Learn all about the mining of crypto-currencies

Learn all about the mining of crypto-currencies

You hesitate to embark in the mining of crypto-currencies, but you would like to know how it works ? No problem, we offer you this guide that tells you everything.

The mining of crypto-currencies is an activity that is becoming more prevalent. While it was very marginal at the launch of the Bitcoin, it has now become an industry in its own right. But how does this industry ? This is the question to which we will respond.

Presentation of the mining of crypto-currencies

The blasting is a paid service that is a check transaction, or to perform calculations to create new copies of the crypto-currency that is mined. To do this, he must find a code composed of letters and numbers, called a hash, and that allows you to generate the next block in the chain of transactions. However, this calculation is too complex to be done by hand, and it is thus necessary to use the computing.

However, to limit the speed of creation of new coins, each coin uses the same principle. More a crypto-currency is undermined, the more the calculations to find the hashes are complex. That fact that minors have had to find new ways of working to keep a good performance. So, now, to fill to undermine effectively the crypto-currency more complex, and, therefore, those which require the greatest strength calculation, pools, blasting has opened.

The pools mining

Pool blasting is a community site in which the various contributors work together to computation in order to undermine more effectively. In particular, this allows to be able to find the hashes, which is highly rewarded. However, the gains are also divided according to the importance of the contribution of each. In addition, some pools offer to rent the computing power, which enables you to avoid investing in expensive hardware. It will, in fact, generally subscribe to a subscription of twenty euros per month, plus operating costs of approximately 3 cents per day. Another advantage of this method is that you can use this computing power to undermine the crypto-currency that you want. You can even change it if you find another crypto-currency more cost-effective. Here are the pools mining the most interesting :

  • Minergate is the pool, blasting the most popular with independent miners. It is very effective and enables you to undermine a score of crypto-currencies. It also has its own software, very simple and intuitive.
  • Cryptotia is an exchange platform that also helps to undermine the crypto-currency. Its big advantage is to offer crypto-currencies are a little known that will be easier to undermine and which may represent a great opportunity.
  • Genesis Mining (3 % discount on your contract with GENESIS MINING with the code : 8D7cYP) is another pool that allows you to not only undermine using your own graphics card but you are entitled also to rent computational power using the cloud.
  • NiceHash and MiningRigRentals are two pools of mine that work in a similar way, since they allow to rent of the power of mining to be able to undermine its own crypto-currency.

The innovations of 2017 in the field of mining

The mining is a sector in full development, it is relatively logical to see a large number of innovations arriving on the market. So, here is what provide these innovations…

  • The first of these innovations is the rental energy. It is a process that allows you to invest in renting a part of the power consumption of a factory of mine. Once the plant is operational, you get what the factory produces with the part of consumption that you rent. The main advantage of this innovation is that if the factory manages to reduce its power consumption or it is investing in more efficient equipment, your income will increase. So you pay only once and you receive profits for 50 years. This principle was launched in June of 2017 with Chryptonomos. However, although you will not be able to invest on this project, one can easily imagine that other similar projects will see the light of day. To see the benefits of renting energy, here is a table in which it is compared to the rental of computing power :

Rental energy Rental power calculation Power calculation is Changing with the time Fixed Recurring Monthly payment Paid a one-time minimum Price 12 times the price of the monthly subscription fee to 1 euro, on the condition of paying in bitcoins Duration 1 or 2 years 50 years

  • The other major innovation of 2017 in the field of mining is the Unity Ingot. It’s sort of a crypto-currency mine to your place. Even if this may seem unrealistic at first, it is based on a fairly simple principle. Thanks to the opening of the currency on the market places, funds are generated. The money earned is used to buy material from mining that will be used to undermine the greatest possible variety of crypto-currencies. These crypto-currencies are then divided into two parties : those who are likely to gain value are retained while the others are exchanged for Bitcoin.

This will create a crypto-currency that will follow the same evolution as that of all crypto-currencies. So if the overall value of crypto-currencies grows, that of the Unity Ingot will increase it also. To simplify, it is a bit like if you were buying a little of each of crypto-currencies.

What you must remember

  • The blasting is a process that allows you to earn money by contributing to the operation of a crypto-currency.
  • However, due to the complexity of the task, it becomes more and more interesting to register on a pool of blasting.
  • In addition, the sector of the crypto-currency being in full expansion, you can still take advantage of the latest innovations which allow you to take advantage of great opportunities.