Most people have heard the term “mining” but will admit that when it comes to crypto they don’t know what that means. People will read articles about young entrepreneurs who are still in their teenage years and are now millionaires thanks to mining. Though those were mostly early stories, there is a new wave that is making mining not only easier but a lot more profitable at the entry level. That strategy along with a bit of history on crypto-mining will be covered in this article.
Mining is the way of creating new structures necessary for the functioning of cryptocurrency platforms. In the Bitcoin system, for example, such structures are blocks in a single blockchain transaction record chain. When forming a block, it is required to carry out a lot of mathematical operations to select a cryptographic code (hash sum) for a new block, which will also take into account the hash codes of all previous blocks of a single chain.
To perform such operations, computer power, energy resources, and time are required. A reward in the form of a cryptocurrency is paid for the performance of this work and the generation of a new block.
Mining involves a huge number of independent computers or servers. Using special software, they perform the necessary computing tasks, support the operation of cryptocurrency platforms, form the issue of new coins, and make a profit in the form of this
There are several main strategies to mine cryptocurrency:
1) Cryptocurrency mining using personal computer processors (CPU). It is no longer possible to make money on bitcoin or other popular currencies working alone on your processor.
2) Mining on hard drives (HDD). It is not very profitable, but not expensive either.
3) Browser-based mining. The most affordable way for the average person to earn money, however, is also the most inefficient.
4) Cryptocurrency mining on video cards is one of the most popular and still relatively cost-effective ways. Although among professional miners, special equipment for digital currency mining has already appeared – ASIC processors. By the way, Intel recently announced a new line of Bonanza Mine with new generation chips that take mining to a new
5) Cloud mining. In recent years, cloud technologies have been actively used in mining. It is not necessary to purchase equipment and maintain it to mine digital currency. You can rent the necessary computing power (hash rate) from remote data centers.
By far the best strategy is to start mining today. The cryptocurrency is in a correction phase and has fallen over 30% from its “all-time high”. According to statistics, whales are purchased at the level of $40.000 – 45.000.
The cloud mining strategy is considered one of the most profitable for several reasons: no need to set up and maintain equipment, no noise, heat, vibration in the apartment, minimal electricity costs – it is included in the rental price, and at the low rate.
Minedollars provides ecological cloud mining services and is one of the leaders in this industry. Specialists use only renewable energy sources: sun, wind, and hydrogen. In addition, the company uses the right equipment for green mining and keeps up with the times.
All you need is to register on the company’s website and get acquainted with various types of contracts: they differ in duration (1, 5, and 14 days up to 2-3 months – this allows you to flexibly change your strategy and fix profits at the right time), rented capacity (up to 50,000 GH / s), referral bonus level and price (contracts are starting from $10, which makes mining accessible to everyone). Next, you need to activate one of them and monitor the growth of cryptocurrency in your personal account. Payments are made in BTC – this makes the network secure and allows any user around the globe to enjoy the benefits of cloud mining.
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