Hey hi! When I started to learn cryptos, I made myself mad (just a joke). but it is hard for me to learn about cryptocurrency, mining process, free crypto tricks, faucet and more. Let's DIVE INTO the content...
But, once I learned about it. Those are the interested and easy methods to make money online or make investments for our future in cryptocurrency.
Here I make a post for the beginning of mining.
This is Part-1 of How to start up with mining? Do not forget to check out Part-2.
Table of content:
#1 What is mining?
What are the processes the mining has?
How does it work?
How much does it cost?
#2 What is blockchain?
Can blockchain be hacked?
#3 What is a mining pool?
Pool fees
What are the types of shares in mining?
#4 Crypto wallets (free & secure)
Best wallets and security
Other features
#5 Free tools you need to know.
Crypto compare
Coin exchange calculator
# points to remember
# Final touch
#1 What is mining?
Mining is a process of making new crypto coins to get into the circulation of trading, Buy/Sell. It includes many difficulties, many hardships to understand it.
What are the processes the mining has?
It contains two processes, creating a new crypto coin and verifying it to the blockchain ledger.
How does it work?
You are mining cryptos by solving equations of Cryptography. You need a lot of Hashrate to mine a decent amount of cryptocurrency. Because It works like the faster you go, The higher you get.
If you have High powered machines, you can reach the reward quicker by solving the difficulty equation blocks. Then you can go to the next one.
But, Before starting, you need to know about Mining pools, Crypto wallets and Free tools that are helpful to you.
How much does it cost?
Anyhow you need powerful Computing machines, and it also costs you a high amount of electricity usage.
So, You may need a Powerful GPU(Graphics card) to mine cryptos, and it costs you a lot.
That is why this method is too easy and highly expensive.
Read More: How to mine crptocurrency with VPS?
#2 What is blockchain?
Cryptocurrency works on the blockchain which is highly secured just by sharing the information between other miners are frequently verified by Cryptocurrency users.
Can blockchain be hacked?
And anyone can see the transactions between crypto wallets on the blockchain ledger. So, no one can hack the blockchain network.
For example:
You can try a hack on one or two computers to change the number of crypto coins in your wallet. But you cannot hack all computers.
I mean, you cannot hack the whole blockchain network at the same time. So, It is nearly impossible.
That’s how it was highly secured.
#3 What is a mining pool?
A Mining pool is a place to share the reward for your work. It calculates how much the rewards are generated to the pool by a particular computer.
Pool fees
These pools took the pool fees of 1%-2% and paid you the balance share of your coins.
For example:
If you earn $ 100 worth of cryptocurrency, the pool will take $1 or $2 as a maintenance fee.
What are the types of shares in mining?
There are two kinds of shares: accepted and rejected.
Accepted shares indicate that your hash was mined successfully.
The rejected shares indicate that your machine mined a not valid block. But this mistake happens rarely, so don't worry.
#4 Crypto wallets (free & secure)
You may already know about the crypto wallets, But you need to know that you do not need a crypto wallet to spend your cryptocurrency, but you need it for secure and done trading with it.
Best wallets and security
I always recommend you to use the online crypto wallet of Coinbes.com or Blockchain.com.
These are the best free wallet providers giving higher security by activating 2FA, SMS verification, Email verification for each time you log in to your account.
So, your crypto coins will be safer.
Other features
And it provides Fingerprint verification as an optional to enhance the security of your account. You only need a biometric for each time you log in to your account. Sounds Great? : )
But it also cut a minimum amount of fees when you make the transactions between two accounts or when you trade your cryptocurrency. (just like PayPal, Skrill and others)
#5 Free tools you need to know.
There are free tools that are used to calculate profitability, coin conversions.
Crypto compare
Crypto compare is an online tool. That helps you to calculate the profit you could have from your Hash rate, electricity consumption, with your Mining pool fees.
You only need to enter the details to get the profitability you will have on mining. You need to enter all the fields correctly to get the accurate profit value.
Coin exchange calculator
This is also a free tool that helps you calculate the conversion of the crypto to real currency.
For example:
Bitcoin to Indian rupees.
Indian rupees to bitcoins.
Ethereum to bitcoin.
# points to remember
- Mining is the process of making new crypto coins to get into the circulation of trading, Buy/Sell.
- Mining works like the faster you go, The higher you get.
- A Mining pool is a place to share the reward for your work.
- There are two kinds of shares: accepted and rejected.
- Cryptocurrency works on the blockchain which is highly secured just by sharing the information between other miners are frequently verified by Cryptocurrency users.
- Anyone can see the transactions between crypto wallets on the blockchain ledger. So, no one can hack the blockchain network.
- I always recommend you to use the online crypto wallet of Coinbase.com or Blockchain.com
- Crypto compare is an online tool that helps you to calculate profit.
- Coins exchanger is a free tool that helps you calculate the conversion of the crypto to real currency.
# Conclusion
I recommend you read the article once again before learning more about mining. Because I informed you about the beginning of crypto/Bitcoins.
So, make sure you understand the content well.
I believe that this article helps you out. If yes? Please comment below.
And do not forget to subscribe to my Youtube Channel.
See you, bye!
Thank you Notes:
Thanks to all the sources in online, For help me to write this Article. Comments are turned on so you can comment your thoughts too.
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