Mining is not a new process anymore and it opens a lot of opportunities to earn money on cryptocurrency. You have probably heard more than once that it is possible to increase an income by mining digital money. Mining is the process of producing cryptocurrencies. But for sure this definition doesn’t make any sense to you.
So let’s rephrase it a bit: mining is the confirmation of transactions on the blockchain network. There are many ways to start mining cryptocurrency, and one of the most popular and best is bitcoin ASIC hosting. Let’s understand the popularity of this method and why people choose ASIC.
Table of Contents
What’s Behind Mining
Digital money production takes place by confirming transactions. This is the entry of data about that transaction into a new block. Once the data is entered, the transaction is executed. The next blocks will then be formed. The blocks that are built will not disappear, they cannot be changed, and they will remain forever. This is how the blockchain is generated.
Each block is formed by calculating a hash. This key is designed to protect the block’s contents. Because there is a key, no one can remove the block or change the information recorded in it.
The essence of mining is to find this very key. But it is not an easy task. Many miners are fighting for its solution. The first to find it gets the reward. And the speed of the process depends on the equipment.
What is an ASIC Miner
An ASIC is an integrated circuit designed to perform a single task. ASICs are used for hardware processing of audio and video signals, controlling elements inside a smartphone, and, in the last few years, for mining cryptocurrencies. The main feature of ASICs is a high power, exceeding the power of video cards by several times. At the same time, they are characterized by relatively low energy consumption.
Moreover, ASIC is ready-to-use hardware with a personal power supply, network controller, and a number of other components necessary for the work. To use them, the owner doesn’t need to spend time and effort assembling them. It is enough to connect the device to the network and choose the right pools for ASIC mining.
ASICs cannot be reprogrammed. The logic of operation is laid down at the stage of manufacture of the chip itself. It makes them different from general-purpose integrated circuits such as CPU or GPU chips. As a result, ASIC chips are deprived of unnecessary elements for their task. The final microcircuit is smaller in size and consumes less power compared to its non-specialized counterparts.
How to Mine Crypto Using an ASIC Miner
The high competition means that the farm and the cryptocurrency mining have to be created with special attention. And the best way to start is to buy special equipment for mining cryptocurrency.
That is, an ASIC miner. This method is simple because it doesn’t require any special skills in the use and administration. To date, ASIC mining is the most popular and convenient type of mining.
1. Choosing an ASIC Miner Rig
A mining rig should be of a modern model and, of course, fit your requirements. This applies to the space that is allocated for mining. There are many models both new and used.
Regardless of which brand you settle on, pay attention to the following:
- speed, hardware efficiency,
- motherboard,
- power supply,
- central processing unit.
2. Choose a mining software
Mining software is a specialized program for mining cryptocurrency. The process is quite simple. You just install the software, do the basic configuration, and then everything happens in automatic mode. But not every program is suitable for mining certain types of digital money.
There is software designed for a specific coin or group of coins. Such programs work only on specific operating systems and have hardware requirements as well. Popular programs are BitMiner, MultiMiner, and CGMiner.
3. Join a Trusted Mining Pool
When considering ASIC mining pools, there are a number of criteria to focus on:
- reputation. Pools that have relatively low computing power are not able to provide their customers with a high income.
- reviews. It is recommended to read the reviews of the pool not only on official portals but also on other resources. It will allow you to make the most objective decision.
- ASIC miner power. This is due to the fact that outdated models can work on wear and tear and may eventually fall into disrepair.
- conditions of cash withdrawal. Find out how to withdraw funds, as well as the amount of commission charged by the pool itself.
The amount of profit depends on the correct selection of the pool for mining virtual currency because different services have various ways of charging income to the participants.
4. Calculate Mining Profitability
A calculator is a compulsory tool for anyone who is thinking about starting a mining farm. To complete the picture it is recommended to calculate the results of several resources at once. This way you can estimate the income, return on investment, and profit.
Conclusion
If you have a great understanding of hardware, software, and cryptocurrency, then ASIC mining is the most convenient way for you. Basically, you will be working with an advanced form of cryptocurrency mining.
If you are ready to start right now you can search for bitcoin ASIC hosting review or review for other digital money. And then all you have is to pick professional hardware, and software, join a proven pool and calculate the mining profitability.
