Personally I dont really think there are other possible ways to which someone can mine cryptocurrency without the use of computers. Computer of any kind either PC, handset etc are the only electronic devices that can be used.
Could you mine other ways without having to use lots of computing power?
- Thread starter Grant
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So you really think it is profitable and people can make profit from this ? Like how much are you expected to make on daily basis if you are to mine cryptocurrency this way ?
They are just like other cryptocurrency mining software. The software does not pay you, you actually receive payments from mining pools and get paid when a block gets completed, as far as I know.
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From your experience , how much have you been earning on daily basis ? That is not a lot of people will be interested to know because they just don't want to spend their time on platforms that is not worth the stress
I don't have much knowledge about mining, but from what I hear from people, I don't think there's other way you can mine without computing. I am, personally, looking forward to trying mining to see if it's profitable. I see a lot of people doing it.
I have not made enough money because I never possessed the right kind of hardware to mine coins. I might have made a few pennies overall. I think that you need a really strong processor to mine cryptocurrencies. Your earnings depend on the hashrate.
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No matter how people will say, we need to understand that mining of cryptocurrency is never an easy thing , it will definitely need a lot of computing power if you are interested to engage in mining profitably except for cryptocurrency that can be mined with a mobile phone.
The point is that I always never understand mining of cryptocurrency like bitcoin to be an easy thing , I always believe it is difficult to mine and this can only be done in pool. I don't understand this one you are talking about and how it works.
It is not a good idea to mine Bitcoin until or unless you are ready to spend a huge amount of money on electricity bills and maintenance of miners. You must also buy ASIC miners in order to mine coins and they are just too expensive.
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Actually using one or single and using lots of computers devices can aid you access to mining even though using one can not be that fast compared to using multiple or lots of computers devices.
I cannot even spend money on electricity because here in Nigeria we don't even have enough electricity for all citizens , talkless of having enough electricity needed for mining of BTC . I understand it requires a lot of electricity.
Well, this problem does not only exist in Nigeria. Even in my own country there are issues related to electricity supply. Do you also suffer from electricity outages in Nigeria?
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Yea, we don't have a constant power supply here and I believe this is what also contributes to the bad economy of the country . Electricity is very important. Imagine people operating a factory having to run on generator all the time. The expensis will be much.
Power outages could affect the country in many ways. Electricity outage could have a bad effect on productivity because many people need electricity to conduct business.
The funny thing is why the government are not working towards making electricity stable. This will in one way or the other have a very good consequences in the country.
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Sir, I agree with you that the government should take responsibility for ensuring a stable electricity supply in a country in order to help build a strong economy.
But if anyone wants to mine a coin, they don't need to rely on electricity. Solar electricity is also a good option, I know solar panel installation costs a lot of money, but it's a one time investment that we can use for free after that.
I understand that mining of bitcoins in particular requires a lot of electricity , do you really think that turning to solar mode of generating electricity will be able to generate the required electricity needed to mine bitcoin successfully ?
Why not? Many battery companies are now manufacturing advanced level batteries. These batteries stores a lot of energy inside, and they distribute the energy much like our electricity. They easily run mining equipment. Their only requirement is proper sunlight. I think this type of solar power is useful for rural area miners.
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If I have to engage in mining I have to consider so many things like what you said. Mining generally is expensive that is another possible challenge most people are likely to face because buying those mining tools is not easy.
Half of the students are installing the cryptotab browser on the public computer at the university means it is not secure but they do such a risky staff. This is one trick.
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