How to become a cryptocurrency miner?
Choose a currency for mining
A feature of cryptocurrencies is that over time it becomes more and more difficult to mine cryptocurrencies, as this requires more and more powerful computers and mining farms. Not everyone can afford it and therefore many are starting to use less popular currencies. For example, LTC is chosen instead of Bitcoin. In part, this is also due to the fact that the exchange rate of Bitcoin is high and in order to mine Bitcoin for $ 1, now you need to spend more resources than other currencies. By targeting younger cryptocurrencies, many miners can also hope that their value will rise as sharply over time as Bitcoin. Especially those who prefer to store their savings in cryptocurrencies.
For example, you can select the following set of currencies: LTC / XVG / DGB / EMC2
Register a cryptocurrency wallet
You can register a cryptocurrency wallet on the pool service, on the exchange. You can create a wallet independently of the service on your own computer, but you need to figure it out, since it’s more complicated.
Select a mining pool
Mining is more efficient and easier to carry out not directly, but through pool services (pools). There are many different pools. Below is a list of the most famous of them.
Some pools allow you to mine without using your equipment, but simply by leasing resources in a cloud service. This method also has a right to exist. It is more suitable for investors with small amounts of money, for those who do not want to invest in equipment that needs to be repaired and updated.
The pool commission can range from 0.4 to 4% of the payment. Payment terms vary from pool to pool. There is a minimum withdrawal amount.
Check more ways to go, by visiting “Mininghelp” site at this link – https://mininghelp.com
When choosing a pool, you need to do:
- Estimate the geographic proximity of the pool, because this affects mining performance.
- Study the payment system in detail, as the commission can significantly reduce your income.
- Find out what is the minimum payout level, since the shorter the intervals between payments, the better.
Calculate your profitability
The profitability of mining will depend on the following factors:
- the selected cryptocurrency;
- the cost of electricity;
- the commission charged by the pool;
- commissions for exchanging cryptocurrencies for dollars;
- dollar transfer fees;
- the need to pay for the allocated space for the placement of equipment;
- replacement, maintenance and repair of equipment.
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