It doesn’t take long to start being curious about mining Bitcoin or other cryptocurrencies when you start learning the topic and it’s normal because we all want to get the benefits and the value cryptocurrencies can give us.
Digital Gold Rush
Actually, the cryptocurrency industry doesn’t have anything against people like you who want to start their mining journey but don’t possess a lot of knowledge about cryptocurrency mining.
They need people like you because it is a big part of maintaining the ecosystems of all crypto coins and currencies.
You probably have a lot of questions starting with “how” about mining cryptocurrency, and you need some answers.
So you should take your time and read this blog post to find those answers.
This is essential before your mining journey because you need to understand it, and you have to understand how to do it.
The hows:
- How does it work?
- How can you mine?
- How can you mine more?
- How to make it profitable?
There Are Two Roads To Take
Just like back in the days when people were mining actual gold, they needed some equipment to build a mine or equipment to actually mine the gold.
So do you need equipment in the years we live in, to mine Bitcoin or other cryptocurrencies you wish to obtain?
And The equipment we need today is hardware that is going to mine the virtual gold for us. Yes, you won’t have to mine it yourself physically.
Talking about hardware and the two roads you can take – there are two options you can choose if you want to start mining.
Choose Wisely
Option A which may look like the most comfortable one is to build, buy or use your own hardware for mining.
Option B is renting your mining equipment or hardware.
Not renting the hardware like going to a store and taking it home with you, but renting it remotely (Cloud Mining).
You usually rent your mining hardware from an already founded company offering “cloud mining” contracts.
Now I want to ask you a question.
What do you think, which option is easier and more comfortable?
Since I don’t have the ability to know what you answered, I’m going to say that option B is more comfortable than option A, simply because remote renting is easy and you have fewer things to worry about. We will come back to why it’s easy – a bit later.
Absolutely option A is still an option and you can go that way, but let me explain why I wouldn’t choose to go down that road.
The Cons of Using Your Own Hardware
When you decide to build or use your own cryptocurrency mining hardware there are risks to be taken a look at, and there is research to be done.
Also, there are noticeable costs that come with both building and using your own hardware.
To mine effectively, you’ll need a lot of energy and as far as we know – it costs money unless we have a bunch of solar panels and wind turbines.
And why not use cloud mining if there are huge farms of hardware you can rent and there are people specialized in keeping them working so you have less to worry about.
Maybe you’re interested in knowing more about “cloud mining” before you start actually considering it as an option for your cryptocurrency mining journey?
Cloud Mining Isn’t Mining Clouds
Long story short, remotely renting mining hardware is what Cloud Mining really is.
Actually, you’re renting the hash rates of those cloud mining machines from a set-up cryptocurrency mining operation.
They do the work you would also have to do if you built and used your own mining hardware.
Which is:
- building and having the hardware (obviously)
- maintaining it, so it can work properly
You might wonder – what do the cloud contracts look like?
The answer is simple, these cloud contracts can vary in length & conditions and you can choose those conditions and also the length of the contracts.
There is a number of companies offering cloud mining contracts and thanks to them we have an easy, also quick way to start our cryptocurrency mining journey without learning how to build a great mining rig.
Some of the companies recommended:
- Honeyminer. It is a relatively new cloud mining platform but still, it is worth noting because of the simplicity and how easy it is to use Honeyminer. Other mining programs have complex configurations that are made for more advanced miners. Honeyminer is really recommended for beginners.
- Genesis Mining. They are on this list of recommendations because Genesis Mining lets you mine pretty much any cryptocurrency, and of course, they are the leading company in this cloud mining industry. Honestly, they are so popular in the market of cloud contracts, that often they don’t have contracts to offer and when there is a chance to buy contracts from them, people buy them real fast.
- NiceHash. It is unique from other cloud mining companies because apart from buying cloud contracts, you can also sell them. Basically, you can sell some hashing/mining power if you have unused computing power that you want to make use of.
Enough of cloud mining, for now, there are some things to know about building your own mining rig.
In Case You Don’t Want To Rent
Let’s say you want to build your own mining rig and you’re ready to research how to do it.
So, if you’re that special practical person, here’s a list of sites that will help to construct your rig:
- Howtomine – Here you’ll find articles about building your own rig with detailed walkthroughs and many helpful pictures.
- Youtube – You can always find videos on YouTube that will educate you.
- Amazon – However, if you are already looking for parts so you can build your mining rig – Amazon might help you.
Alright, that would be enough for the start of your journey and I would like to know if you found the answers you were looking for, so comment below.
To conclude, I wish you a safe and profitable cryptocurrency mining journey despite what you choose – cloud mining or your own rig.
