How To Mine Cryptocurrency?
With the cryptocurrency hype as strong as ever, it’s unsurprising that more and more people are keen to jump on the cryptocurrency bandwagon and learn how to mine cryptocurrency to make some quick money. Many new traders discouraged because mining cryptocurrency requires separate equipment that they cannot afford. However, it is perfectly possible to learn how to mine cryptocurrency solo on a normal computer with low investment. Read on for a quick guide on how to mine cryptocurrency even if you are a new trader.
Cryptomining – What is it?
Cryptomining is essentially the accounting process that verifies the transactions needed for you to accumulate a particular cryptocurrency. The higher the number of transactions you process, the more the coins you earn. Cryptomining requires you to set up a separate desktop computer that will run only the crypto mining programme all day. While experienced traders set up special crypto mining equipment, you can easily learn how to mine cryptocurrency on a regular desktop.
Choosing a cryptocurrency to mine
The first step is for you to choose a cryptocurrency to mine. There is no fixed answer as to which is the best coin to mine. However, famous coins like Bitcoin or Ethereum are typically expensive to mine and it is difficult to earn much from them as a beginner. You can thus go for newer coins like Dogecoin or Tron which can still be mined easily.
Setting up a computer to mine cryptocurrency
The crypto mining process is 24×7 so you will require a separate desktop computer for the purpose. Store it in a cool place as the desktop may become hot from all-day use. You can also sign up for free crypto mining software that can do the required job for you. In order to increase the possibility of profits, you can also join a mining pool online. For the best results, you can invest in a specialized ASC chip, which is a powerful processor that is ideal for mining.
Coins to mine on a regular CPU
There are also several coins that you can mine with your computer’s existing CPU (central processing unit) if you cannot yet afford an ASC chip. These include the following coins –
- CryptoNote coins
Coins using the CryptoNight algorithm can be easily mined with a normal CPU that includes Monero, Boolberry, and Bytecoin.
- X11 coins
These use the X11 algorithm and include XCurrency and DarkCoin.
- PoS Coins
PoS or proof of stake coins rewards the user on the basis of their existing coin supply. The more coins you have, the more you can earn simply by keeping your wallet software running on the computer.