Crypto Mining - Brief intro
Updated: Sep 12, 2020
Where does Crypto Currency come from? Generally there 2 Types of Crypto Currency or BlockChain out there, one is mine-able and the other nonmineable fix Coins of which supply is controlled by the creator.
This article will be about mine-able Crypto and I am introducing the general Terms which you should be familiar with. To start mining its the most important thing is to keep it profitable, there is no sense in generating Crypto at a Price higher than what you paid for generating it. so keeping an eye on your running cost is very important.
The lone wolf mining can bring a fortune if the lucky is pared with massive Hashing Power and low energy costs. This method has become more and more unrealistic or unachievable as most of these factors are not available to the normal Person.
results are not shared
lots of hashing power needed
the low outcome as you fight the whales
high running cost
Coming to the methods to generate Crypto you can use for Example Pool Mining. which means that several miners combine their "Hashing" Power to generate new Blocks on the Block-chain and each new Block gets rewarded with Cryptocurrency. It's technically the same but you work with a Team. But all that matters are numbers. Sometimes is good when more Hasher works together but in the end, one Hash can only be rewarded once.
Combined Hashing Power generates more outcome
payouts are more frequent
fight for shares results wasted hashing when 2 workers find the same solution, only one is rewarded
lots of Pools out there to choose from
As we are in the cloud Entry where every Computing Work can be brought to the Cloud and so can the Creation of Crypto Currency, however, I did not find one Provider which was actually providing a Profitable Plan which generates Crypto resources which would be worth waiting for.
No Hardware needed
The high running cost which might overwhelm the outcome - no profit
So in short the only easy way to get Crypto is to buy them on the exchange.
As resent Tech magazine cautions keep the following in mind "While you could simply set a machine aside and have it run the algorithms endlessly, the energy cost and equipment deprecation will eventually cost more than the actual Bitcoins are worth." And That's why, "as with most gold rushes throughout history, it's those who are supplying the miners that are finding the real riches."
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