You are becoming more interested in virtual currency, and you want to learn more to finally embark on the mining adventure!
We offer you the chance to learn more about virtual currency mining such as bitcoin, Ethereum, and Litecoin.
What is cryptocurrency?
In a few words, cryptocurrency is a virtual digital currency without a trusted third party like banks or a government. Digital currency is usable through a decentralized computer network.
Cryptocurrency is a virtual currency that does not have a physical form, and it does not require a central bank. Blockchain is a kind of system that keeps information securely, a ledger, accessible to everyone, that lists all network transactions since its origin.
The collected information is stored in blocks.
The goal of cryptocurrency is to increase in value to transform an amount of money into a larger sum.
Currently, there are more than 7,300 digital currencies, with the most well-known being Bitcoin.
Some examples of virtual currencies are: Bitcoin, BTC, Ethereum, ETH, Solana (SOL), Travala (AVA), Cardano (ADA), Polygon (MATIC), Chain (CRO), Dogecoin (Doge), and Polkadot (DOT).
Which cryptocurrency to invest in?
The world of virtual currencies is constantly evolving, and it is difficult at present to recommend a particular currency. It is not our role. There are some tips to follow to avoid betting on a currency that will quickly disappear.
- Stay informed about cryptocurrencies on the current market
- List the most popular ones
- Choose a well-known cryptocurrency
- Invest a little and diversify
Do I need special software for cryptocurrency mining?
Yes, to mine, you need software; there are dozens of programs that will allow you to mine easily, like the most well-known one: NiceHash, which offers you to use their internal mining application. To be efficient, you must constantly update and secure the network, depending on the currency you mine, this may not always be profitable; you must consider the cost of electricity and the capabilities of your computer.
The most used currencies for mining are Ether and Bitcoin.
I have a laptop and a desktop, can I mine on these 2 devices?
Yes, you can mine with both of your devices, but the graphics card of laptops is generally not powerful enough, which limits the amount of crypto assets you can obtain in a day. With the electricity cost, it is not always profitable.
The best system to use for mining virtual currency is a desktop with a PC containing a good unlocked GPU.
Which graphics card (GPU) should I use for cryptocurrency mining?
The CPU (processor) should not be used for mining; it is not powerful enough and lacks the necessary resources. The best solution is to use a GPU, the most powerful ones currently on the market are the RTX 30 series graphics cards, 3060 3070 3080 3090, older GPUs like the 10 series and 20 series are also effective for cryptocurrency mining.
To be a bit more concrete, here's an example:
If you use a TUF Gaming 3070 graphics card, you can generate about 60MH/s, which is equivalent to 2 euros per day, earning you between 720 and 740 euros per year, at the moment, as the amount can decrease or increase.
For the past few months, the prices of motherboards and graphics cards have been increasing, this increase is due to the slowdown in productivity of manufacturing factories, but also by the high demand for graphics cards for the race for virtual currency mining.
Tips to optimize and make cryptocurrency mining profitable:
It is possible to generate profits by practicing cryptocurrency mining without investing in expensive equipment or assembling huge mining platforms simply to increase hashing power. The most effective method to achieve substantial profits through mining is to choose a cryptocurrency that allows mining via a pool. Then, select a pool with the lowest, or even zero, fees, and whose operations are based in a region where electricity costs are minimal. Thus, the hash rate will generate reduced electricity costs, and you will not have to pay a percentage on each reward receipt.