After you have purchased the equipment and downloaded the necessary programs and drivers, the next thing to do is to set up the whole system properly. Miners (people who are engaged in this fascinating business) are not ordinary people, each of them with their own beliefs. For this reason, even in such an issue as setting up mining, there can be disagreements, reaching up to the serious showdown. As a consequence, we will not take the risk and warn in advance that we offer advice universal, but not claiming to be unambiguous.
- Setting up mining starts with choosing a pool – a specialized online site where the cryptocurrency mining itself will take place.
- Choose an exchange to store and further process the mined coins.
- Create a wallet according to the selected cryptocurrency.
- Install a mining program on the platform (as a rule, each of them is focused on mining certain coins).
- Set up the start. bat files, where you need to specify the selected pool and the number of your wallet.
- Mining and controlling the statistics.
- Withdrawal of earnings can be done through your working exchange. In the future you can use the features of this site.
Some aspects of power supply when mining
Let’s talk about the biggest problem for all miners – power supply. It would seem that cryptocurrency mining is a promising direction, in which all owners of modern computers could be engaged in one way or another. And why not open a mining farm? It turns out that not everything is as simple and rosy as it seems at first glance. The main factor, which considerably limits the number of those who are willing to get into mining, is the high consumption of electric power. Power supply for mining – this is the main and at all times basic problem, having solved which you can safely count on a considerable and constant income from the sale of cryptocurrencies.
How and how much do I earn from mining?
Every novice miner dreams of earning a serious fortune relatively easily and, most importantly, quickly. However, as practice shows, only a small percent of those who are trying their forces are making any considerable profit. It is very difficult to make big money here. The current excitement around cryptocurrencies can be compared to the gold rush of the Wild West.
Earnings from mining depend on many factors:
- Access to electricity.
- The amount of initial investment.
- Availability of knowledge and experience.
- Ability to adapt quickly and efficiently to the current market needs.
- Intuition also plays a significant role.
Is mining profitable? Yes, and again, YES. But only if you treat this process as real and quite hard work, which requires complete dedication, constant improvement and self-development. You’ll have to keep up with the global markets and the innovations in mining that are being put into practice.
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