If you are looking to get into cryptocurrency mining but don’t want to deal with the hassle of setting up your own rig, there are still several ways you can get involved with mining without having to go all in on hardware. If you have a computer that’s almost always on, it might be worth considering running something like NiceHash Miner, which basically allows you to turn your machine into a miner, remotely connecting it to giant cryptocurrency mining operations and earning you money based on your contribution to the network’s hashrate.
1) Get a GPU
Mining cryptocurrency involves more than just striking it rich—it’s also about saving money. The one component you’ll need to make sure is up to snuff is your graphics card, and that means getting a high-end GPU for mining. You can find all sorts of GPUs for sale online, but remember that you want one specifically made for mining—they should be powerful enough to run in conjunction with your CPU, which will take care of business processing transactions.
2) Get some Ethereum
There are two ways to mine Ethereum: you can do it yourself or you can use a cloud mining service. Cloud mining is more convenient but costs more, while DIY mining might take some effort and time but it’s free. In either case, make sure you mine only when your computer is idle and not in use, because that will increase your electricity bill. As cryptocurrency price fluctuates heavily these days, we’ll show you how to maximize profits by switching between different currencies.
3) Create a Mining Pool
One of the most common ways to begin mining cryptocurrency is by using a mining pool. These pools combine your computer power with that of others and share profits together. Here are some steps you can take to create your own mining pool:…
4) Software setup
The main setup requirement for getting started with a miner is to have a computer with a graphics card (GPU) that is suitable for mining. Many internet forums will have suggestions on which GPUs are best, but in all likelihood you’ll be fine with any mid-range GPU made within the last 5 years or so. The reason we don’t recommend using your CPU to mine is because it won’t earn you anything compared to using even an old and slow GPU to mine.
5) Pick your poison!
If you’re completely new to crypto and not sure where to start, here are some of our favorite projects: Dogecoin (DOGE), Ethereum (ETH), Gridcoin (GRC) and Electroneum (ETN). There are literally thousands of cryptocurrencies out there, so don’t feel bad if these aren’t your cup of tea. If you already have a favorite coin or two, great! It may be easier for you to mine them directly than through a pool.
6) Stability is key
You’re going to need a PC with a high amount of processing power, so don’t even think about using your five-year-old laptop. A stable and optimized graphics card is also essential for mining cryptocurrency; in fact, if you want to mine it successfully, that should be your first consideration after setting up a good place to do it. Good GPUs are expensive, but luckily there are some good deals out there on websites like Amazon if you know where to look.
7) Where to go from here?
If you’re interested in mining cryptocurrency, but have never tried it before, look into setting up a mining rig. Mining rigs are generally powerful PC setups that can be customized for mining. The idea behind mining is pretty simple: your computer verifies a transaction by putting it through an algorithm, and if your computer can successfully verify it, then you get paid a small amount of cryptocurrency.