Also referred to as cryptomining, cryptocurrency mining is the process in which digital assets are added to a digital ledger known as the blockchain, which consists of “blocks” of previous transactions. As a result of the mining process, new assets are generated and the network is strengthened because the miner has verified the legitimacy of the transactions previously made. As cryptocurrency mining becomes increasingly popular and the number of miners rises, the stakes become higher while the rewards get harder to achieve. The mining process maintains a level of difficulty to keep the market competitive, and it's become one of the key things you need to know about cryptocurrency culture. It’s important to know the challenges that cryptomining presents if you want a shot at being a successful miner, so here are the most difficult things about cryptocurrency mining that you should know if you’re interested in becoming a miner yourself.
My friend Tony yelled, "You want to do what? On what?" Like myself, Tony was a cryptocurrency fan who wanted to make more crypto coins without having to make a fuss over it.
One of my favorite, go-to clips as a management professor and consultant is a classic from the hit TV series, Seinfeld. This is when George Costanza is confronted by his boss over what he did on the job (we'll leave those details out here...), but pleads his ignorance on the matter and makes the case of his innocence simply on the fact that nobody had told him that THAT was wrong!
Cryptocurrency is one of the fastest-expanding markets in the world, but unfortunately, it's not really that easy to get into if you don't have a background in tech. There are plenty of confusing terms, and even trying to find good Bitcoin mining hardware can be hard.
Once upon a time, Bitcoin mining was something that anyone could do—even if they had a relatively old computer. Mining Bitcoin and other cryptocurrencies used to be a very lucrative field. It didn't matter how much startup capital you had; you could mine it regardless of what equipment you had on hand.
Having spent a long time poring over forums and searching through blog posts, I finally managed to turn my PC I into an entry level mining rig. It has taken a painstaking amount of effort for me to get to grips with what I needed to do. So I felt compelled to write a quick start guide for the aspiring crypto miner.