How to mine cryptocurrency

The cryptocurrency market's appeal has grown not because of the anonymity that's talked about on every website, nor because of the rapid growth rate, which has broken all conceivable and unimaginable records.
The fact is that cryptocurrency, as the know-how of the century, has created a kind of template breakthrough: this electronic money can be mined using your computer.

It's the ability to mine cryptocurrency that makes it so special. It's hard to resist a source of additional income, especially if it doesn't require excessive effort.

However, the popularity of cryptocurrencies has brought about adjustments to the mining process, as instructions that were relevant in 2012 are completely ineffective in 2018!

That's why in this article we'll try to break down simple ways to mine cryptocurrency in today's environment.

Mining Difficulty, or Why Now Isn't the Time

Capital always tends to flow toward financial opportunities. Cryptocurrency mining has become one such amazing earning opportunity. Therefore, for ordinary people, mining cryptocurrency on their own PCs was only effective in the early stages, when Bitcoin was just an experimental development.

The mining system for all cryptocurrencies is designed in such a way that the more people involved in the process, the more difficult it becomes to mine the currency.

Naturally, with the rise in the exchange rate, mining has become a huge business for large companies and major investors.

Thousands of advanced graphics cards first pushed aside CPU-based cryptocurrency mining, and then made solo mining completely impossible.


Unfortunately, this business has increased mining complexity so much that it's become very difficult to recoup the money spent on electricity. Therefore, unless you own a rig consisting of multiple high-end video cards, mining cryptocurrency alone is simply impossible.

A logical question arises: how can one mine cryptocurrency in the face of such immense complexity and fierce competition? The answer is actually straightforward: team up with other weak participants in pools to achieve common goals.

A step-by-step guide for a future cryptocurrency miner

1. Choosing a cryptocurrency for mining

The first thing you need to decide, of course, is the currency you'd like to mine. It's crucial to understand that the more popular and expensive a cryptocurrency is, the more difficult it is to mine!

However, you shouldn't go to extremes and start mining an unknown cryptocurrency, as you'll likely be unable to sell it for a decent price later.
The exception is systemic projects that possess not only unique technology but also a strong advertising component, thanks to which new participants will soon begin to learn about it.

2. Select a pool and register

Once you've decided which cryptocurrency you want to mine, you need to find a pool that specializes in your chosen currency.

It's important to understand that pool organizers don't work for free, so these services always have a commission that will be automatically charged to you for using the service.

Every pool is different, and different pools can have completely different fees and withdrawal limits. Therefore, when choosing, be sure to carefully review reviews and familiarize yourself with the terms and conditions!

3. We plan and download the mining program

Cryptocurrency mining isn't always a profitable venture, as the costs of electricity and equipment depreciation may simply not be covered by the profits generated.  

To prevent newbies from posting angry reviews, almost every pool site has calculators that allow you to predict the number of coins mined, taking into account the mining difficulty and the hardware you'll be mining on.

The pool's website will also feature its own mining software, which you'll need to download and configure according to the instructions. Essentially, the only thing you'll need to do is change the wallet address where your mined coins will be deposited.

Passive cryptocurrency mining

In addition to independent mining, the investment approach is becoming increasingly popular.

The thing is, you can participate in what's called "Cloud Mining." The idea is that, for a fee, a company will launch a mining program on its server.

On the one hand, you can mine cryptocurrency with minimal investment and not burden your own equipment.

On the other hand, a huge number of companies are nothing more than scammers who can simply disappear, as hundreds of other pyramid schemes do.


In fact, miners are currently experiencing a huge crisis, and their earnings are simply incomparable to those of traders who speculate on cryptocurrency exchange rates!

Therefore, if you want to get into this business, be sure to pick up a calculator and calculate all the possible risks.

An alternative to this type of income could be trading cryptocurrencies through a broker. By investing the money you've already spent on equipment, you'll receive net profit much faster than with mining.

You will find brokers that offer the opportunity to earn money on cryptocurrencies here -
http://time-forex.com/kriptovaluty/brokery-kriptovalut