Wondering how to mine Bitcoin and other crypto coins?
Bitcoins and crypto are everywhere! In today’s world, you need to actively avoid it if you don’t want it shoved down your throat. Getting your hands on Bitcoin and other cryptocurrencies can be a hard and expensive task. While you can buy most of these coins on crypto exchange platforms like Binance or cex.io, some people prefer to mine crypto for a bigger return on their investment.
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Mining is the process of dedicating computing power to single or multiple tasks on the blockchain. The result of mining is creating a new Bitcoin coin and confirming and securing transactions made on the network.
First of all, confirming transaction works in a specific way. Every transaction on the crypto networks is added to a long list of transactions on the blockchain in so-called “blocks”. These changes are then confirmed by all other nodes on the network ensuring nobody can change the values without triggering a network-wide alert.
Mining can be basically the same as printing money for banks. Cryptocurrencies use the blockchain and advanced calculations to create new coins that can then enter circulation and get used for transactions. These tasks are usually getting harder as time goes by. When bitcoin was founded you could mine a heap of coins in a few hours or days, while today’s expensive rigs can take months or even years to mine a single coin. And it’s only getting more difficult with time.
The requirements are not that big. If you are a small-time miner, you can get away with a current and power-efficient GPU. If you are planning on getting a newer GPU you should look at the Nvidia RTX 3000 series of GPUs that don’t have mining limiters installed. AMD and its RX6000 series can be a decent choice but they are underpowered for mining tasks as the company changed its GPU architecture. For older and more affordable cards AMD trumps the competition with its RX470, 480, 570, and 580 GPUs.
If you are planning on mining on a larger scale, classic GPUs just won’t cut it, and you will need to look into investing in an ASIC miner. These are quite expensive and hard to get, but if you are serious about mining they are pretty much the only valid choice!
If you are a small-time miner and you are attempting to mine Bitcoin, the answer is most likely no. Bitcoin is extremely hard to mine and it’s only getting harder in recent years. More profitable coins like Ethereum have taken the limelight and buying the right gear to mine those coins is far more profitable for the average Joe.
If you already have a gaming PC with a decent graphics card and electricity is cheap in your area, you should consider mining a bit when you don’t need the extra processing power!
Learn More Here:
Wiki, Investopedia
