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What you need to Know before Mining

Started by Sub5, Jun 03, 2019, 12:46 am

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What is a mining software? Well, to put it simply, it a program that uses your GPUs (graphics cards) as resources to solve complex mathematical equations. After these equations are solved, your data is added to the system (or, in other words, your block of information is added to the blockchain). This type of process is called a PoW (Proof of Work) and is used by most mining software out there.

Before you get started with mining, you will need to know a few things:
1. Mining hardware. To maximize your earnings (in some cases, to even make noticeable earnings at all) you'll need some good and well-equipped mining hardware. Hardware is extremely important when it comes to cryptocurrency mining because a good piece of equipment will maximize your earnings while simultaneously minimizing your costs (i.e. electricity bills).
2. A wallet. And no, the wallet that you carry in your pocket won't fit. You'll need a specific type of a cryptocurrency-holding digital wallet. Each currency typically has its own wallet. for example, you'll need to find a secure and reputable Bitcoins wallet, Ethereum wallet or any other wallet of your chosen cryptocurrency.
3. A designated mining location (optional). This isn't really a huge necessity, but if you're planning to mine Bitcoins, Ethereum or any other coins of your choice, you might want to think about finding a designated place to do this. The ideal place should be spacious and cool - this way you'll be able to store a lot of Bitcoins or Ethereum mining rigs and also keep them quite cool without investing more money than you should into cooling equipment.