Mining cryptocurrencies continues. There are all sorts of humorous anecdotes we can quote. A pair of Russian nuclear scientists were busted, after they tried using nuclear power to mine cryptocurrencies! People have been poorly trying to hook their laptops to the mines and excavate some much sought-after riches, ending up with burning pieces of plastic instead.
Everyone is head over heels at the prospect of adding some solid albeit ephemeral gold to their bank account. Still, it may not be advisable with the ever-increasing power needed for cracking crypto-yieldng algorithms.
So, where should we start?
If you were lucky enough to have started mining back in the day when Bitcoin was in its dawn, you would have earner a solid starter’s capital and would have been able to shift your assets around to multiply them.
And when we say shift we do mean that this cuts both ways. On the one hand, you may have gained riches, and on the other – you may have lost substantial money.
If you are expecting to run a personal mining factory, you will have to cough up heady amounts. Just to put things in perspective, Denmark consumes the same amount of electricity crypto miners around the world do to unearth their precious gems.
Where should you start? Finding partners rings familiar. You may also want to get rid of the notion that you will ever be able to successfully mine the world’s staple cryptocurrency.
So what should I do instead?
Instead, you will do well on focusing the newer crypto chunks of gold! Consider going after Litecoins, Dogecoins and Feathercoins. If you want to try your hand at it, you may even consider El Petro – Venezuela’s newly-minted asset.
Still, you will also have to know that these cryptocurrencies are much more prone to fluctuations and if you invest in marginal assets, there may be no assets should the market crash. Of course, this pretty much applies to any asset digital or otherwise out there. It is entirely up to you to decide how you will treat them.
How much to get me started?
If you are looking for a foothold in the industry, prepare to cough up at least $5,000 in computer hardware. This may be used to plunge into a new cryptocurrency or to cotton on to existing ones.
However, no exact estimate of your earnings can be provided. Then again, you will also have to account the electricity bill, which is going to soar as a result of your makeshift factory’s work.
Common bugbears of the cryptominer
If you want to be successful at what you do, you will need to go through the motions. Let’s have a look at what is available.
- First, you will need to set up a crypto wallet. With the wallet, you may store your own earnings without a worry.
- You will need to use a specific software that will tell your hardware to begin crypto mining.
- You will need to join an exchange where you can trade currencies, both FIAT and crypto assets.
- Remember that your Internet connection needs to be at least up to 2 megabits per second. Faster would be better.
- You will need a cool location to set up your hardware and make sure it’s properly cooled in general.
- We recommend that you obtain an ATI graphics-processing unit (GPU) for the purposes of mining. Make sure that the desktop computer you are using is a dedicated station that you will use for the purposes of crypto mining alone.
With this our account of plunging into the world of the digital ends. Make sure to research the market carefully. Some new coins may be more promising than others. Almost certainly, a lot of computer power will be needed and you will be faced with steep electricity bills.