Mining farm and cryptocurrency mining - what is it and how to mine cryptocurrency + the best equipment, programs and pools for mining

Hello dear readers of the magazine Rich Pro! In this article, we will talk about cryptocurrency mining, what is a mining farm, how to choose mining equipment, which pools and programs for cryptocurrency mining will suit a beginner.

The popularity of cryptocurrencies is constantly growing and many Internet users want to earn digital money, the rate of which is regularly increasing. That is why we decided to touch on this topic.

After reading the article from beginning to end, you will learn:

• What is cryptocurrency mining in simple words;
• What types of mining exist;
• What mining equipment to buy and why a mining farm is needed;
• How to mine cryptocurrency and what steps will have to be taken for this;
• Is it possible to mine cryptocurrency on a home PC (at home).

In addition, in the article you will find review of the best mining programsas well as answers to the most popular questions❓❗.

It is useful to carefully study the presented publication for everyone who is trying to keep up to date, as well as for those who want to earn cryptocurrency by mining it. Do not waste time - start reading right now!

About what cryptocurrency mining is, what mining equipment to choose, which is more profitable - a home PC or a mining farm and what to look for when choosing a pool and mining program - read further in this issue

1. What is cryptocurrency mining in simple words - the definition and meaning of the term + principle of operation

Today, to make money, there is no need to go to the ends of the world. Cryptocurrency mining, using computing power, allows you to earn money without leaving your home.

We recommend reading the article - "What is cryptocurrency and why is it needed."

Experts believe that in the near future, the first cryptocurrency Bitcoin will become even more expensive. This is explained quite simply - its production becomes every day more difficult, because the volume of emissions is limited.

However, not only Bitcoins have prospects, but also other decentralized electronic digital money. Today there are a huge number of types of cryptocurrencies. Therefore, at the moment when mining bitcoins at home becomes unprofitable (due to the complexity of the calculations performed at the same time), you can switch to mining other electronic money.

However, first of all, in any case, you’ll have to figure out what is cryptocurrency mining❓.

Miningproduction cryptocurrencies(from the English mining - “mining”) is the activity of creating new blocks 🔗 in the blockchain for the functioning of cryptocurrency.

Below is the principle of "extraction" of digital money on the example of the Bitcoin cryptocurrency.

First of all, it should be understood that electronic money is completely lacking in physical embodiment. In simple words, nobody prints or mint them. Cryptocurrency is only a special cryptographic code, reflected in the blockchain. In more detail about the blockchain: what it is in simple words and how this technology works, read the article here.

Counterfeit electronic money, as well as obtain bypassing the main network almost impossible. To get cryptocurrency, you have to make a lot of cryptographic calculations to generate a unique code ⛓.

The picture below shows how Bitcoin cryptocurrency mining occurs.

The principle of creating new blocks and the role of miners in the Bitcoin blockchain.

You can identify several cryptocurrency mining tasks:

1. issue, that is, the issuance of electronic money;
2. information encryption;
3. confirmation of the authenticity of operations conducted with electronic money;
4. the creation of new chain links (blockchain blocks);
5. maintaining decentralization of the system.

Cryptocurrency mining is carried out exclusively in accordance with their own desire. The participants in this process (miners) receive a reward for such work, which is the sum of the extracted cryptocurrency.

However, today for the extraction of such digital money one desire is not enough. It used to be mined using regular processor on PC, in which at least four cores. The time for such mining of the “crypt” has already passed.

Today, mining will require completely different capacities. The equipment that was previously used for this purpose is already morally and technically outdated (at least for mining bitcoins).

For mining the first cryptocurrency, new generation processors are used, which the company produces. ASIC. Such equipment costs a lot of money, so it is available far not everyone.

But don't give up: Almost all cryptocurrencies need mining. The exception is digital money, which is produced by technology. forgingand ICO.

To fully mine cryptocurrency, a special mining farm is required. It is a computer center, equipped with modern equipment and configured to conduct complex mathematical calculations, as well as the production of new units. The more powerful the processors used will be, the more you will be able to earn.

Modern mining farms are large enterprises, the arrangement of which costs a lot of money. They require considerable space, therefore they are usually located in specially equipped workshops for this. Often, old abandoned factories are used for this purpose. Farms are also often opened in countries where electricity is the cheapest.

Those who can not afford the purchase of expensive equipment, experts recommend paying attention to cloud mining. It is a remote lease of capacities for the production of cryptocurrencies.

Most electronic currency units initially have considerable economic potential. This makes them a great tool for speculation. As a result, many consider mining a promising and profitable occupation. However, not all so simple.

In the process of mining, there are many risks:

• rapid obsolescence of equipment, which costs serious money;
• mining is accompanied by a huge cost of electricity, you should be prepared for significant costs;
• the profit from mining some types of cryptocurrencies on a home computer has already seriously decreased; today the same bitcoin is produced by clusters that are created on the basis of power plants;
• the high level of volatility (i.e., exchange rate volatility) of cryptocurrencies, as well as their unpredictability can play a trick - some currency units fell sharply in price or did not become popular at all, as a result, the funds and forces invested in their extraction did not pay off;
• long payback - it often takes six months to two or more years to get profit.

Starting to mine cryptocurrencies, it is worth considering that many states (Russia also applies to them) have not yet recognized cryptocurrency as an official means of payment.

🚫 Moreover, from time to time there are rumors that such digital money, as well as its extraction by law will be banned.

Cryptocurrency mining farms - what is and why are they needed

2. Mining farm - what it is and how it works

The cryptocurrency system has a huge number of participants. However, not all of them are miners. They are users who provide the power of their equipment in order to collect new operations 🔗, confirm their authenticity, and produce new links of the blockchain.

However, becoming a miner is not so simple. If only desire was enough for this, new blocks of the chain, and therefore cryptocurrency, would be generated in huge quantities. Meanwhile, the main value of cryptocurrencies lies in the fact it's hard to get them.

Creating blocks that are protected by cryptographic code is not an easy task. This process requires tremendous computing power.

It takes about ten minutes to create one block of bitcoin throughout the network 🕑. This time does not depend on how many miners operate in the system.

Cryptocurrency Mining Farm - This is a special computing center, which consists of a certain number of video cards or special chips.

This equipment provides simultaneous hash code calculation, trying to close an open blockchainusing cryptographic encryption for these purposes. In other words, in the process of the farm, computing power is combined to achieve a common goal.

Cryptocurrency Mining Farm

At the stage of formation of cryptocurrencies, it was possible to mine them using an ordinary home personal computer. However, today the computational algorithm has become much more complicated. Now the equipment used earlier does not cope with it, which means does not satisfy significantly increased needs.

Bitcoin cryptocurrency mining scheme

Emission volume of most cryptocurrencies limited. That is why over time, their extraction becomes more difficult ↗. So, for example, with 2009 by 2015 year bitcoin mining difficulty increased by about ten thousand times. To date, it has increased by several orders of magnitude.

Amateur mining of bitcoins at the moment has become practically impossible. The end of the mining era for this cryptocurrency by anyone was marked by the creation of an ASIC processor designed specifically for mining bitcoins. Unlike traditional video cards, such equipment is not designed to perform any other tasks.

Since the creation of specialized equipment mining has become a professional activity. Today it requires not only special skills and knowledge, but also significant financial investments. The equipment is constantly being improved, it has changed for several generations. Moreover, its cost is so high that not everyone can purchase more than 2-3 units. As a result, the profitability of the process becomes very doubtful.

Cryptocurrency mined today few. The era of individual mining is nearing its logical end. To extract cryptocurrency, you will either have to invest a lot of money in creating a farm, or join the association of several miners, which is called the pool. Such organizations significantly reduce the factor of chance. In this case, the earned bitcoins are distributed fairly in proportion to the volume of provided capacities.

It is quite difficult to independently obtain at least one bitcoin. However, for those who do not want to join industrial corporations, still there are several options:

1. Switch to cloud mining, i.e. start mining online. In this case, the miner becomes an investor.
2. Switch from Bitcoin to mining another cryptocurrency, for which specialized equipment has not yet been developed. Such, for example, is Ethereum, for which ASIC is unlikely to be created in the near future.
3. Sell ​​or lease equipment owned by the miner.

In any case, do not despair and abandon the idea of ​​mining on the farm, if it has already been purchased, or there is equipment necessary for its assembly. New types of electronic money are constantly emerging. At the initial stage, it is much easier to mine them. It is on them that it is worth making accents.

3. Types of mining - 3 ways to mine cryptocurrency

It’s difficult for people far from the financial world to understand what mining is. For them, cryptocurrency mining seems to be completely incomprehensible, as if technology works on its own. At the same time, money regularly comes to the account of the miner.

Cryptocurrency mining - This is a special technical process, which is based on certain mathematical calculations. As a result, new information blocks are created that are encrypted with cryptocode.

For mining, it is not necessary to be well versed in mathematical calculations. In fact, it’s enough to buy special equipment and set it up correctly. The technique will continue to work. You can go about your business, and cryptocurrency will be mined by properly configured equipment. Since the physical embodiment of digital money does not exist, its issue is the calculation and recording of information in the register.

Thanks to the tasks performed by mining, it becomes a very serious job, thanks to which the functionality of the cryptocurrency system is provided. Before you begin to earn money, it is important to carefully study the available methods.

Method 1. Personal mining

Just a few years ago, anyone could do mining. It was enough to put a new video card in a regular computer of medium power. However, today cryptocurrency mining without special equipment has become very difficult.

Now, for mining popular digital money, you have to carefully monitor new products appearing on the equipment market. Moreover, it is necessary to regularly update capacities, buying modern units that meet the ever-growing requirements for mining (equipment on ASIC, video cards, HDD and SSD).

Method 2. Cloud mining

Despite the fact that the new generation processors from ASIC are characterized by a high level of performance and efficiency, individual mining requires huge investments. This is not only the cost of acquiring equipment, but also the arrangement of the farm, as well as the payment of electricity bills.

Not everyone has the means to traditionally mine cryptocurrencies. That is why those wishing to earn money have developed an alternative option - cloud mining. This method is the extraction of cryptocurrency by purchasing capacities for calculation.

With cloud mining, revenues are absolutely transparent, they are distributed among the cryptocurrency miners in proportion to the investments of each user.

The advantage of this way of earning is the lack of the need to set up equipment, as well as maintain a mining farm. Moreover, cloud mining participants can rely on favorable tariffs for electricity. Companies offering these services set up farms near major renewable energy sources.

But it should be borne in mind that the minimum amount of investment in cloud mining can be quite large, although it will pay off quite quickly.

Method 3. Mining cryptocurrency in pools

Recently, another method of mining cryptocurrency has spread among miners - joining pools. Its essence is to unite several users into a single network.

Miners provide their own facilities for mining. Blockchain is created by one member of the pool. Cryptocurrency is distributed in proportion to the number of facilities provided by each participant.

Thanks to the Internet, everyone has the opportunity to join the pool, which is located anywhere in the world. It should be borne in mind that each association is designed to produce a certain cryptocurrency. Therefore, before choosing a pool, you need to decide on what type of electronic money there is a desire to mine.

Thus, the most effective and affordable way to extract electronic money is individual mining on high-quality equipment. However, you should be prepared for the fact that to start such an activity you will need serious investments.

Four.What cryptocurrency mining equipment to buy? 🖥

Of great importance for cryptocurrency mining is the equipment used. It should provide production efficiency, as well as high speed of mathematical calculations.

The right choice of equipment largely determines the amount of cryptocurrency mined. Below are the most popular devices and tips for choosing them.

When the equipment is correctly configured, the miner is left to monitor his work during the calculations to create new chain links. It is in the course of this activity that income is generated in the form of cryptocurrency units.

In this case, the choice of equipment is primarily determined by the mining method:

1. With individual cryptocurrency mining, blocks are created by the miner independentlywithout involving anyone in this process. In this case, you need to purchase a fairly powerful modern equipment. Its cost is quite high. The times when conventional home computers could be used for mining, and the mining payback was no more than two months, have already passed. Today, mining complexity has grown substantially. Therefore, you should be prepared for a longer period of gaining profit or look for other methods of mining.
2. Mining cryptocurrency in pools allows you to team up with other users for joint mining. At the same time, the income received is distributed among the group members in proportion to the provided capacities. Therefore, the higher the productivity of the equipment used, the more cryptocurrencies can be obtained.
3. Cloud mining is acquisition of capacities on special services. In fact, in this case, a remote rental of equipment is carried out with the aim of mining cryptocurrency. In this case, the requirements for their own equipment are minimal.

How to choose mining equipment and what to pay attention to + a list of popular devices

You can use the following types of devices for mining:

1. Video cards- the more they are included in the cryptocurrency mining process, the more active mining will be.
2. FPGA - special modules. They are more effective than video cards. However, such devices are used for mining much less often due to a number of disadvantages: poor synchronization among themselves, high cost, frequent failures in the process.
3. ASIC miners are special chips that are designed exclusively for cryptocurrency mining. Such devices have great computing power. However, their cost is too high, so for home mining their use is ineffective.

For those who want to get involved in cryptocurrency mining, the first question that arises is how much will have to spend on acquiring the necessary equipment. At the stage of mining, it was enough to make an amount not exceeding 1000 $. Today, this amount of money is no longer enough. However, if you don’t have enough money to buy high-quality equipment, you can try to buy used devices.

To start mining, you need:

• CPU;
• Power Supply;
• motherboard;
• several video cards;
• powerful cooling system;
• hard drive with a large amount of memory;
• extension cords for connecting multiple video cards.

It is not necessary to purchase the above equipment separately. Can buy already cryptocurrency mining farm or ASIC miner.

The table below shows the manufacturers of the most popular cryptocurrency mining devices.

Before you purchase equipment, it is worth taking into account a few tips:

1. To ensure the reliability of the created mining farm, you should choose a high-quality power supply, the power of which is not less than 1.2 kW.
2. The motherboard should have several PCI slots, they should be enough to connect the required number of video cards.
3. If you plan to use a large number of graphics processors, they should be installed on racks. Between them are fans that provide high-quality cooling.
4. When choosing a video card, performance is not the main parameter. Reliability, cost and energy consumption are also of great importance.
5. When choosing a hard drive, experts recommend giving preference to solid-state devices such as SSD. Their main difference is the lack of moving parts.
6. To choose the volume of the hard drive, first of all you have to decide on the type of mining that will be carried out on the farm. If individual mining is supposed, when the blockchain is uploaded to a computer, a large amount of disk space will be required. For mining cryptocurrency in the pool, the hard disk may be smaller.

When choosing devices for mining farms don't rush. It is important to conduct a thorough analysis of the various components and compare them for of opportunities and main characteristics. At the same time, experts recommend giving preference to the manufacturers that were indicated in the table above.

Experts recommend placing mining farms in office or garage premises. The main thing is that the requirement for humidity is observed, and the area is enough to install racks and equipment.

Step-by-step instructions on how to start mining cryptocurrency - 5 steps to start mining

5. How to mine cryptocurrency (on your computer, farm) - a step-by-step guide for beginner miners

The formation of mining, when it was possible mine cryptocurrency at home on the processor, went down in history. Nevertheless, work on video cards still benefits today. However, in this case, you will have to abandon bitcoin mining in favor of other cryptocurrencies.

Those who dream of becoming a miner, but don’t know where to start, will benefit from the instruction below.

Step 1. Choosing a cryptocurrency

One of the most important issues of modern mining is the choice of cryptocurrency. Mining bitcoins at home is becoming less and less profitable. Moreover, their extraction requires more expensive equipment.

❕If funds are insufficient to purchase a specialized ASIC processor, you can organize a farm using video cards. However, they are not cheap, but you will need to buy several.

The value for each cryptocurrency is determined individually. The digital money rate can be found online on specialized sites, as well as cryptocurrency exchange resources. It should be borne in mind that the market situation is changing continuously. As a result, the profitability of any cryptocurrency can rise or fall at any time.

When deciding which type of digital money to mine, it’s worth considering the complexity of this process. It is very difficult to mine one cryptocurrency today, such as bitcoin, the other is much simpler. Accordingly, the equipment for their mining requires different. When choosing from cryptocurrencies, it is worth assessing how much you can spend on equipping a farm.

Step 2. Selection and purchase of equipment

In addition to cryptocurrency, mining is also of great importance equipment selection. Depending on the method of earning, you will have to take into account various parameters.

So, if a decision is made mine using video cards, you should pay attention to:

1. manufacturer;
2. energy consumption;
3. reliability;
4. high-quality cooling.

In addition to video cards you will have to purchase: Power Supply, random access memory no less than four gigabytes in size, motherboard with multiple slots for connecting video cards, adapters, racks for equipment.

As noted earlier, the necessary equipment is determined by the mining method. If you decide to do cloud mining, then you will not have to purchase any devices. In this case, the money will be needed only to buy a hashrate.

Step 3. Choosing a pool for cryptocurrency mining

There are a large number of miner associations with the aim of mining cryptocurrency. However, it should be borne in mind that not all pools accept everyone in their ranks.

On the official Internet resources of cryptocurrencies, you can find information about the associations available for entry. Among them may be like experienced pools, and those that were created a few months ago.

In the process of choosing a union for cryptocurrency mining, one should consider:

• power;
• what cryptocurrencies are offered for mining;
• how profit is distributed among the participants in the pool;
• size and conditions of accrual of the organizer commission;
• reputation (including popularity);
• opinion of miners on specialized resources.

It should be borne in mind that there are scammers among pools❗. They collect the funds of miners and disappear 🕵️‍.

Among the most reliable pools are the following:

1. Minegrate - A pool for mining Bitcoin, Ethereum and other cryptocurrencies. It has high power. After downloading and installing the program, mining is carried out automatically.
2. Ghash.io - a multicurrency service that has gained a legendary reputation. Not so long ago, this pool controlled almost half the power of the Bitcoin blockchain.
3. Miningrigrentals - a pool for mining bitcoins. It has an English interface.
4. Zpool - A resource that is great for beginner miners.
5. Bitcoin.cz (otherwise - Slush) is a Czech resource. This pool has been operating since the end of 2010. During the time that has passed since its foundation, the resource has gained authority among miners.

The affiliate referral program, which operates in many pools, can provide additional income. About earnings on affiliate programs, we wrote in a separate article.

Step 4. Setting up and running a mining program

The process of calculating cryptographic code is launched through a special program - miner. Today, a huge number of them have been developed.

When choosing a suitable program, it should be borne in mind that some of them are intended for use on specific operating systems or for the extraction of certain cryptocurrencies.

If you decide to engage in cloud mining, the necessary program can be found directly on the site for work. Moreover, in most cases, detailed instructions for downloading and configuring programs are immediately posted.

Step 5. Income generation and withdrawal of earned funds

When the program is downloaded, installed and configured, it remains to proceed with mining. It should be understood that the software can produce cryptocurrency in both automatic and semi-automatic mode.

The main task of the miner is to provide round-the-clock uninterrupted operation of equipment. The cryptocurrency mining rate in this case depends solely on the power of the farm used.

After receiving the funds, it will remain to withdraw them to the wallet. It should be borne in mind that cryptocurrency cannot be transferred to a bank card. Therefore, in order to use the funds received during the mining process, they will have to be converted into more familiar fiat money. For this, in most cases it is most convenient to use specialized exchangers. (We wrote in detail about how to exchange bitcoins in one of our past articles.)

Exactly following the instructions presented will help begin cryptocurrency mining even for beginner miners.

6. How to choose pools for cryptocurrency mining - 4 tips from experts

When mining cryptocurrencies in the pool, the amount of income received is determined primarily by the correct choice of the association of miners. In order not to make a mistake and choose the right pool for mining, you should use advice from experienced miners.

Tip 1. Consider the parameters of your existing equipment.

Even the most cost-effective pool will not become profitable for the miner if mining requires heavy-duty equipment that the user does not have. In this case, mining on existing devices will not even allow you to cover the cost of electricity.

Tip 2. Evaluate Pool Power

The main characteristic that allows you to evaluate the effectiveness of the pool is its power. Recently created associations, which have not yet gained sufficient computing power, cannot offer users stable and high earnings. We also recommend reading the article - "How to make money on cryptocurrency?"

To compare the capacities of different pools, you can use professional ratings, as well as statistics sites.

Tip 3. Conduct an analysis of the principles of profit sharing in the pool

Most often, the distribution of profits in the pool is carried out in proportion to the contributions of participants. However, there are associations when income is divided almost equally.

For miners that have small capacities available, the second option is more profitable. Conversely, in the presence of heavy-duty expensive equipment, the second option is disadvantageous.

Tip 4. Review your payout methods.

Some pools transfer profits to participants only in the currency that is being mined. This option is far from suitable for everyone. Some miners are more comfortable with pools that set their own electronic money exchange rates 💱 and withdraw the profit themselves to a bank card or to a traditional payment system.

If you take into account all the above recommendations, choosing a suitable pool will be much easier.

7. Cryptocurrency mining programs: a description of the best cryptocurrency miners

Cryptocurrency mining software is a functional tool, which is designed to simplify mining. The market today has a huge number of programs that differ in various characteristics.

To make it easier for novice miners to determine the necessary software, we described the most popular. In the review, we tried to highlight advantages and program flaws.

🔹 Cryptocurrency mining software (for advanced users)

It is important to analyze the programs used in terms of complexity of use. We begin the review with consoles designed for experienced miners.

Mining program number 1. Cgminer

Cgminer - A program for mining bitcoin, which was created for use by experienced miners. To work with the software in question, you need a fairly powerful processor and a high-quality video card.

CGMiner Cryptocurrency Mining Program

To work effectively with the program in question, you need knowledge of the MS Dos commands and values. The main disadvantage of the program is that it is very difficult to master.

However, along with this there are a large number of advantages:

1. pools and other data necessary for mining are easy to configure;
2. it is possible to configure the operating mode of the system, which avoids overloads;
3. there is a video card overclocking function, thanks to which it is possible to maximize the MH / S value.

Mining program number 2.Ufasoft Miner

Ufasoft miner - Another serious console client that allows you to mine bitcoins. This program will be appreciated by experienced miners.

Cryptocurrency mining program - Ufasoft Miner

Compared with the previous program, here is a simpler setup. Moreover, a CPU is used, and optimization for SSE is also implemented. But it is worth considering that among the requirements of the console in question is the high power of the equipment used.

Among the main advantages of the program are the following:

1. the user has the right to set variable data for his video card;
2. login and password, as well as the number of threads with kernels can be easily changed;
3. implemented a convenient function that allows you to change the address of the pool;
4. In addition to mining, the console allows you to use other features, including BitFORCE, SolidCoin;
5. introduced an indicator of the maximum temperature for a stop, which can be changed;
6. it is possible to enable and disable support mode;
7. the program interface allows you to intuitively configure all the necessary elements.

🔹Cryptocurrency mining programs using video cards for experienced miners

In addition to the above, a lot is proposed software for mining on a graphics card. Even experienced users in the face of such a rich choice can be confused.

To analyze the consoles and choose the best one, it was easier, the programs described in this paragraph are summarized in a table.

🔸Other cryptocurrency mining programs (for beginners)

For those who have just recently decided to engage in mining, the programs presented above may seem too complicated. This can confuse the user and push them away from cryptocurrency mining.

Below are several consoles that are suitable even for novice miners. However, experienced cryptocurrency miners have also successfully used them.

1. 50mineroffers console software, which essentially has become a shell for other mining programs. As a result, novice miners can try four miners at once: Diablo, Phoenix, Poclbm, Cgminer. However, it should be borne in mind that users have identified a number of errors in the console in question, there are problems with pools, as well as a fairly high load on the service.
2. BitminterIt offers a competent and pleasant graphical interface in conjunction with a mining pool. Both newcomers to the cryptocurrency mining industry and experienced miners are happy to work with this console. In working with the program, as well as in setting it up, difficulties usually do not arise. Therefore, starting mining using the software in question is quite simple. Moreover, the program is supported by most modern operating systems.
3. Easyminer- A console client, which is essentially a shell for several projects, including CGMiner, BFGMiner. An important advantage is the simple graphical interface. The program is perfectly combined with equipment from ASIC, it has proven itself well. The console is compatible with both Windows and Android and Linux. The only thing that can alert the user is the non-standard fields for entering the pool, password and worker. However, you quickly get used to this feature.
4. Bitminterfor Pcolbm, as well as Phoenix on ASIC graphics cards. Advantages are an intuitive interface, high speed start-up, easy setup. All this leads to the fact that the program in question is successfully used by both beginners and experienced miners.

In the process of choosing software for cryptocurrency mining, it is important to consider not only the available equipment and its power. The experience of the miner is also of great importance.

Cryptocurrency mining - how and where to start mining this year

8. How to start cryptocurrency mining in 2019

In the past few years, the popularity of cryptocurrencies has been continuously growing. On this wave, those who are looking for a way to make money on the Internet are increasingly asking how to start mining in 2019. It should be understood that this method of earning requires certain financial investments. Therefore, first you have to find the necessary amount for equipment acquisitions.

To select the most suitable devices, you should first determine the type of cryptocurrency mining. There are several main options: individual mining (including creating your own farm), joining pools, cloud mining.

If you briefly introduce a scheme that will help start cryptocurrency mining in 2019, it will look like this:

1. analysis of financial and time opportunities;
2. the choice of mining method;
3. the acquisition of equipment with a preliminary calculation of its effectiveness and payback, as well as its preparation for operation, tuning;
4. If you want to do cloud mining or mining cryptocurrency in a pool (you should analyze the services and select the appropriate one from them).

Another important step to start mining is choice of mined cryptocurrency. When the choice is made, you should open the appropriate wallet. We recommend reading our publication - “How to create a Bitcoin wallet and why is it needed?”

The steps described above will help start mining in 2019. In principle, they can be used as a universal instruction for action in the future.

9. Answers to frequently asked questions (FAQ)

Beginner miners have a large number of questions regarding the extraction of cryptocurrency. Finding answers to them can take a lot of time. To save it, we answer the most popular questions.

{Question 1}. How to start mining / cryptocurrency mining on a home PC

For beginners who do not know how cryptocurrency mining is done and where to start this process, mining on a home computer is great.

To get started, you will have to perform several actions:

1. the choice of cryptocurrency for mining;
2. registration of the wallet in the selected currency;
3. search for a service to work;
4. downloading and installing software on a computer;
5. start of mining.

How to start cryptocurrency mining on a home PC

To extract cryptocurrency individually, you need heavy-duty equipment. It costs a lot of money. To significantly reduce this expense item, small miners are pooling. In this case, several computers jointly form one block of the circuit. Once it is created, the reward is distributed among the participants in the pool.

Those who are far from the financial world, experts recommend paying attention to the service Kryptex. Here you can download special software that will not only mine in the background, but will immediately change the mined cryptocurrency at the current rate. This option allows you to earn up to four thousand rubles a month, provided that the PC used is sufficiently powerful.

Actually get really serious amounts by doing practically mining cryptocurrencies on a home computer impossible. Such a process makes sense only if the knowledge to select a more promising method of production is not enough. However, home mining allows you to feel and understand the process of such earnings.

{Question 2}. How much can you earn on mining (mining) cryptocurrency at home on a video card?

Those wishing to start mining on a home computer are interested in the question of how much they will be able to earn in this way. It should be borne in mind that the times when cryptocurrency mining could be carried out on processors or hard drives have already passed. Today, mining requires a fairly large capacity. Only they can provide them video cards.

Is it possible to mine cryptocurrency on a video card at home

The amount of cryptocurrency mined directly depends on the power of the devices used. Of the currently existing graphics cards, NVIDIA GTX hardware is best suited for these purposes.

But keep in mind that non-overclocked devices can bring a little more than one and a half dollars per day of work. If connect graphics card for powerful equipment and overclock as much as possible, you can increase revenue by approximately 2-3 times. It should be borne in mind that such amounts are possible only when the equipment is working around the clock seven days a week.

Of course, the aforementioned amount of income is extremely small. That is why miners simultaneously connect a large number of video cards, creating the so-called farms. Moreover, before starting the equipment, it is worth assessing the possible income. For this, experts recommend using specialized services. Here it’s enough to choose the type of equipment to see how much income you can get from it.

Services also allow you to evaluate the payback period of a video card. For this, it is additionally necessary indicate the amount of electricity costs. Such services are regularly updated, so all calculations are quite relevant.

{Question 3}. What are the most popular cryptocurrency mining calculators?

Experts recommend that those who have decided to start mining cryptocurrency, first of all, calculate future profits, the return on purchased equipment, as well as electricity costs. To do this, it is best to use special mining profitability calculators.

The following concepts are used for calculations by the named programs:

1. Profit represents the amount of income that remains after deducting from the extracted amount the costs of electricity, equipment and other costs.
2. Payback period - the period of time that is necessary to cover the costs incurred and the beginning of profit.
3. Hashrate- computing power of devices used in mining. This indicator reflects the number of hashes that can be counted per second. The higher this value, the greater the level of cryptocurrency mining.
4. Mining difficulty It is calculated for each cryptocurrency separately. Gradually, this value increases. Online calculators must take into account the current value of this quantity.
5. Miner called the equipment with which the cryptocurrency is mined. It can be various computing devices: video cards, processors, specialized equipment.
6. FarmIt is a complex of devices integrated in one room and used for mining.
7. Energy consumption- a value that shows how much electricity the equipment uses. This indicator is of great importance in calculating profit, payback period and other important indicators. In the calculation process, you should use the tariffs that are relevant for the miner. It is important to keep in mind that they can differ significantly from the default ones in the calculator. If you use irrelevant data, the result may be distorted and differ from reality.

It should be borne in mind that profitability even with the same mining methods for different cryptocurrencies is significantly different. This is due to the continuous movement of their value, as well as the regular change in the complexity of building a blockchain. That is why experts recommend using high-precision calculators for calculations.

Below are those of them that are easy to use and versatile - they allow you to make calculations for the most popular cryptocurrencies and mining methods.

Profit cryptocurrency mining calculator Mine

Profit mine - a calculator that is designed to calculate the profitability of cryptocurrency mining on GPU, ASIC, Pascal and Ubiq coin. Indicators can be calculated based on the following variables:

• devices used in the mining process;
• selected cryptocurrency;
• mining algorithm.

An important advantage of the calculator is the reflection of the profitability that a certain electronic currency can bring if various algorithms are used. Five different algorithms are provided for the ASIC, twelve for the GPU.

In order to carry out calculations, it is necessary to select the available equipment from the proposed options - a video card or miner, indicate the cost of an hour of electricity, as well as the commission that is paid for the selected service. Based on these data, the calculator calculates the profitability of mining.

WhatToMine Cryptocurrency Mining Calculator

WhatToMine - A calculator that allows you to calculate production profitability using GPU and ASIC. Moreover, you can separately evaluate the profitability of 215 cryptocurrencies.

Experts call WhatToMine one of the best calculators, which allows you to calculate the profitability of production of cryptocurrencies circulating on the market today. The presented service allows you to make calculations for the GPU, ASIC, individual currency units, as well as for dual mining. At the same time, a number of variables are used, including: hashing speed, equipment capacity, and the amount of energy costs.

Based on the entered indicators, the calculator calculates profitability for various time periods, as well as profit taking into account the expenses incurred.

CryptoCompare Cryptocurrency Mining Calculator

Cryptocompare It helps to calculate the profitability of several cryptocurrencies: Bitcoin, Lightcoin, Ethereum, Dash, Monero, and several others. This calculator is quite simple and intuitive to use.

It is enough to fill in a few indicators:

• hash rate;
• equipment power;
• the cost of electricity (will have to be converted into dollars).

The calculator shows the profit or loss from mining for certain time periods.

{Question 4}. A personal computer or a cryptocurrency mining farm - which is more profitable?

Today, mining at home has become a very disadvantageous occupation.

What is more profitable than a PC or a cryptocurrency mining farm

There are 2 main reasons for this:

1. home computers, and especially laptops, do not have the capacities sufficient for the full production of cryptocurrencies;
2. the cost of electricity at home is too high.

We already said that, in principle, only video cards are enough to start mining.

Please note that when buying a powerful home gaming computer, the cost of this device is usually no more than 40% of its full value. On the face of the obvious unprofitability of such investments.

Moreover, video card acquisition costs - not the only expense item in mining. Also, an expensive cooling system will be required, the cost of electricity will increase significantly. As a result, mining on a regular home computer is almost four times more expensivethan even on a simple farm.

In order not to be unfounded, let us demonstrate the cost of equipment using an example. The cost of a computer that can support two graphics cards GTX 1070 or more is about one hundred thousand rubles.

At the same time, the farm, which includes four of the same video cards, will cost about one hundred and forty thousand rubles. It turns out that twice as much power will cost only forty percent more.

It should also be borne in mind that the worse the computer, the less profitable it is. That is why mining popular cryptocurrencies on traditional PCs today is absolutely unprofitable .

{Question 5}. What sites for online mining of cryptocurrencies without attachments on the machine are there?

Today, online mining sites, or as it is also called cloud mining, have significantly squeezed out the traditional cryptocurrency mining market. This is due to the lack of need. purchase expensive equipment, tune it, pay huge electricity bills. In cloud mining, all these functions are transferred to the owner of the service used.

The user only has to choose a reliable site, buy computing power on it and transfer the commission to the service. But not so simple. It should be borne in mind that among the services offering cloud mining, a lot scammers. They collect funds from users and disappear.

In order not to encounter a similar situation, experts recommend novice miners to use their ratings.

❎ However, even with the choice of a reliable service, not everyone who wants to try mining is ready to make money. This is especially true for mining beginners, who still do not fully understand all the features of cryptocurrency mining.

Services that charge users with a bonus hash rate or other types of incentives that can be exchanged for it help solve the problem.

❗❕ It should be understood that serious earnings exclusively on bonuses are unlikely to succeed. However, this option may be suitable for beginners, as it will allow to deal with cryptocurrency mining without financial investments.

Below are the services that allow you to start mining using only bonuses for registration. The described sites in the course of work have demonstrated reliability and are guaranteed to pay the money earned.

Attention! In any case, you should first check the companies (sites) for reliability, since the financial situation of such services varies depending on the cryptocurrency rates.

Service 1. EoBot

Eobot - a service registered in 2013. For a sufficiently long period of existence, it has demonstrated the stability of work and payments. You can get cryptocurrencies on the resource that work using algorithms SHA-256 and Scrypt.

After registration, the user receives a bonus of ten dollars. Moreover, a bonus cryptocurrency is additionally issued for daily visits to the registered account. All bonuses received can be easily exchanged for cryptocurrency mining capacities.

The yield on the resource is highly dependent on bitcoin market value. Moreover, it is significantly lower than on most of these sites and is about 80% per year. Nevertheless, for the development of mining without investments, the presented resource is perfect.

Service 2.Minebe

Minebe founded at the end of 2017. The creators took seriously enough to launch this project - the site has all the contact information - legal address, phone numbers, even links to groups on social networks.

Since its inception, MineBe has demonstrated the stability of payments of earned funds. The project commission is 10% from user’s profit. A distinctive feature of the service is a pleasant interface that is understandable and accessible even to beginners.

When registering, a user is awarded a bonus of five hundred rubles. This amount can be easily spent on the acquisition of the first hashrate. After that, you can start mining.

The service provides users with the opportunity to mine the most popular digital currencies - Bitcoin, Ethereum, Lightcoin. However, you can withdraw profit from the project only in rubles. It turns out that before you get the money earned, you have to do their conversion.

Payments from the service are made to Yandex.Money wallets, as well as directly to bank cards.

Service 3.Fairmining

The FairMining project was launched in April 2018. The site design is distinguished by the brightness, comprehensibility and accessibility of existing functions.

When registering, users as a bonus receive a hashrate of 100 GH / s. They can be used to mine popular cryptocurrencies, including bitcoin, lightcoin and Dogecoin.

Mining profitability largely depends on the amount of invested funds and is 1-3% for every day of production. But it should be borne in mind that making a lot of money using only bonuses is almost impossible.

Moreover, it should be borne in mind that the service has rather high restrictions on the minimum withdrawal amount. Experienced users are advised to mine in dollars, since in this currency it is allowed to withdraw the smallest amounts - only 1 dollar.

Service 4.Wormminer

Service start Wormminer falls on September 2017. For the time elapsed from this moment, he demonstrated stability.

Project refers to pseudo mining. Users working with the presented service do not buy power, but equipment. Selling servers have a certain stable profitability. Moreover, the amount of electricity consumed is also known in advance - it is about 10% income received.

When registering a project participant, one miner is awarded as a bonus. Using this value, you will be able to earn an income of $ 0.00365 bitcoin per year. After subtracting the size of the cost of electricity from this value, it turns out that the profit will be 0.003285 bitcoin.

You should know the important feature of the service. - the user must visit the personal account daily and press the collect button in it. If this is not done, production will cease.

The project is intended solely for mining bitcoin. At the same time, the service does not have its own internal wallet. The administration of the project advises using the popular blockchain.info site to receive funds withdrawn from it.

Service 5.CryptoMiningfarm

Project CryptoMiningfarm launched in 2014. According to the conditions of the service, when registering, users are given a bonus in the form of a hashrate (50GH / s). It can be used to mine bitcoin.

One of the features of the service is the lack of a minimum amount for withdrawing earned funds - Payments are practiced here every day. In addition, for those who decide to use not only the bonus hashrate, but also buy an additional one, the project offers a serious advantage.

If you purchase power for fifteen years, the complexity of cryptocurrency mining will be fixed at the current level. As a result, during this period the user will have a stable unchanging income.

Service 6.Brynex

Brynex - A young project that has not yet received its development.

To make it easier to compare the listed services and choose the best, we presented the main features of the projects in the table below.

{Question 6}. What cryptocurrencies can I mine and is it profitable to mine them now?

In the process of choosing a cryptocurrency for mining, the question arises as to which of them is most profitable to mine right now. On the one hand, give a definite answer impossible. However, on the other hand, the most promising cryptocurrencies can always be called.

In fact, it is difficult for beginner miners to understand which of the currencies can bring maximum profit. Therefore, experts advise beginners to choose those that demonstrate reliability and are time-tested.

Leaders among cryptocurrencies that have clear prospects in the near future are as follows:

• ZCash;
• Ethereum and Ethereum Classic;
• Monero
• NEO.

Of course, this list cannot be called exhaustive. Constantly appear and disappear No less promising cryptocurrencies. So, recently the growth has been demonstrated by the monetary unit Cardano. Its mining is carried out on the principles of Proof of stake. This means that most of the creation of the next block is received not by those who have more power, but by those who have the largest number of these coins.

Ethereum Creator Vitalik Buterin also plans to introduce the principle of production in the near future Proof of stake. At the moment, it is not known when this will happen. However, today, experts are warning miners against investing in equipment for Ethereum mining.

Meanwhile mining Monero and ZCash continues to be implemented on principles Proof-of-work. This means that the reward for building blocks is distributed in proportion to the number of capacities of miners. Experts in this regard note that there are no prerequisites for the fall in the value of these cryptocurrencies. That is why you can not be afraid to invest in the purchase of equipment for their mining.

10. Conclusion + video on the topic

The current situation in the cryptocurrency market makes mining a rather promising area of ​​activity. Everyone can do it. To do this, you will have to study the principles of production, purchase equipment or choose the optimal project for entry.

We also recommend watching a video about mining bitcoins 📽:

The Rich Pro website team wishes its readers high profits. If you are just starting to learn the basics of mining, let it become successful for you. If you are an experienced cryptocurrency miner, we wish you the development and further increase of cryptocurrency mining equipment.

If you have any questions, comments or additions on this topic, then write them in the comments below. Also do not forget to share the article with your friends on social networks. See you soon!

Watch the video: Is Cryptocurrency Mining Profitable In 2019? GPU vs ASIC Mining + Best Coins to Mine + Best Miners (November 2024).