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The whole truth about cryptocurrency mining

the whole thruth about cryptocurrency mining

One of the myths of recent years is the creation of cryptocurrencies with one’s own computer, generating money without practically doing anything.

This activity is called mining and derives from the mining activity of the miners, because as they have difficulty finding gold, the same thing applies to the powerful processors of the miners who have to solve complex mathematical calculations to solve an equation.

At that point a 64-character hash is generated which validates the transaction which has a dual purpose: to create new coins and to ensure that those already in circulation are safe.

Computers that have to solve these equations must either have very powerful video cards stacked all together on the motherboard or they must be equipped with equipment called ASICs which are very expensive.
In addition to that you must have software such as CG miner and obviously a wallet where you will deposit the cryptocurrencies you will earn.

There are two mining methods: solo with your nice computer in the little room or by joining a pool of miners by sharing resources with them and earning a percentage of the cryptocurrencies mined.
So far so good, but not all that glitters is gold.

But how much do you actually earn? Consider that while you are mining what you are creating is still subject to the market price.

So maybe after a week of mining and earning your hard-earned ten dollars the next morning the currency crashes and it becomes six or seven.

In a nutshell, unless you have a nice photovoltaic system and a little something to buy a nice ASIC server, I advise you not to start mining.
Also because it is not that the computer is there alone to work.
Apart from the fact that it’s very hot around a server like this but you always have to adjust the tuning of the video cards, check every day that there are no malfunctions.
Sometimes the servers go down or restart and if there isn’t someone ready to get the software back up and reconfigure the hardware you lose a lot of money due to downtime.
In short, I would think about it before starting such an activity and I would certainly never do it alone, but always in the company of some expert friends.

I assure you that the configuration of these machines is not at all simple. Don’t be fooled by the posts and videos you see on the internet: there are kids who have sent home exorbitant energy bills to try and get nothing done in the end.

Long life to the technological evolution, but before doing something let’s study it in detail to understand the costs and benefits.