What is cryptocurrency mining?
Cryptocurrency mining is the process of verifying and adding forms of cryptocurrencies to the block chain ledger. It is also referred to as cryptomining. The work of a cryptocurrency miner is to verify the authenticity of the information and addition of the transaction to the block chain. There are various ways of cryptocurrency mining and I have sampled three of the ways as follows.
Mining with your own laptop/computer.This way of mining requires a good computer that has strong RAM and a good processor, also make sure that it has excellent heating properties since cryptcurrency mining can take long time(many hours), thus if the cooling is not effective, it can get damaged in the long run. You should also make sure that you have good access to electric power, since cryptomining requires many hours of the laptop being plugged in. This method of mining requires one to mine the less competitive cryptocurrencies, thus it is not an excellent way to mine cryptocurrencies since it might also lead to losses owing to the fact that long hours of mining can lead to damaging of your laptop.
The laptop is required to have a Graphical processing unit which is the most helpful part that helps in the mining process, However, this unit might not be sufficient enough to run the mining process and therefore the highly recommended hardware is an application-specific-integrated-circuit(ASIC).This hardware is helpful for improving the speed of the laptop, however, this hardware is very expensive.
Mobile mining.This is a new method of cryptocurrency mining where you use your phone to mine cryptocurrencies. This has been brought about by the large mobile phone ownership and usage in the new era. This might look less probable due to the strong hardware requirements for mining cryptocurrency, but it is also viable through applications that support the cryprocurrency mining activity. It takes time and patience to achieve this but it is a good way to keep your idle smartphone in good use. However it does not work well with all smartphones and these applications also require you join a cryptocurrency mining pool which consist of server-hosted group of miners who provide their computing resources to cracking transactions.
Cloud mining.This is a way of cryptocurrency mining where one to rent/purchase mining resources for the purpose of cryptomining then release them after the objective is achieved, instead of owning your own cryptographic hardware. This method is important since it helps one avoid the hassle of owning the hardware, it also helps avoid the added electricity costs resulting from the mining equipment that require long hours of plugging. However, this method has some disadvantages such as lack of flexibility and control, it has lesser profits since the operators must take their share and this method has a high risk of fraud.
These are some of the ways you can use to mine cryptocurrencies. It is therefore advisable for you to scrutinise the most viable method for you before beginning the process of mining.