Crypto mining has become a popular type of investment. The whole concept is quite simple: It’s a way to earn cryptocurrency, in exchange for solving a complicated math problem. Think of it as a form of “cryptocurrency farming,” where you set up a powerful computer to solve complex puzzles for a cryptocurrency.
One of the more popular cryptocurrencies that you can mine is bitcoin. Other popular cryptocurrencies include Ethereum, Boliecoin, Ripple and Monero, among others. The more computers it takes to mine cryptocurrency, the more likely it is that you will get a block reward. People invest in crypto mining for several reasons, including the fact that it provides a profitable side business.
Common Crypto Mining Tools
You cannot mine cryptocurrency without having a wallet to store it. It is the most essential must-have in crypto mining. The wallet contains your private keys, which implies that even if you have a problem with your computer and miners, your mined crypto coins remain intact. Popular cryptocurrencies, like Bitcoin and Ethereum, have wallets to store BTC and ETH.
You can get either a hot wallet or a cold wallet to store your coins. Hot wallets are online storage solutions. Examples include Coinbase and Trust Wallet. Cold wallets, on the other hand, are hardware storage drives that store your cryptocurrencies, a perfect example being Trezor.
Crypto Mining Software
Crypto mining software is a program with blocks of codes that tracks and aids the creation or authentication of a coin or token. An example of this program is the Bitcoin mining software. Users on the network can earn crypto coins by tracking and securing transactions using these programs. What’s more? You can either connect the software to a mining pool or a hardware miner.
The bitcoin core mining software can be downloaded for free, on the official website for the cryptocurrency. You need to download a version of the software that is designed for your operating system. For example, if you’re using Windows, you need to download a Windows-specific version of the software.
Examples of Crypto mining software include CGMiner, CryptoTab, Minerstat, Cud Miner, BFG Miner, Awesome Miner, CoinFly, and Miner Gate.
GPU miners are a great alternative to ASIC miners. These are the same hardware devices that the video games and graphics software are made of. You can use these to mine Bitcoin and other cryptocurrencies.
Several types of GPUs can be used to mine cryptocurrency, including the Nvidia GeForce, Radeon, AMD, and Intel GPU. GPU miners are highly efficient when mining Ethereum, Monero, and other coins with similar algorithms.
Although not as powerful as ASICs, they generate a decent income. For example, an Nvidia RTX 3070 will generate around $18.14 worth of ETH daily, subject to price volatility. Plus, GPU miners are cheaper than ASICs.
A mining pool is an online community of miners that work together to mine cryptocurrencies. All the members of the pool share the rewards and difficulties that come with mining. Types of rewards available in mining pools include:
DGM — Double Geometric Method
CPPSRB — Capped Pay Per Share with Recent Backpay
PPS — Pay Per Share
POT — Pay on Target
ESMPPS — Equalized Shared Maximum Pay Per Share
RSMPPS — Recent Shared Maximum Pay Per Share
A mining pool uses multiple devices (resources) to mine. You can join any of the mining pools available, including BTC.com, AntPool, and Slush Pool.
How Else Do I Earn More?
Earning more is also possible through a variety of other activities like sweepstakes, staking and gaming. One of the leading platforms for online gaming is BoliesTV, where gamers can go head-to-head playing Fortnite, Madden, FIFA, and similar games. With your skills, you can earn more playing these weekly tournaments from the comfort of your bedroom. Go over to the BoliesTV homepage now to register for free and earn.