Introduction to Crypto Mining
Crypto mining refers to the process of generating new cryptocurrencies through computational power. Miners use powerful hardware devices to solve complex mathematical problems, validating transactions and securing the network. In return, they receive newly minted coins as rewards.
Understand the Basics
Before delving into crypto mining, it’s essential to understanding the fundamental concepts, such as blockchain, proof-of-work, proof-of-stake, and mining algorithms. Familiarize yourself with different consensus mechanisms and the specific requirements of each cryptocurrency you plan to mine.
1. Types of Mining:
a. Proof of Work (PoW): In this method, miners compete to solve mathematical puzzles using computational power. The first one to solve the puzzle receives the mining reward. Bitcoin and most other cryptocurrencies initially relied on PoW.
b. Proof of Stake (PoS): Here, miners validate transactions and create new blocks based on their cryptocurrency holdings. The more coins a miner holds, the higher their chances of earning rewards. Ethereum plans to transition from PoW to PoS.
2. Mining Profitability:
Before starting mining, calculate the profitability based on factors like hardware costs, electricity expenses, mining pool fees, and the coin’s current price and difficulty. Use online mining profitability calculators to estimate potential earnings.
3. Choose the Right Hardware:
Mining requires specialized hardware known as ASICs (Application Specific Integrated Circuits) for certain cryptocurrencies like Bitcoin. However, for other altcoins, you can still mine using GPUs (Graphics Processing Units) or CPUs (Central Processing Units). Invest in high-performance hardware to maximize your mining efficiency and profitability.
4. Select the Mining Software:
Choose mining software compatible with your hardware and the cryptocurrency you intend to mine. Popular options include CGMiner, EasyMiner, BFGMiner, and Claymore’s Dual Miner. Additionally, consider joining mining pools to increase your chances of earning rewards.
5. Create a Cryptocurrency Wallet:
Before mining, create a wallet to store the mined coins securely. Wallets can be hardware-based (e.g., Ledger Nano S), software-based (e.g., Exodus, MyEtherWallet), or online-based (e.g., Coinbase, Binance). Research the best wallet options for your chosen coins and ensure they support your desired mining rewards.
6. Join a Mining Pool:
Mining pools allow miners to work together, combining their computational power to increase the chances of finding blocks and earning rewards. By joining a mining pool, you’ll receive a portion of the earned coins, proportional to your contribution. Popular mining pools include Antpool, Slush Pool, and F2Pool.
7. Set Up Mining Software:
Configure your mining software by entering the details of your mining pool, wallet address, and other necessary parameters. Optimize your settings to achieve maximum hash rates while maintaining stability and acceptable power consumption levels.
8. Perform Regular Maintenance:
Mining rigs require regular maintenance to ensure optimal performance and prolonged lifespan. This includes cleaning hardware, updating drivers and firmware, monitoring temperatures, and replacing faulty components when needed.
9. Stay Informed:
Stay updated with the latest news, developments, and advancements in the cryptocurrency and mining industry. Join mining forums, follow reputable sources, and engage with the mining community to gain insights and stay ahead of the game.
Now, here’s a list popular coins you should start mining with your phone now:
Please note: that some of these coin have already been listed on some exchanger, why others are planning to list too. This app are available on their websiteand google store. And don’t forget to use the invite code so that you can get some coin or mining power for free. (Invitation code is the same as Referral code)
1. Pi (pi)
2. Alpha (APC) use this invitation code: Luckyonexcel
3. Avive (avive)
4. Ding coin (D). Use this invitation code: 6521fec5c7fb8
5. Star Network (star) use this invitation code: luckyonexcel
6. Cheatmoon (CTM). Join Cheatmoon with the invitation code: Luckyonexcel Download their app from www.cheatmoon.com and get 10 Cheatmoons for free.
7. Fox Network (F) use this invitation code: 198ab
8. Remint Network. use this invitation code: 7Q06PZDO
9. Sigma network (sigm). Use the code: Luckyonexcel when joining Sigma Network and earn an extra 5 SIGM tokens.
10. Bee network (bee).
11. Bingcoin use this invitation code: d5b98
12. Peakpok club (P). Join PeakPok Club with the referral code: Luckyonexcel Get started with our app on www.peakpok.com and get 100 PeakPok Tokens for free! Make WITHDRAWS whenever you wish to!
13. Catstar (cat) use this invitation code: D6QBP6
14. Atoshi (atos) You will get 25,000 ATOS and 5 USDT converting reward.
15. Omega
16. Ice (ice)
17. Eagle cloud (eagle) Download Eagle Cloud and Use this invitation code: LUCKYONEXCEL Register with Facebook or email or your number at https://egon.network/#EagleCloudMiner
18. Uhive use this invitation Code: OYMZVP
19. SAVI use this reference code: 46774266
20. Athene use this reference code: b644eaf375bb
21. Satoshi use this reference code for airdrop: 8ui14
22. Imota, Download #Imota app and join 600k+ users mining Otara tokens. and enter my referral code: DIc0FQLt
