Here is a new and a legal way of making money. It is by mining cryptocurrency. What are these cryptocurrencies and how much is their value. Are these currencies available in the form of notes or coins like our regular currency. The answer to all these questions is very simple. Cryptocurrencies are simple digital money which have no form (notes/coins). They are invisible but have great value in the market. Many of you might have heard about the Bitcoin. Bitcoin also is one among many cryptocurrencies in the market. In fact all other cryprocurrencies have been created because of the massive rise of their Big Daddy the BITCOIN.
What is Cryptocurrency Mining
Just like important metals, minerals and ores are mined, cryptocurrencies can also be mined. All that is needed to carry out cryptocurrency mining is a collection of graphic cards (GPU’s) which is connected to a motherboard and a CPU. This is called as a RIG. The RIG is provided with the required Electricity to produce hashes. These hashes mine cryptocurrencies from the cloud pool of your desired mining pool or mining Wallet. Ethermine and Nanapool are some of the leading pools available in the world for mining. you can read more about Mining pools in our subsequent articles.
How Will a RIG help in mining Cryptocurrency
Cryptocurrencies are hidden in a block chain. Mathematical algorithms are used in solving these blockchains. Hashes provided by the mining RIG helps in solving these mathematical algorithms. So every time a block chain is solved the rewards that is given to you is in the form of a cryptocurrency whose block chain you have helped in solving by providing hashes. In simple terms more hashes produced more is the reward.
How profitable is Crytocurrency mining
Cryptocurrency mining is a smart way of earning money. It has its own pros and cons. Mining is a strategy and yields profit in a long time. One needs to be prepared to wait for their effort to reap rewards. Capital Investment is huge and returns also are high if one is prepared to wait. The market value of cryptocurrencies are on a high and will definetly yield profits. But guidance from people in the field is advised. There are many companies coming out with their own machines now which are power efficient and yield better and massive outputs. We would suggest People to buy products from companies like BITMAIN and INNOSILICON. These two companies have excellent products which give good output and return on investment is assured in fewer number of days.