Have you gotten into the cryptocurrency world and now want to join in on mining? Perhaps you thought it may be a way to make a bit of money, and an easy way to get crypto?
While this is still possibly the case, it requires a lot of computing power and electricity, which means the start-up costs may be pretty high. Also, with the price of cryptocurrency and crypto mining currently dropping, it may not be as profitable as it once was.
Keep reading to learn more about cryptocurrency mining and how to get involved, as well as what to expect.
4 Steps to Mine Cryptocurrency
- Find a Cryptocurrency You Want to Mine
There are a lot of cryptocurrencies out there. While some are well-known like Ethereum and Bitcoin, there are smaller ones too. Since they are still growing, it is usually a lot easier to mine them.
You might not make as much money as you would with a big company, but if you take a risk, you might be able to get currency more cheaply from a platform that might increase in price soon enough. Even if not, you may find that the cost is worth it to work with smaller companies.
Either way, finding the currency you want to work with and mine is a good first step.
- Make Sure You Have Proper Mining Equipment
Cryptocurrency mining isn’t easy. It requires a pretty beefy computer. A regular computer with a CPU will likely only be able to produce around a dollar a day in profits. Plus, you need to take into account the cost of electricity you will be using to mine.
Mining isn’t something you can just jump into; it requires a lot of initial power and money, unfortunately. But if you have a system that can handle cryptocurrency mining and make you enough of a profit that you are making money, you are ready to get started.
- Get a Crypto Wallet
If you want anything to do with cryptocurrency, you are going to need a crypto wallet. There are various kinds of wallets to get, specifically hot and cold wallets, so it is important to do your research before picking one.
If you’ve done anything with crypto before, it’s likely you already have a wallet. Most platforms you use for trading and purchasing crypto have their own wallets, but there are also off-site ones where you can store all of your currency if you so desire.
- Decide if You Want to Join a Mining Pool
While you can certainly mine cryptocurrency on your own, it is a lot easier to do it in a group. Not only will it increase your chances of earning block rewards, but it also helps when you can work with others, especially if you are new.
Unless you have state-of-the-art equipment, it is usually best to work with others in a mining pool and is highly recommended if you are going to be mining for larger crypto like Bitcoin. This is because the difficulty of mining increases with each coin awarded.
How Long Does it Take to Mine 1 Cryptocurrency?
Several factors determine how long it takes to mine one cryptocurrency. In part, the currency you are picking has a large factor, but so does your computer’s power, the competition, and your hardware used to mine.
With Bitcoin specifically, there is supposed to be an algorithm that allows for adjustments so that one Bitcoin can be mined every ten minutes or so. However, with the power and electricity required to be able to do this, the time is much longer.
Studies into this question show that depending on your computer power, you can mine roughly just under two Bitcoin a day. So depending on your computer, it could take roughly as long as 12 hours.
What’s the Best Crypto To Mine For Beginners?
Thre are many different kinds of Crypto to mine, and choosing the currency to get started with can be a little confusing.
The first thing to determine is the best style of mining for you. Some currencies use playing games as a way to earn cryptocurrency. Others use GPU and ASICs mining, while others can use browser extensions and software.
Depending on which of these works best for you can help you narrow down your choices quite a bit.
There is also just a list of some of the most popular and easiest cryptocurrencies to mine. These include:
- Ethereum Classic
- Bitcoin Gold
- Haven Protocol
These are some of the highest recommended as they are easy to get into while still being profitable. Out of those listed, Monero is usually considered the easiest to mine because you don’t need too much power to be able to mine it, and it involves a lot of browser extensions and free software.
Is It Still Profitable to Mine Crypto?
It is certainly still possible to profit while mining cryptocurrency. However, the profits are dropping, and pretty quickly. Where before almost anyone could earn a profit mining, it isn’t as easy anymore. This is especially true of larger companies such as Bitcoin as they are much harder to mine already and the actual price of these big cryptos is going down rather quickly.
Continuing to use Bitcoin as an example, we can see that recently, prices have dropped 60% for mining stocks.
What is Mining City?
Mining City is a platform that provides mining plans, giving users access to hash power and mining rewards. The idea for the platform was conceived in October 2019 by Greg Rogowski, the brand owner of Mining City and the CEO of Prophetek.
Prophetek is the company behind the Mining City platform. It is based in Cyprus, a country with clearer cryptocurrency regulations than many other European countries.
A technological process, combining low electricity costs with storage and miner improvements, known as “Smart Mining,” became an effective way to obtain BTC.
Is Mining City Legit?
Mining City provides real hash power for users. Mining City also leaves banned markets and takes a compliant approach to new laws and regulations, adjusting to global markets.
There have been many widespread scams and attempts to defraud cryptocurrency customers over the past several years, which has prompted increased regulation and efforts by responsible companies to deter fraudulent activities and scams.
The cryptocurrency and crypto mining industries are new and gradually become more and more regulated markets. As new regulations go into effect, reputable market players, like Mining City adjust. This may mean leaving markets where crypto-related activities face new bans. That may also mean having to adjust products or services to stay in line with new laws.
You can follow Mining City’s official social media portals on Facebook, Instagram, Telegram, YouTube and Twitter to observe what Mining City undertakes to adjust to new regulations and requirements and to give Mining City your support in their efforts to become fully compliant.
Not too long ago, mining cryptocurrency was a way to earn easy money as long as you had the power and electricity to do so. This was doubly true when you joined mining pools.
Unfortunately, with the cryptocurrency prices and stocks dropping hard, that easy money isn’t quite so easy anymore. The cost of cryptocurrency has gone down, and so has the cost of mining stocks. This means that you are making far less money than you were at one point, and the money you do make often takes longer.
While some people may still find it profitable, others may find themselves no longer able to make a profit from mining, especially when you factor in the computing power and electricity costs.
I’m a professional writer with more than 10 years of experience. I’ve written for both online and offline publications, including Forbes, Huffington Post, and Entrepreneur. I specialize in writing about cryptocurrency, blockchain technology, and the future of money. In addition to my writing, I’m also an active investor in the crypto space.