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First, let’s look at what cryptocurrencies are and what wiki defines them as.

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralised control as opposed to centralised digital currency and central banking systems.

So then what is Cryptocurrency mining?

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralised control as opposed to centralised digital currency and central banking systems.

So then what is the best cryptocurrency to mine?

Let me start by saying the questions “what is the best cryptocurrency to mine?” or “what is next best coin to mine?” are not easy questions to answer. However, there are tools you can use to help you find the answers to these questions.

The first question I want to try and help you answer is what is the best coin to mine? Or precisely what is the best coin to mine today? The reason I say today is it is easier to find out that information for yourself. If you visit a site called Whattomine this will give you some idea on what you should mine with a standard GPU (Graphics Processing Unit). Also at the top of the page, it gives you a selection of all the most popular GPU’s out right now for mining. It also helps you out with ASIC mining in case you were wondering how fast can you mine bitcoins?

How to mine cryptocurrency?

Well, this is a broad question it would be easier to ask something like how do you mine bitcoins? Or how to mine spots cryptocurrency?

Mining bitcoin is usually done with ASIC miners these days as it has become so hard to mine Bitcoins that it is not worth mining them with GPU’s anymore. ASIC miners were designed to mine and nothing else, so once the miner you buy is not profitable anymore, which is why people like to use GPU’s as they can always be used and sold on for other things.

So how can you mine bitcoins without using an ASIC miner and is it even possible? Yes, some people have found interesting ways to mine bitcoins without using an ASIC miner, one of those ways is by using a program called Nicehash. With Nicehash you do not mine bitcoins directly you mine other cryptocurrencies and then get paid in bitcoins. The great thing about this program is it does most of the work for you, and it also mines the most profitable coin to mine at the time of mining. Nicehash is the best option for a newcomer into mining, and it is effortless to set up. So how fast do you mine bitcoins with Nicehash? Well, it all depends on the hardware you are using, but the great thing about whattomine is it has Nishhash on there as well and will help provide the information to you about how much you will earn.

How to setup miner?

Setting up a miner is pretty simple if you are using a new PC and Nicehash. Nicehash works well on Windows, and it is the most user-friendly operating system out there. Using Nicehash is also one of the easiest ways of how to mine cryptocurrency solo. So let us begin with how to get Nicehash installed on your PC.

First goto Nicehash and click on Download.

You need to make sure you are downloading for the correct graphics card you have installed in your computer so make sure you know the make.

 

Once downloaded and installed you can then load up the miner. It will show a DOS box and the Nicehash miner. You need to make sure before you do anything that you have a Bitcoin wallet. If you do not have a bitcoin wallet, I suggest Exodus, this is a simple wallet for beginners however in the future when you learn more about cryptocurrency you will want to look into how to safely store cryptocurrency. Once you have added the bitcoin wallet into the wallet section, you can then click the start button, and it will start the mining optimisation. The mining optimisation is just a benchmark to see how your computer will perform and to find out which currency is best for you to mine.

What about building a miner?

There are many ways to build a cryptocurrency miner however it is very different from creating a standard PC. I always explain to people who are making a mining PC, that it is like taking all my knowledge of bottlenecks and throwing them out the window. Because when you build a standard PC, you need to match all the components up so they are as close as you can get until you find a bottleneck. However, with a mining computer, you don’t care about the slow parts as the parts that are slow mainly cost less to run. In typical PC’s you would look at getting a fast CPU and a fast GPU. However, with a miner, you look at getting a very slow CPU and fast GPU this is because CPU mining is not very profitable these days, so all you need is a CPU to make sure the machine runs, but the GPU is the central part of the system.

How to choose cryptocurrency mining hardware?

To learn more about how to build a mining computer and about these kinds of systems I recommend a Youtube channel that I went to when I first started mining Bits Be Trippin’. Bits Be Trippin’ is a fantastic source of information, and he tries all kinds of different mining systems and to help out beginners.

Also, I recommend searching for new and best hardware that is currently out for mining as with mining things go out very fast.

Now I know I said that CPU mining is not very profitable however there are some ways to earn with your CPU if you have computers laying around doing nothing. You should check out Boid. Boid is a great project which utilises your CPU power to make a supercomputer. It is a straightforward process and is like Nicehash other than you don’t get paid bitcoin you will earn boid tokens which are on the EOS blockchain. Now there is more of a learning curve to this one, but it is worth it if you don’t have a powerful GPU and you want to earn a little extra crypto with your computer.

So how much will all this cost?

Well, this is all dependant on you and what coin you want to mine. ASIC miners are typically in the thousands and are more of an industrial product. However, GPU mining can be anywhere from around $700 to $10000 all depending on how powerful they are.

The good thing about mining is sometimes you can use old computer parts to pull together a mining rig and start mining. Building an old computer is not the best way to make money. However, it is a great way to learn how to build a rig and also how to set up a computer from scratch.

Is there any other way to mine cryptocurrency?

POS or “Proof of stake” is a kind of mining where you earn a passive income for owning the tokens already and locking those tokens away, so you cant use them. There are many different types of this out there, and I am sure many more to come.

Also, there are airdrops such as what Trybe has where you stake the tokens, and then you receive a % of however many tokens are being issued depending on what % you hold of the staked token.

All these are fantastic ways to passively earn without having to worry about mining, and there are many options out there. I feel that the EOS blockchain is the primary source for these right now and most if not all of the tokens on the EOS blockchain have some way to earn a passive income.

There are also master nodes however I don’t know much about these so I will link a good explanation of them for you here so you can check them out for yourself.

What are cryptocurrency wallets?

Wiki explains wallets as follows.

A cryptocurrency wallet stores the public and private “keys” or “addresses” which can be used to receive or spend the cryptocurrency. With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet.

Now what?

Once you have started mining you can then do what you like you can keep them, or you can trade the bitcoins into other currency’s and save those. If you want to move your bitcoins into other currency’s you will need to look into how to trade all cryptocurrency. There are many different ways to trade crypto, but one of the main sites I would recommend is Binance. Here you can transfer bitcoin into so many other coins and then do what you like with them.

How to learn cryptocurrency trading?

There are many types of cryptocurrency trading and many different levels. However, if you are starting and want to learn the basics, I suggest signing up for Binance and just giving it a go. You can also do paper trading where you write down when you would buy and when you will sell as this will cost you no money, but you will learn a lot by just doing this at the start.

If you want to move onto more advanced trading skill I do suggest checking out a small youtuber who does trading tutorials that are very similar to the way I learned to trade here.

Thank you for reading about cryptocurrency mining, and I hope all of you at least try it out even if it is a small amount to see how things work. I believe in trying new things and trying to educate ourselves a little.

Please comment below if there are any questions I can answer about cryptocurrency mining. I am always around to help out newcomers in the industry so feel free to ask.

Disclaimer: None of the information I have given should be taken as financial or legal advice I am not a financial advisor and please do your own research on any of the products or information I have given.

 


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Responses

  1. Mosun Omotunde

    Oh Martin! You make me wish I had the financial wherewithal to become a true miner! I know I’m never gonna be a trader though, the technical stuff is way too complex for me…lol. Thanks for this amazing information

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