Mining concept basically.

[Ashu]

We must take a quick look at how mining works, without going into the deeper details.

Mine-able cryptocurrencies are PoW (Proof-of-Work) systems. What this means is that the act of mining a coin in a pure PoW system requires the mining hardware to do some kind of work and prove to the network that it has done this work, an activity for which the owner of this mining hardware is rewarded. One way, which is the most commonly used in the cryptocurrency world, to showcase proof of work, is by solving hashes. The number of hashes found by a mining hardware in a second is called the hashrate of that particular hardware.

There are so many mining hardware that are contributing to mining a particular cryptocurrency. The term network hashrate refers to the sum total of all the hashrates that each mining hardware mining this particular cryptocurrency offers. The amount of contribution your hardware makes to the mining network of this particular cryptocurrency can be calculated in terms of how much percentage of the total network hashrate is coming exclusively from your mining hardware.

For example, if the network hashrate of a particular cryptocurrency is 1000MH/s and the hashrate provided by your mining rig is 1MH/s, your rig contributes to 0.1% of the total network hashrate.Accordingly, you could aregue that if you are solo mining using your rig, for every 1000 blocks mined by the network, one block will be mined by you. Accordingly, you can calculate your earnings and hence your profit by looking at the reward per block for the particular cryptocurrency, amount fetched from transaction fees, cost of acquiring the mining rig, power and ancillary costs, time consumed, current market value of the mined cryptocurrency, etc.
Share your knowledge.

 

[Mawome]

Mining Bitcoin is not a child's play thing, the machine that mines Bitcoin is on the high side you can Google the price, that's the real mining, so if you're talking about mining crypto currency mining you should talk about the machine that mines it apart from that every other thing your doing online in the name of accumulating crypto is task.

 

[Heatman]

From my personal experience ever since I have come to know and understand what and how cryptocurrency mining works and is all about, I don't really think it's something I would be willing to cough up my precious time to invest in it because in most cases, you would end up with nothing.

 

[Yaqoob Habib]

From my personal experience ever since I have come to know and understand what and how cryptocurrency mining works and is all about, I don't really think it's something I would be willing to cough up my precious time to invest in it because in most cases, you would end up with nothing.

mining is a process in which translations for various forms of cryptocurrency are Verified and added to the blockchain Digital ledger.Crypto Mining Means Gaining Cryptocurrencies by Solving Cryptographic Equations through the use of computers.

 

[Heatman]

mining is a process in which translations for various forms of cryptocurrency are Verified and added to the blockchain Digital ledger.Crypto Mining Means Gaining Cryptocurrencies by Solving Cryptographic Equations through the use of computers.

Yes mate, I know and understand that it is what mining is all about. Hell, I have invested my time in some cryptocurrency mining sites in the past and learnt a lot from it on how the processes worked but I never earned from any at least until I quit all of them.

 

[Justin]

There is no need to get into details when you want to mine and earn crypto currencies. All you need is to spend about $1000 to buy mining equipment and start mining in your garage. But I suggest you to use solar energy as energy price can pull down your profits.

 

[frederick_9]

According to my personal experience, given what I now know and understand about cryptocurrency mining, I don't really think I would be willing to invest my precious time in it because, in most circumstances, you would get nothing in return.

 

[Nomad]

Even though mining concept was basically launched to allow common people to mine and earn coins, these days mining can be done only through substantial investment in equipment. Mining is now reserved for people having a lot of money.