Blockchain Basics

How mining cryptocurrency works

The chance is high that as you have heard the phrase “crypto mining” for the first time your mind began to wander to a fantasy of hardworking dirty miners and pickaxes. That analogy is not too far off.

Is mining still profitable?

Mining cryptos is far less glamorous but as equally uncertain as mining gold. You need a lot of dedication and effort to be successful. There are several factors which determine whether your venture will be profitable.

Methods to mine cryptocurrencies

Basically, there are two approaches to mining: Alone or as a member of a pool. Mining pools have some advantages, especially when you are not planning to invest big sums. While there are several pools you can join, they all work in almost the same way. The members of a mining pool work together and share their computing power.

What you need for successful mining

In the beginning, computing with a CPU was the only way to mine cryptocurrencies. This cleared the way for mining with a graphics card (GPU). Graphics cards can work alongside a CPU, which increases the mining performance by 50 to 100 times. At the same time the power consumption decreases.

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