What do you need to mine
With cryptocurrencies hitting the mainstream, everyone is looking for a way in. Everyone is wanting their slice of the pie and to sit back and get rich. The problem is we don’t all have 40k plus to purchase a whole Bitcoin. Sure, we can go for altcoins or even take a gamble with meme coins, but what’s the alternative if we are set on the likes of Bitcoin as our crypto of choice? That’s where mining comes in!
The demand for crypto
Before we get into what you need to start mining, it is worth looking at the why. Of course, there are stories of those making their fortunes by buying at the right time and holding, but crypto has practical uses too. Until very recently you could even buy a Tesla by using Bitcoin.
Then we have the emergence of the bitcoin casino. These are online casinos that accept Bitcoin whenever you wager and you can withdraw your winnings in this crypto too. Whether you’re taking a chance on the roulette wheel or playing a hand of poker, you can do it all with Bitcoin.
What even is mining?
Mining is the way that new crypto enters into circulation and is a term most commonly used when looking at Bitcoin. Ultimately, it involves miners being rewarded for bringing the new Bitcoin into the open. This is done by using powerful computers that solve extreme complex math problems. These can never be solved by hand and even the most powerful computers can struggle.
Mining actually has 2 purposes. As well as bringing the new coin into circulation, solving the math problem shows that the crypto is trustworthy and secure. This is because it verifies the transaction information.
So, what do I need?
If you’re serious about mining there are certain things that you are going to need before you get started. These include:
- A crypto wallet
- A strong internet connection
- Decent computer set up
- Mining software
- The joining of a mining pool
If you’re at the stage where you are seriously considering mining, then most of the list above should be self-explanatory. The only exception may be reference to a mining pool. A mining pool sees miners join together and share their resources to increase the chances of success. Any profits are split equally between those in the pool.
A word of warning
Mining crypto can be a great way to boost your wealth without the need to buy on an exchange. In truth though, mining doesn’t bring you crypto for free. With Musk infamously ditching Bitcoin as a means of payment for Tesla, the energy required to mine Bitcoin can not be ignored.
If you go ahead be prepared for some rising electricity bills! Of course, in return for even a single Bitcoin, we could all stomach that. Just ensure that you are monitoring your expenses and that you are actually making a profit. After all, that is the reason you’re mining in the first place