How to start Cryptocurrency Mining, basic guide. Cryptocurrency has been here for some time now, 2020 was the year when the actual trend started. After a great fall in 2017-18 when no. of countries started banning or restricting access to Crypto. The Pandemic start of the year 2020 gave rise to more and more people looking for a better investment. Today, I will give you a base start for anyone looking to start Crypto mining.
There’s never too late to start anything. There are a lot of debates and argument whether Crypto mining is still profitable or worth in 2021. The answer is yes, if you start early in anything it’s most profitable. But, again as long as technology grows and evolves it’s never late. This article isn’t a one-stop solution but more of a basic guide. Bitcoin is fairly difficult to mine and there are various factors to not mine Bitcoin. It would be better to invest in Bitcoin rather than Mine.
Let us see things you would need to start your Cryptocurrency Mining Journey:
- The start would be to ascertain how much you are willing to invest and how much time it would take to break even. Break-even is e.g. if you Invest a Lakh (Entire Mining RIG Cost) and how much time till you recover the investment. So Budget is something you need to keep in mind.
- Now the next important question is how to mine and what to mine. The most profitable Cryptocurrency to mine right now is Ethereum (ETH). Ethereum required a Graphics card to be able to mine.
- Mining Profitability keeps on changing. I would recommend you a good source of websites in every step. Mining Profitability depends upon, Electricity cost, Coin/Token value, Difficulty level, etc.
- After you have taken all factors into account, you would need to prepare a mining system. There are tons of videos on the Internet to get you started on this. Also, graphics cards are scarce due to Mining and other supply chain factors.
- Some Cryptocurrencies use either CPU, Graphics card, Storages. Also, few require all in combination for best reward. E.g. Ethereum (ETH) uses a Graphics card, Monero (XMR) uses CPU, Chia (XCH) mostly uses Storages but also depends upon overall configuration.
Ethereum is currently most profitable but ETH will be going Proof of Stake. After, ETH more coins can be mined. Do note Cryptocurrencies are quite volatile and the profitability is always as per the current time.
Now, these were few steps to ascertain the overall startup guide. I will share with you some of the Websites where you can research more.
Websites for Mining and Research:
- What to Mine – This website has a ton of information on which graphics card to buy, their Hashrates, most profitable coin to mine, etc.
- Mining software – There is an Automatic and Manual Mining way to mine. The easiest of them all is Betterhash, Nicehash, etc.
- Unmineable is a software and a website that gives a ton of coins that you can mine. It also shows you the profitability of the same.
I have recently started mining using Betterhash. If you have any questions or suggestions do let us know. Also, you just want to Invest and don’t want to start Mining you can check some of the links below. Indian Stance on Cryptocurrency is getting positive and you should always consider everything before getting in.