In today’s formal crypto mining 101 article, we will detail all components for beginner mining knowledge. There are quite a few different topics to cover, but crypto mining may seem like an excellent idea once you understand it. We will dive into what crypto mining exactly is, the different ways someone can mine crypto, and how crypto mining can bring in passive income every month for you.
Bitcoin was released to the public in 2009. At that time, there was only one way to obtain Bitcoin, which was through mining. Mining is still a process used by many individuals to this day, and the mining process will still be used as long as cryptocurrencies are around. Bitcoin mining is a complex process, but a bit easier to understand once broken down into simplistic terms.
Bitcoin mining is the process by which Bitcoin transactions are validated digitally on the Bitcoin network and added to the blockchain ledger. This is completed by solving crypto-style hash puzzles to verify blocks of transactions updated on the decentralized blockchain ledger.
Bitcoin mining is a very excellent process. You are “mining” for Bitcoin through some form of internet source just as one would “mine” for gold in today’s age and olden days. There is quite a difference in concepts and techniques used to “mine” both products, so let’s discuss the breakdown of Bitcoin mining. Overall, Bitcoin mining increases the network’s security and helps stop fraud by mathematically calculating correct transaction occurrences. By using their own computing power to the bitcoin network for mining, they are rewarded new Bitcoins by the Bitcoin blockchain network. Doing this gives a fair and manageable way to distribute Bitcoins to all wanting to get involved.
Another significant involvement in Bitcoin mining is a concept called hash functions. Hash functions are the heart of mining. A hash function is like a complicated math formula that creates an arbitrary input and gives a reproducible output. once the correct hash is found, the same conceptual hash and transaction are forever stored in the public ledger of Bitcoin movements. Therefore, the blockchain is crucial in the rising of Bitcoin, as everything is permanently stored that passes.
The next central concept in Bitcoin mining is not only what it is, but the different ways a person can mine. There are more straightforward ways to more complex methods that change the output in reward amounts. In a simplified breakdown, there are roughly six different ways (or concepts) that a person can mine for Bitcoin or another cryptocurrency. These six ways are ASIC mining, GPU mining, CPU mining, Mining Pools, Solo Pools, or even Cloud Mining. There is always new technology and ways to mine being discovered, but for this article, these are the best ways to start learning about it first.
Generally, ASIC mining will provide the highest hash rate. Thus, it offers more mining power consumption. There are a few different ASIC mining rigs that give various rewards back to you, but for now, the Antminer S19 Pro 110th/s is one of the best, in my opinion. But, again, that is strictly for the ASIC mining style. Some other products and concepts can work better for the different ways of mining, but for the highest hash rate and best output, go with a high-quality Antminer product.
Thinking about a high-quality mining rig, I have come to learn about a company called New Century Gold. They offer a place to shop for affordable mining rigs and a place to have them harbor your rig in a secure warehouse and produce your reward in Bitcoin all through them. No stress or worry about mining rigs taking up space in your home. New Century Gold will not only host your mining rig for you and give you monthly amounts in Bitcoin they will also give you up to date updates on how your hardware is doing and overall monthly numerical values (hash rate, electricity usage, and Bitcoin amount earned). This is your one-stop shop to earn passive income. Think about that for just a second. You are probably tired of all the cryptocurrency markets being in a downtrend, and you want to start earning a monthly income through cryptocurrency. Well, here is your chance for a solid passive income opportunity that New Century Gold can offer you. The New Century Gold team is highly professional and ready to help you out today. Check out their site at https://ncgcoin.io and see what they can offer you.
Do not hesitate to contact New Century Gold or me if you have questions about getting involved in Bitcoin mining and earning passive income. NCG has other services you can explore through their site as well. Lastly, don’t forget to give me a follow-on Twitter (@MattSenn5) for daily fundamental and technical analysis concepts, all generally crypto-related. I have been in the crypto scene for almost eight-plus years, and I will likely be for the rest of my life! I am here to stay, so let’s chat and create your new digital financial future.
Written by: Matt Senn