Cryptocoins are not as inaccessible as one may think. Everyone can have access to cryptocoins and mining them, with the right resources. You need only enough interest and the desire to get started, and you can begin mining cryptocoin, and becoming part of the ever-expanding cryptocurrency market enterprise.
First, what is “mining” Mining is essentially digital transaction verification. This action verifies cryptocoins in the market and is one that is performed completely by specific hardware designated for that cryptocoin. The equipment needs only an operator to coordinate the systems, and with the right hardware and software setup, anyone can begin mining right away. There is often compensation to the operator that becomes an essential return on investment.
The hardware specialized for mining cryptocoins makes it so that the average person, with little to no previous knowledge in mining, can purchase and operate it. All you would need is electricity, a storage location for the hardware or “rig”, and a dedicated computer for the data to run through. It is possible for mining to be done using a standard CPU (a central processing unit, like the core processor on your personal laptop), though it is not considered the most efficient. Obtaining a GPU (graphics processing unit) for mining, will allow data and calculations to process on your device much more quickly and effectively.
People just starting out are often recommended to invest in hardware for mining the currently less valuable “scrypt”cryptocoins, like litecoin, dogecoin, and feathercoin. That is because the rigs for them are, understandably, more affordable. Once the operator has mastered the process of mining these types of cryptocurrency, he/she may desire to advance to mining more valuable cryptocoins, like Ethereum and bitcoin. The operator has the potential to gain more earnings by mining more valuable currency, and the only thing really providing any barrier to this is whether or not the operator has the resources for a particular type of mining.
Ethereum and bitcoin require much more complex systems of monitoring and computing, and therefore the hardware for mining them is usually more expensive. They may be larger pieces of equipment, that require more durable, dedicated personal computer systems, and may need more space to be contained. However, if all of these requirements are at your disposal, then small-scale and even large-scale cryptocoin mining may be quite a worthwhile endeavor for you.
There is advantage in cryptocoin mining in that, for the person genuinely interested, it stands the potential to make profit past the initial investment, and separate from actual investment in the cryptocurrency market. Again, if you have the resources at your disposal, mining is just another source of income.
A word of caution when deciding to mine for yourself: always choose to rent and/or purchase mining hardware from reputable vendors. There are companies that stand to make a profit from the sale of ineffective or completely useless rigs. If you are serious about the enterprise of cryptocurrency mining and are looking to get started soon, then invest in quality hardware, get set up, and you’ll be well on your way to making money!
We suggest and personally use Genesis Mining. Their reputation and no maintenance pricing on most contracts make them the best in the market. Equipment is located in Iceland so they have very low cooling costs. Customer service response time is usually quick and they inform their customers of the current condition of the market and act on behalf of them to save money on transaction costs, etc.
One other company we started using is Cryptominingfarm. Unlike other South East Asian companies they are open and share their company and mining site locations. Only Bitcoin mining option is availabe but they offer different length contracts unlike Genesis. You can chose from 3 months to life time. Worth a try to divert investments.