Cryptocurrency mining is one of the trendiest topics around the globe in 2018. It wasn’t the same in 2009 when Bitcoin was launched as the first cryptocurrency. People weren’t aware of what prospects it might have but the hike in the prices of Bitcoin was what interested many others to follow the course. Not only people bought Bitcoins, but the investors also started some other blockchain solutions and digital currencies. While they all may offer different services as the foundation of the transactions they are dealing with, they all work on the same principle. You can either buy them or mine them. Just as their prices have been on the increase, mining also has increased in difficulty and without proper knowledge you will left stray. Those who joined this race earlier have already extracted quite an amount from it quite easily. Still, the question “How to mine cryptocurrency?” is a mystery in 2018!
Is it the right time to mine?
If you want to know if it is the right time to mine or not, my answer is that, “Every passing second you are losing some of the very valuable time in mining. You should have started years ago and now I can just advise you to get up and read the article and then just set it all up in as less time as possible.” Just consider, as you are regretting now that if you had started mining 6-7 years ago, you would have become a millionaire by now. Same as this, you may be regretting 6-7 years later and would be nothing even then. I can change the scenario a bit for you. What if you get up and set everything all up as I say you to, you could be earning a six figure per month in no time!
What is the best digital currency to mine?
I am sorry to say that you are too late to mine bitcoin now. You can do it still, but the costs will be very high, and it will take you years to get ROI on the investments you have done. Bitcoin is now for large scale investments and it is extremely difficult for any one to kickstart while you might be just checking it out. Well, there is something out there for everyone thanks to this blockchain technology. There are numerous currencies being mined each day and the miners are getting good ROI in much less time.
- For instance, Litecoin is reported to be the best options for a new comer in crypto mining as one is expected to earn about 4 dollars on average per day by Litecoin on average. If you cover all kinds of operational costs and setup costs, one can easily break even in 300 days depending on what is the investment made.
- Dogecoin is another option that you can consider as a beginner and that too bit more easily. However, the amount of profit will be slightly less yet manageable.
- Feathercoin is the coin that is more favorable because of ease of difficulty in mining and more returns. It also is getting higher and higher in terms of prices, so it means your reserves will be increasing too. I personally recommend that you should mine it.
Is It Worth It to Mine Cryptocoins?
You need to decide what are you aiming at. If you are looking to start cryptocurrency mining right now for a hobby and by investing little in it, you are most welcome. While you will learn many things, you will also get to earn a few dollars maybe per day. You need to invest about 1000$ in hardware costs in the start for that. For that, be reminded that you need to pay for your operational costs as well. On average you will get a ROI in 2 years maybe. On the whole, you will be quite comfortable with what you will be achieving as a novice. If you are thinking to invest in little and wish to enjoy as much money as a secondary income source would yield, you are at the wrong track. You can get a fair deal of profit only when you invest in subsequent money. Even after that you will be required to wait for about 8-10 months to get the ROI as you desire. It can be anything over 50$ per day which is a fair amount.
How exactly it works? Your tasks and goals:
Mining cryptocurrency isn’t like someone mining for coal underground. Actually, each digital currency works on a blockchain model that records data and produces when required. When you set up a mining setup, you will be one block of the huge numbers of blockchains and your PC will be serving as a platform to save accounting transactions data. Now once you complete the transactions by being a part of the blockchain, you will be paid a small fraction of all the transaction you have served in the time. If you want to get profit from it, it is advisable that you keep the operational costs as low as possible! Else, you will be having too less in your pocket to continue it ant further.
What toolkit is required to mine cryptocurrency?
If you want to know what are the ore-requisites of mining cryptocurrency, then here they are.
- Just as you have ledger in accounting, you need to have a private storage for your financial details and earnings. In cryptocurrency it is known as a coin wallet. Coinbase is an example of such a wallet.
- You need a mining software too to control and save the records of all transactions done from and to your block in the blockchain. It usually has a cgminer that allows transactions to be done and a stratum that provides the gateways for the transactions.
- You will also need a membership at an online crypto exchange where you can exchange your digital currencies for real money. You should keep a record of how the prices are changing.
- You need a cool space, preferably an air-conditioned basement alongside fast and reliable internet. This will make sure that you have a constant in flow of profits.
- You will also require a desktop with a good processor for dedicated use for mining. It should be installed with a GPU or a mining ASIC chip, commonly known as a rig. As a beginner you may need to invest about $100-$1000 in it.
- Last but the most important, you need to have an urge to learn new things especially in the field of cryptocurrency. Mine the coins that are getting better in terms of value and save them in your reserves.
If you are okay with it all and are still willing to enter cryptocurrency mining, good luck and keep following Reviews Done Right for more guides and How-to articles!