The Short But Complete Guide To The Crypto Coin Mining
Are you a blockchain beginner looking to know more about cryptocurrency mining or want someone to tell you whether or not crypto mining is worth your time? Then, you are at the right place. This brief yet complete guide will tell you everything you need to know in order to get started in the lucrative world of crypto mining. Let’s begin now.
What is Cryptocurrency Mining?
Cryptocurrency mining is the process of mining new coins/tokens in a blockchain network. The process of mining doesn’t exactly involve mining of tokens but mining (creation) of blocks of transactions. The term ‘mining’ is used because cryptocurrencies are more like Gold and other assets which unlike fiat currencies do not have a fixed value. Cryptocurrencies are not created like paper money but they are mined like gold, this is why term ‘mining’ is used.
How does Crypto Mining work?
Mining is all about verifying transactions. Any person accompanied by a powerful computing device can start verifying blockchain transactions as a way to provide bookkeeping services to a blockchain network. During the mining process, transactions are verified by solving complex mathematical problems associated with them. Multiple miners are trying to solve a blockchain at any given time. The first person who successfully verifies the transaction is rewarded with a pre-decided token amount. The verified transactions are then added to a block. This is called the mining of blocks. Each completed block is added to the network or chain such that each block contains the hash of the previous block. This is how a ‘blockchain’ is formed.
Which coins/tokens should you Mine?
Now that you know how crypto mining actually works, it is the time to learn about the coins you should be mining.
There was a time when Bitcoin mining was quite profitable and popular, however, with time many new alt-coins came into existence who proved to be even more beneficial for the mining beginners. See, the problem with bitcoin mining is that it has already become a highly competitive industry. So if you want to start in that, you’ll need plenty of powerful hardware and electrical energy. That means your investment would be much higher than what you can expect to earn. On the other hand, new alt-coins like Pieta token, Litecoins, Feathercoins, etc can profit you more with less investment and power consumption.
And yes, crypto mining is actually worth your time, given that you do it the right way.
How to increase your mining reward?
If you have already started in crypto mining and are looking for some ways to increase your mining profits, here you go:
- Reduce power/electricity cost by employing renewable energy sources such as Solar Power.
- Research and use more profitable mining approaches such as the X20 algorithm based blockchain mining to reduce energy consumption.
Pieta is the world’s first blockchain project that utilizes the innovative X20 algorithm to reduce the energy consumption in the blockchain mining process. In addition, it encourages the use of solar energy in mining to reduce the overall cost and make crypto mining affordable and easily accessible to everyone. Check out more details at