and usually get dollars, which can then be taken offline. The most popular exchanges are yobit.net, binance.com.
Is mining profitable in 2024?
The answer directly depends on what your tasks are and what year is not important. Let it be 2024 or 2024. If you want to get rich quick, then this method is not for you.
Return on investment will take at least 10 months. In addition, you need to consider that it will take a lot of knowledge, especially if you are a layman in the computer business. First you need to choose the right equipment, install and configure, find inexpensive video cards, and this is not easy today.
Beginners get the impression that if they don’t invest right now, the day of profit will disappear. This is one of the psychological tricks that works for almost 100%.
Mining, despite the difficulties, can bring real income if you do not make a mistake in the approach. Having figured out the nuances of cryptocurrency mining and investing, you can earn. This was convinced by a large number of people around the world, so why not join them?
