Beginner’s Guide: Cryptocurrency Mining

Beginner’s Guide / 17.12.2018

Cryptocurrency mining, or crypto mining, is when transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as crypto coin mining, altcoin mining, or Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.

Each time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other crypto miners to solve complicated mathematical problems with cryptographic hash functions associated with a block containing the transaction data.
The first cryptocurrency miner to crack the code is rewarded by being able to authorize the transaction. In return for the service provided, crypto miners earn small amounts of cryptocurrency of their own. To be competitive with other crypto miners, a cryptocurrency miner needs a computer with specialized hardware.
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How to Get Started as a Cryptocurrency Miner

While crypto mining can generate a small income for a cryptocurrency miner, in most cases only in the amount of a dollar or two per day for an individual using their own dedicated computer hardware, expenses like electricity, internet connection, and computing hardware also impact the net revenue generated by cryptocurrency mining.

To get started mining, cryptocurrency miners will need dedicated computer hardware with a specialized graphical processing unit (GPU) chip or application-specific integrated circuit (ASIC), sufficient cooling means for the hardware, an always-on internet connection, a legitimate cryptocurrency mining software package, and membership in both an online cryptocurrency exchange as well as an online mining pool.
Aspiring crypto miners should also know that as cryptocurrencies have risen in popularity and value, competition has increased substantially and now includes organizations and enterprises with more extensive resources than most individuals can compete with.

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Should you like to start mining, check out these mining options provided by Whattomine, where you’ll also be able to calculate your ROI (Return of Investment) based on your mining power.
Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.