Mining is a slow but safe way to make money from cryptocurrencies, including Bitcoin. Miners are those who are rewarded for activating transactions in the network. In the case of Bitcoin, there are two types of rewards. One is the reward you get when you add a new block, and the other is choosing a specific transaction.
Each cryptocurrency is paid to the borrower in a different mechanism. Some currencies only pay transaction fees, while others use various means to pay incentives.
In order to participate in mining operations, you can contribute the CPU to the network. Because CPUs require electricity, it is important to compare the profits I earn from mining with the costs I have to pay. This cost will vary depending on the country to which the user belongs and the electricity bill within the country. China’s very cheap electricity bill tells us why most mining networks reside in China.
Another factor that the user should consider is the hash power of the user’s hardware and the current bitcoin price.
More professional miners increase the probability of obtaining blocks using special hardware with high hash rates. Application Specific Integrated Circuit (ASIC) is a general term used in such devices. The combination of ASIC and low electricity costs can make better profits from the mining business.
To become a miner, you can become a private miner, or you can join the miner network to become a member. Miners’ networks share CPUs. Miners’ groups are also known as mining pools, which are recommended for those who do not have much hardware. Members of the mining pool pay for the CPU power they contribute. The famous mining pool for Bitcoin mining is:
Bitfury – located in Georgia
BTC.com – Located in China
Slush – Located in the Czech Republic
In the case of other cryptocurrencies, it is necessary to directly investigate which mining pool is good. In general, when the currency begins to obtain transactions, a pool is formed.
