What is crypto mining?

Crypto mining is the process of creating individual blocks added to the blockchain by solving complex mathematical problems. The purpose of mining is to verify cryptocurrency transactions and show proof of work, adding this information to a block on the blockchain, which acts as a ledger for mining transactions.

How does cryptomining work?

As a reward for the “mining process”, miners receive crypto. In a mining pool, the reward is distributed proportionally according to computing capacities of each member. Two cornerstones of cryptomining are the miners’ eWallet, into which they receive crypto payouts, and the blockchain, which compiles transactions into a list.

What equipment does a crypto miner need?

Equipment: Miners require an eWallet and mining hardware and software to perform hash functions for cryptomining. Graphic cards/processors, cloud mining farms or special mining hardware called ASIC are often used to this end. ASICs offer significantly more mining power compared to traditional GPUs/CPUs.

How do I mine cryptocurrencies?

First, download the mining software for the cryptocurrency. You should be able to find the software on the cryptocurrency's website. Make sure you set up your mining device in a safe location with the proper cooling. Mining devices can generate quite a bit of heat, and they can be a fire risk if you're not careful.