Crypto Mining is basically when you use your PC or Laptop to solve and verify the transactions held on the blockchain, This is how Cryptocurrency mining works. Most of the Blockchain transactions are verified by Crypto Miners who use Crypto Mining Rig which is just a Computer having number of Graphic Cards which are widely used for Cryptocurrency Mining and in returns Miners get rewards in solving and verifying the transactions. Have Queries? Post it in MW Educator Forum
Basics of Crypto Mining
Crypto Mining is something which has grown alot worldwide because you just have a laptop or PC and you use it’s Processing Power and you get Paid. Cryptocurrrency Mining lets you make money for just using your Hardware to solve blockchain transactions. It works with many algorithm for instance for the most profitable coin to mine ie Etherium till Etherium 2.0, it works on Ethash algorithm, Raven Coin Mining works on Cowpow Algorithm etc
Profits of Cryptocurrency Mining
When you do Cryptocurrency Mining, you use PC/Laptop and with Crypto Mining Rig, you use Hardware & Electricity and you are paid for solving algorithm and transactions on blockchain, whatever algorithm you choose to work on. Profits are calculated per share you contribute to the Mining Pool where hundreds of Crypto Miners come along to solve algorithms. Profits of Mining changes time to time, I have made a dedicated video on How to check that How Much Money you will make with Mining.
You are paid in the cryptocurrency that you are mining for most of the cases. Then you can transfer those Crypto balance to any crypto Exchange and sell that and get your Money in your hand.
Mining on Laptop vs Crypto Mining Rig
When you Mine on PC or Laptop, you just need nothing except a PC or laptop having Good Graphic Card. If you want to know, how much can you Earn from your laptop, Just Refer the above attached video. Moreover, If you want to make a Crypto Mining Rig to do Mining Professionally, you need all the Hardware components that are required for making a PC, you can have n numbers of Graphic Cards for the rig. The More Graphic Cards (GPU) you have the more hashrate and ultimately the profitability you will have.
Things Required to Start Crypto Mining
When you have all the Hardware Components, All you need is a Crypto Wallet where you can store your Cryptocurrency that you will get as a Reward for Crypto Mining. There are many free Crypto Wallets available in the Market categorized as Hardware Wallet, Software Wallets, Crypto Exchange Wallet.
1) Crypto Wallet
Hardware Wallet : You can have Hardware Wallet which is the most safest wallet. It is more like a Pen-drive which can be bought from here. Some less Secure Crypto Exchange have been hacked so if you are a Big Crypto Miner and have a great amout of cryptocurrency to store, Just go with Hardware Wallet.
Software Wallet : These are the Wallets which can be downloaded and Installed in the Computer. You have to just make an account after Installing the Wallet in your PC and you are good to go. Anytime You need to access the wallet just open the Application and login with your details and access your Crypto. Exodus and Zelcore wallet are most Popular Software Wallets in the Market.
Crypto Exchange Wallet : If you are just starting you can choose this option. Although, these are for not long term use but can be used if you store cryptocurrency for sometime and then sell. All the Cryptocurrency Exchanges Provide Crypto Wallet Facility as well. The Popular Wallets are Binance, Coinbase etc and for Indian Exchanges WazirX, CoinDCX etc
2) Mining Pool
The Second thing you need is Mining Pool, where hundreds of Miners come and provide their Processing of PC called as Hashrate in terms of Mining. There are many Mining pools over there depending upon the crypto coin you are mining. The Pool can be decided by considering these criteria Hashrate of the Pool, Pool Fee, Pool’s Server Location, etc. You must choose a pool having server near your residence like if you are from India, pool should have server of Asia. Second thing, obviously a pool having lower fee. Third thing, a Pool having Considerable Hashrate not that high, not that low to maintain decentralization. List & details of every Mining Pool is available here.
3) Mining Software
Finally, You need a Mining Software. If you are Mining on Windows 10, then there are many Mining Applications like T-rex, NB Miner, Lol Miner etc, however, If you using the Machine (Mining Rig) only for Mining, You can use Hive OS which is specially built for Mining Pupose only but you can’t use your machine as a PC if you Install Hive OS on it, you can control your Machine from anywhere in the world , that’s how Hive OS Works.
If you want to just start Crypto Mining as a Beginner, you can Mine directly without going deep into Mining Pool and Mining Application. You just need 1 Application and You can start Mining by clicking on 1 button. the Tutorial Video of that Mining Option is given below.
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