Cryptocurrency Mining

What is Crypto Mining?

 

Cryptocurrency is a virtual currency.  There are a lot of ways to earn cryptocurrency such as buying, earning through gaming as rewards and more. One of such ways is mining. Crypto mining is a process where you dedicate yourself decoding and solving mathematical problems to evaluate a cryptocurrency transaction. The miners compete with each other to solve the problem first and the one who decodes it and authenticate that the transaction is legitimate earn certain amount of cryptocurrency as a reward or create a new currency. The reward amount varies regularly and it is around 12.5 bitcoins as in 2018.

 

What is crypto mining rig?

 

To attempt crypto mining, an individual should dedicate time and work. Earlier, it could have been done in a standard regular PC, but as the volume of people mining drastically increased, now one need powerful hardware to work. Thus, comes the “Crypto mining rig” into play.

It is a regular pc equipped with high-end processors and GPU, specially designed for crypto mining. The crypto mining rigs are dedicated only for mining and cannot be used for other purposes, like an iPod dedicated to music.

 

Building crypto mining rig

In order to build a rig, DECENTER, a popular Russian platform suggested a basic guide to building a rig in the home.

 

  1. Rig frame – Aluminium
  2. Motherboard – Should support 4-8 video cards
  3. Processors – i3/i5/i7
  4. RAM – DDR3 4GB
  5. Storage – 50gbHDD
  6. Power supply – 750watts
  7. Video cards – GTX1060 6GB
  8. Mining software, BIOS setup, Overclocking software

 

Conclusion

Comparing last year’s boom of cryptocurrency, there’s definitely a fall in the value of cryptocurrency and thus in mining. It’s not as viable earning strategy as it was a year ago. Nonetheless, it still is a futuristic way to earn money. The major advantage of cryptocurrency is its tax-free policy that can be transferred anywhere in the world in a short time. But you need to invest a capital amount to build a rig, to provide electricity for a rig and wait for a certain time to get back into profits. Hence, if you’re a tech enthusiastic it’s a great way to earn money.

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