To Mine or not to Mine if someone who is curious.

in #mining7 years ago

I looked at Mining coins. You can mine any coin. Most use common algorithms that can be run on your PC. However forget about making any money in most countries as our energy costs are too high. Also no matter what they try to allow mining to be done by the common person, mining is done in the majority on special dedicated hardware miners in large data centres in places like china. Blockchain is meant to be decentralised so there is a bit of a battle trying to stop the dedicated miners from centralising all the mining so developers try to add complexity to the algorithms to stop dedicated mining hardware. People still try to mine on their Video cards (GPUs) but there is little or no money in it. You can buy Antminers which are special dedicated ASICs (Rigs) which can mine but thats all they can do. They are noisy and run quite hot and are about the size of a shoebox. So if you got a few , you'd need a dedicated room with Air conditioning. Your only hope is wait for a new algorithm that is used by a new coin that's yet be converted to run on ASIC chips. You then would probably have 3-4 months of a window , before they start producing the new ASIC chips for the new algorithm, to make your money. Then the mining return will fall through the floor. But as your general hardware such as a PC with a good GPU can run any algorithm, you can then wait for a new algorithm / coin and try the cycle again. If a new coin comes out, it may well use an existing algorithm so the large miners can still use their dedicated hardware so it doesn't work unless the algorithm changes.

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