Crypto mining has become a profitable way to access these virtual currencies without the need to invest directly in them. In addition, the increase in the value of these assets throughout the year has increased the interest of new investors.
In practice, crypto mining is the resolution of the mathematical problem that appears when generating new transactions in the blockchain. The incentive is to obtain some units of the currency that is exchanged in the chain of blocks that is being mined. Basically, the network throws out a series of possible solutions and the miner has to come up with the solution that matches the hash value of the block, a series of 40 characters. That is, mining is creating a unit of the cryptocurrency in exchange for keeping it.
How to mine cryptocurrencies?
To mine cryptocurrencies it is necessary to solve mathematical calculations launched by the network. To do this, the miner “lends” his computer equipment to a network of computers connected to each other, in order to carry out these calculations, process the transactions and seal the blocks of the chain.
This is because each cryptographic transaction requires a new block, which has to be sealed to ensure its security. However, this cannot be done with a simple laptop. It will be necessary to invest in a good computer and in a series of components to be able to mine. Also, keep in mind that this computer will have to compete with others, so the higher the power, the greater the chances of mining the crypto.
But the question that many investors or those interested in cryptocurrency mining ask themselves is “what exactly do I need to be able to mine?”. To do this, it is necessary to acquire some specific components that enhance the functionality of the computer:
– Motherboard for a cryptocurrency mining rig
– Powerful processor
– RAM memory for intensive work
– SSD storage hard drive
– Video cards
– Video card connector cables
– Power supply for the rig
– Support or shelf for video cards
– Operating system that allows installing a mining software
What should be taken into account before mining cryptocurrencies?
Before deciding to carry out cryptocurrency mining, a series of factors must be taken into account, since the investment to do so is substantial. High costs could make mining unprofitable. In fact, without taking into account the high price of a computer prepared for this activity, the mining costs can be remarkably high in themselves.
For this reason, those interested in mining should take into account a series of aspects before carrying out the investment:
– The cost of computer equipment
– The competition that surrounds the environment at that time
– The price of electricity and the energy consumption of being connected 24 hours a day
– The cooling required by the equipment and its corresponding energy
– The profitability of the cryptocurrency at that time
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