"Mining". You could hear that word in the last few months, and the number of requests for it on the Internet grows. Many people do this and earn money, and many just heard about it or even have no idea what it is. Below is the definition.
"Mining is the process of solving computing tasks on validation and implementation of the transactions of the cryptocurrency; the owner provide the computing capacity gets a reward of a certain amount of this currency"
Why mining has become so popular nowadays?
1) High exchange rate of bitcoin
As we can see on this graph (each column is a week), the exchange rate of bitcoin grew over the past weeks (summer 2017). You could buy a bitcoin for 2 thousand dollars in July, for 4 thousand dollars - in August , and bitcoin costs about 4.8 thousand dollars nowadays. So, the summer of 2017 has made many people millionaires.
2) High volatility
There is the graph of the exchange rate of bitcoin from 2 October to 8 October 2017. As you can see, exchange rate of bitcoin moves very active (it has high volatility), which attracts the attention of the traders and increases the importance of bitcoin. This contributes to the topic of cryptocurrencies and attracts more miners to produce of bitcoin and other cryptocurrencies.
3) Limited number of bitcoins
Transactions are combined into a block weighing in at 10 MB. Each block creates 12.5 bitcoins, and the reward per block will decrease in 2 times after 210,000 blocks. A similar phenomenon occurs every 4 years, the last case was recorded in the end of 2016. The total number of all issued in the future of bitcoins – 21 million.
With the increasing number of transactions will increase the number of blocks, the number of bitcoins will increase, but with a little speed. Bitcoin will continue to rise in price.
Below is a graph of the emergence of new bitcoins, which amount is expressed in millions.
The easiest and most common method of mining consists stages: buying, configuring software - and mining starts. Or you can hire specialists who will install your cryptofarm. Don't forget about electricity costs and cooling of your farm. Or you can find a way to use the generated heat.
Components of cryptofarm:
- · Motherboard. It mustn't be cheap and should has at least 4 PCI slots
- · Processor. Its capacity is not particularly important, so select it under the specifications of the motherboard.
- · Operational memory. I advise you to choose simple and cheap (4 GB).
- · Hard drive. It's not particularly important for mining, but there is need to install the operating system and storage for wallets, so you can use an ordinary flash card.
- · The power supply. The most important part in cryptofarm! Choose power supply with 150-200 watts and don't forget about the power consumption of other components except the graphics cards
- · Video card. The second most important and expensive component of cryptofarm! Unfortunately, I can't recommend a specific video card (it all depends on your financial capabilities and desire to earn)
- · Cooling system. Don't forget about the distance between the graphics cards, which should not be less than 8 cm you can collect the water cooling – it cools better video card and allocates as much noise as the cooling fans, but more technically difficult
But there is a problem: with increasing of the transactions' number the complexity of mining increases too. You will need a more powerful video card, and don't forget about increasing of electricity rates. Of course, not everyone can afford it because of their financial interests.
Imagine that you want mine, but the power of your equipment doesn't allow you to earn as much as you want, or the equipment simply doesn't pay off in the mining process. To solve this problem you can team up with other people in mine who have the same problem. So, the total production capacity of your equipment will mine cryptocurrency, and the profit will be shared in proportion to the capacity invested in the pool.
As I mentioned earlier, cryptoform spends a lot amount of electricity. So, if you want to mine and there is cheap electricity in your area, then You're lucky!
If you don't have money for high-quality video card or the video card, but you have a large and unused room, you can organize a mining hotel.
There are inconveniences for miners to store their cryptoform in their homes and apartments: they produce a lot of noise and extra heat. They need a special place outside their home to avoid these inconveniences. Mining-the hotel is a reliable and protected place, which contains cryptofarms. Clients will need to pay rent for place, electricity and a small percentage of their cryptofarm. In addition, the miners have digital access to their equipment.
Below are the mining hotel.
If you are interested in the subject of mining, you have to calculate all the risks, evaluate your capabilities and select the most appropriate cryptocurrency. Don't forget to track news about cryptocurrencies and their quotes.
ссылка(и) на источник(и):
http://rt.rbc.ru/tatarstan/21/09/2017/59c2a2779a7947371ded9d04
Translated: Alexey Yaroshev