In order to complete your introduction to the Cryptocurrencies and the world behind it, we simply have to cover Mining and give you everything you need to know about the process.
Mining is the process of performing necessary computations by a Machine in order to find targeted Cryptocurrency in a single Blockchain. Originally, mining was process introduced to the users as a way of obtaining Bitcoin, or other Cryptocurrencies.
Even though it was the best and fastest way to obtain any Coin, it was designed in a way to get harder with time and the amount of Coins already mined. Because of this, the difficulty of obtaining some of the older Cryptocurrencies like Bitcoin through mining has drastically increased in the last couple of years.
In order to successfully mine Coin, the machine processes the information (Blocks) inside of a blockchain. To mine effectively, and to be worth your while, the machine needs to be able to process high amount of data in certain timeframe. To do so, you would need to build so called Mining Rig.
Mining Rig is specially designed machine that has high end CPU. Couple of years ago, you would have been able to mine effectively using decent PC Station. These days though, with difficulty drastically increased, you need faster machines, so the need for Mining Rigs has only gone up. This means that if you want to mine effectively you would need to invest nice chunk of money.
A complete mining kit consists of graphics cards, a processor, power supply, memory, cabling and a fan, which would cost between $2,400 and $3,800.
On top of regular mining, there is new type that has been increasing in popularity over past year or two. So called Tab mining that you can do in Google Chrome Tabs. Even though this does not sound effective considering the difficulty increase we have previously mentioned, this mining is counting on Numbers rather than CPU ability of individuals. This is able thanks to the pyramid-scheme-alike referral network you’re able to build while mining on tabs. With each new user you, or your own referrals sign up, you get certain percentage of their share.
If you feel like you can’t do proper Mining on your own, you can always look to join Mining Pools. Those are party of people Mining the Coins together, where every member gets his percentage after the Coin Block is found, based on the number of individual blocks processed compared to the total number of information computed in order to find Coin Block.
We will further introduce you to some of the best old, and new ways to mine different Coins.
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