Did you know the cryptocurrency market is worth over two trillion US dollars as of now? It is a staggering figure for an industry that first came into existence only a little over a decade ago. It is going in the right direction; something which is being acknowledged by miners all over the world. The year 2021 saw over a million Bitcoin miners join the community, with over two hundred thousand mining rigs added to the mix.
A lot of people think of crypto mining as a kind of get-rich-quick scheme. The fact that the money is earned passively makes them wonder if it is illegal. We believe, after going through this article, you will have a fair idea of what crypto mining is all about. Let us take a closer look at crypto mining and how companies like CoinMiningDirect are making it easier for investors to join this highly profitable venture.
How Does CoinMiningDirect Help Crypto Investors?
Certain organizations specialize in providing crypto-mining tools to aspiring miners looking for a way into the industry. There is a high barrier to entry in this field due to the exorbitant costs of the necessary equipment for mining. Crypto investors face a tough challenge when purchasing their first mining rigs as these devices do not come cheap by any means. Even the most basic ASIC miners (the best in the business) cost upwards of ten thousand dollars.
CoinMiningDirect provides a great solution to this dilemma. They sell used gear at significantly reduced price levels. Amateur miners do not necessarily need a brand new rig, at least during the initial days of mining. A second-hand device is more than enough to get them started. If you are looking to begin your crypto ventures by mining Litecoin and Dogecoin, chances are you will be looking to get a GoldShell LT5 Litecoin miner. CoinMiningDirect can help you out with just that.
Furthermore, these professionals also allow access to a profound repository of crypto mining information available on their websites. You can learn the entire procedure of setting the mining rig up directly from there. On top of that, they are always available to provide you with hands-on assistance whenever you reach out to them. In short, CoinMiningDirect has significantly lowered the barrier to entry in this industry for their clients.
What Are the Necessary Devices for Crypto Mining?
As mentioned above, crypto mining involves the use of a few expensive devices. Let us take a closer look into these gears and learn their roles in the mining process.
A crypto miner is the most important device in the crypto mining system. Its job is to solve complex algorithmic problems associated with the blockchain. A high amount of computational power is required to keep a crypto-miner operational.
There are three types of miners available in the current markets: ASIC miner, GPU miner, and CPU miner. The latter two are significantly slower in terms of processing compared to ASIC miners.
That is because GPUs and CPUs have several other tasks to handle along with spending processing power on crypto mining. ASIC miners, however, are built to mine. It is their only task, which makes them good at it. Certain variants of ASIC miners can outperform GPUs and CPUs significantly—more than ten times over in some cases.
Specific crypto miners are required to mine particular cryptocurrencies. Bitcoin is one of the strongest cryptocurrencies out there. The Bitmain Antminer is, arguably, the best gadget to mine Bitcoins. Innosilicon is the Bitmain equivalent for Ethereum.
For mining Kadena, the GoldShell LT5 miners are considered ideal. Other variants of the GoldShell are used to mine cryptocurrencies like Litecoin and Dogecoin. Nervos can be mined using the CK5 variant of the GoldShell. As for helium miners, anything among Bobcat 300, Nebra, RAK Hotspot V2, and Syncrobit are considered market leaders. CoinMiningDirect provides all of the aforementioned crypto miners to their customers at significantly reduced price levels. We believe organizations like these provide a massive opportunity to potential miners for a smooth transition into the crypto mining industry.
Power Supply Unit (PSU)
One of the biggest setbacks faced by miners is the massive utility bill they have to attend to at the end of each month. Crypto mining is a continuous process. This means the entire mining rig needs to be operational for weeks—if not months—to generate a considerable amount of cryptocurrency. Furthermore, mining rigs use a lot of power, as the processor’s work is complex and difficult.
As a form of reference, let us consider the Bitmain Antminer S19 PRO. Its operational power requirement is a whopping 3,250W. Even the best GPUs and CPUs do not exceed the 1,000W mark combined! The Innosilicon A10 PRO+ is considered to be a great power-saving option for crypto mining. However, its power requirement being 1,300W is still quite high. All in all, a powerful power supply unit is a mandatory component of a mining rig.
Software and Tools for Mining
Lastly, dedicated mining software is needed to monitor and maintain the entire mining system. When the mining rig works on blockchain, cryptocurrency is generated. A singular platform is needed to accumulate this money—from where you can use it when required. As the crypto industry is a shared community, you would have to be a part of it to take part in crypto deals and transactions. Ethminer, CGMiner, and XMR Stack are some of the most popular crypto software available these days.
There are multiple ways to mine cryptocurrency. It is up to the user to determine the ideal crypto to aim for, depending on preference, budget, demand, availability, etc. We suggest you get help from professional organizations like CoinMiningDirect before finalizing your decision to leaping into this field.