3 Types Of Cryptocurrency MiningsteemCreated with Sketch.

in cryptocurrency •  2 years ago 

Cryptocurrency mining is popular as soon as the price shoots up it seems like everyone wants to start mining coins. However this is most likely the worst time to start mining as competition is high which means your rewards are lower.

In this post I am going to go over 3 types of cryptocurrency mining CPU, GPU and Staking.


CPU Mining

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Some coins such as Aeon are CPU intensive coins which means no GPU or ACIS can be used to mine them. The goal of this is to provide a more even playing field for everyone world wide. If you have a computer well then it has a CPU (Central Processing Unit) Which would be Intel or AMD.

This CPU is then used to mine this coin allowing anyone with a computer to mine for this coin on a more even playing field. However of course that wont stop someone from building a super computer with a bunch of CPUs in it.

At the moment Aeon currently trades at the following. 7-15-2017 at 2:34 EST
aeon.png


GPU Mining

gpus-r9290x.png

Most coins can be mined on GPU which uses the shaders to do massive calculations. While a Intel i7 processor with 12 threads will hash at about 300 H/s a GPU such as r9 290x or Nvida 1080 will hash at about 600-900 Kh/s

A popular coin mined this way would be litecoin which as of 7-15-2017 2:42 pm EST trades at the following.
lite-coin-stats.png


Staking

pos-staking-wallet.jpg

Staking is a form of mining where you hold coins and based on the percent you hold of the total coins in circulation and age of those coins provides you with a steady stream of new coins. This allows for a more decentralized and less power hungry system to produce coins and provide fast transactions.

The only downsides of staking are always having to run your wallet and the low earnings to possible no earning if you only hold a small amount of the coin.

I would recommend staking in a pool type system like POS Wallet provides you can join free by clicking on POS Wallet.


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Great post, thanks for the info, upvoted, resteemed and followed @rishherbalist

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Thank you!

I am a newbie at all this. All this lingo is foreign to me but I think I am absorbing about 5-10 percent. I am hoping that someday I will understand 100 percent! LOL! It's hard to teach an old dog new tricks. Good post and lots of info. :)

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5-10% at a time and you will get there. I still remember years back when I first heard about bitcoin and thought it was me lending a company my computers processing power to render videos etc lol kind of like what gridcoin is now today.

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LOL! Thanks. I am quite overwhelmed but that is OK. I like to learn. Thank you. Tess :)

I take it since I'm pretty new, my resteem isn't worth much, but great article. My husband and I are just starting to dabble in mining, so this is great info!

Great explanation

There is a 4th, storage (media) mining (storj/sia)

just use those free website mining
https://goo.gl/x6HZHi

@bitcoinflood can you give more detail about Staking ??