Cryptocurrency mining is one way to earn cryptocurrencies. And to achieve it you need to know the different types of technique you will be using to mine cryptocurrency. This article is for newbies who wish to enter into the crypto mining world. Here are 5 best Mining Techniques I have listed them out.
1. Solo Mining
Solo mining is where someone will invest in special hardware in order to build a mining rig to capitalize off cryptocurrency transactions by solving difficult computational puzzles, and the person to solve the puzzles first gets rewarded in cryptocurrency. The hardware involved includes:
● Graphics Cards – This is what is going to be doing the hard work for you by solving this difficult puzzles in an attempt to get rewarded in cryptocurrency. The more graphics cards you have the more chances you have of being the first to solve them.
● Power Supply Units – This is where most people slip up because they see the price of some power units and immediately go with one that isn’t capable of outputting high quantities of power for extended periods of time.
● Motherboards – The motherboard is also a crucial element of a mining rig too, because this is what the graphics cards will be slotted into. Remember, the more PCI slots you have the more graphics cards you can have.
Solo mining should only be done by those who can afford to invest in the best equipment because it isn’t cheap. Also, there isn’t any guarantee of making a profit with this technique because you are up against other people will a lot deeper pockets and a lot more equipment.
2. Pool Mining
Pool mining, on the other hand, is the process of sharing the computational power to become more effective at mining cryptocurrencies. It can be more effective than solo mining because there is a number of people working together than just one person working alone. There are countless mining pools that you can join, however, the returns can be much smaller than that of solo mining because everything gets shared out.
3. Cloud Mining
Cloud is a lot like pool mining except you aren’t joining in with the effort to mining cryptocurrencies, but instead, you are paying to use someone else’s mining rig for your own benefit. You will have to be a fee of course which comes in the form of a contract between you and the miner. With cloud mining you get to choose which cryptocurrency is being mined and how much of it you will get is determined by the contract you purchase.
4. Mining Apps
Probably the easiest way to start mining is to download an app that does the hard work for you. An example of this is Bitcoin Miner, which is a Windows 10 app that is free to download on the Windows 10 platform, which includes PC’s and tablets, as well as Windows phones. It is really easy to use and all that needs doing is to install the app and connect your bitcoin wallet address in the payout address and then click start and you are ready to go.
5. Altcoin Mining
Rather than struggle to compete with large companies to mine popular cryptocurrencies like bitcoin or ethereum, take the alternative approach and mine altcoins, that are not as well known because you stand a much better chance at obtaining more over a longer period of time. Some of the popular altcoins are the moment are Verge, Monero, OmiseGo and Steem all of which are up and coming cryptocurrencies with huge potential.
Let us know in the comment below what technique of mining do you prefer?
