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tradeandholder

How to mine cryptocurrencies

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Mining bigger coins is not profitable nowadays. Everyday more and more people join mining business to mine popular/pricier coins, therefore they require more hashing power that costs miners a lot.

Mining cryptocurrencies like LTC, FTC, DOGE, that requires ASIC (Application-Specific Integrated Circuit) will require bigger initial investment and after you finish mining you can't to anything with your mining equipment because it's used only for mining ASIC.

There are catches to be careful before you start mining:

  • price you're willing to invest in mining hardware (ie. 10 graphic cards)
  • current price of the coins you're willing to mine and

 

How it works

For mining coins, you will need:

  • A private coin wallet and a private key. A wallet for storing mined coinss.
  • A mining software, typically made up of cgminer and stratum.   
  • A membership in an online mining pool, which is a community of miners who combine their mining power to increase profitability.
  • A membership at an online currency exchange like Binance, where you can exchange your cryptocurrencies for fiat money, and vice versa. 
  • A reliable full-time internet connection (10Mbit+).
  • A hardware setup location in an air-conditioned space for cooling.  
  • A new computer where you will run mining software on.
  • An ATI graphics processing unit (GPU) or a specialized processing device called a mining ASIC chip (quality ASICs costs around $4000). The GPU or ASIC will be the workhorse of providing the accounting services and mining work.
  • A house fan to blow cool air across your mining computer. Mining generates substantial heat, and cooling the hardware is critical.
  • To monitor and read news about coins, their changes, etc. Miners do that to be successful.
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