Simplified step-by-step instructions for beginners:
- Step 1: Define the budget;
- Step 2: Choose a currency for mining;
- Step 3: Equipment selection;
- Step 4: Pool selection.
Before you “get involved” in mining at all, you need to think about your starting capital. Mining on a computer or laptop is only a way to get acquainted with the software and the technical part. However, the income from such activities is minimal, if at all.
A budget of a few thousand dollars is a minimum bar with which to start. Although the cost of equipment may vary. But the price of new ASIC-miners is not lower than the mark of 1000 dollars. Once you’ve decided on your budget, you can look in the direction of the cryptocurrency you want to extract. The best and safest option is Bitcoin.
- Powerful network;
- Large selection of pools;
- High capitalization and a steadily growing course;
- Specialized mining equipment is constantly emerging.
- At this stage, there are two effective mining options: through farms and ASIC. For you to understand, the productive ASIC costs about 2,5-3 dollars. For this price you can buy about 5-7 powerful graphics cards. However, the production of BTC farms is unprofitable, which is not the case with etherium, which in turn does not cost ASIC.
If you’re still “dreaming” and haven’t chosen the desired option, then use our calculator to calculate the efficiency of mining.
Let’s imagine that our starting budget is $5000. For these funds, you can create a farm of 8 powerful cards GTX 1070 8GB with a total hash rate of 260 Mh/s for mining ETH, or two ASIC S9 with a total hash rate of 27 Th/s for Bitcoin.
Editor’s note: the term “hash rate” refers to the performance of mining equipment. Let’s compare the design performance of mining with the 8x GTX 1070 farm and two Antminer S9 ASIC miners.
Cloud mining without investment is a pyramid?
The term “unencumbered cloud mining” is a common term on the network. It misleads inexperienced users. The term “uninvested cloud mining” refers to a capacity bonus. For example: “Register for our service and get 50 Gh/S for free. At the same time, bonus hashes become available for use only after the purchase of capacity for the money. That’s why you shouldn’t make illusions about cloud mining without attachments.
Such a “lure” is often a tool of pyramids. They also exist in cloud mining and are more like HYIP – short-term investment projects, almost scams. Users are offered to make a deposit and just a few days to “magnetize” the profit. Only a few people manage to get out of such projects without losses.
The best service in the cloud is Hashflare. It worked even at a time when mining seemed to have died (2015-2016). It cannot be classified as hips or benches, as the project has been in existence for a long time.