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Mining was relatively simple in 2009 when only a handful of people saw the potential of Bitcoin, and the entire operation cost less than a dollar. Moreover, one could easily mine from home, and getting a reward was almost instant.
But things haven’t been the same lately; ever since Bitcoin rose to USD 100 in 2013, the number of miners has multiplied, so much so that it takes months to reap a reward. In addition, mining now requires more computing muscle, far exceeding what any household computer can handle, making the activity energy-intensive. As a result, Crypto companies began repurposing old, coal-burning power plants to generate the electricity required for this operation.
But as more crypto and mining companies crop up, each has its mining principles and solutions. In that light, there are five fundamental approaches to mining cryptocurrency today.
#1: Cloud mining
With cloud mining, users may pay someone (often a big corporation with mining farms) to rent out their mining rig and the process to undertake the activity on their behalf. The rent lasts for an agreed-upon period, and whatever earnings the rig makes in that time belong to the person who rented it out, and the amount is transferred into their crypto wallet. This type of mining has become quite popular because it offers accessibility to the earnings one can only reap from mining without needing to invest in the equipment and power.
#2: CPU mining
This is the method most are already familiar with. CPU mining uses processors to mine cryptocurrency, and it was the most viable option back when Bitcoin wasn’t so widespread. Today, fewer and fewer people use this option because it’s slow, provides minimal reward, and miners end up paying more for power and cooling.
#3: GPU mining
This is the most popular method of mining cryptocurrency, mainly because it is currently the most efficient and cost-effective option on the market. GPU mining rigs use graphic cards to mine, with a standard rig containing a processor, a motherboard, cooling, rig frame, and 2 – 8 graphics cards. For those engaging in getting one, the typical rig comes to around USD 3000, and though it’s a sizeable upfront investment, it pays off much faster than CPU or cloud mining. Additionally, those who already have a GPU unit can download software like Minergate and start earning!
#4: ASIC mining
ASIC or Application-Specific Integrated Circuits are devices explicitly designed to perform crypto mining. They are known to produce a high number of cryptocurrencies compared to GPU, CPU, or cloud mining. Despite their efficiency, however, they are less utilized in the space due to controversies surrounding them. Because ASICs are so powerful, they essentially rob other miners not using ASIC and twist the economy of specific cryptocurrencies. It creates the possibility that most of the earnings could go to a single miner with an ASIC farm, leaving those with GPUs with very little.
#5 Minosis mining software
A new and revolutionary introduction into the market, Minosis allows anyone interesting in crypto mining the opportunity to join mining pools and enjoy incentives. Minosis provides users with the mining software and hardware per their requirements along with unique blockchain solutions, the ability to find and invest in profitable altcoins, and withdraw in BTC or any preferred currency, all the while creating a secure space to keep funds safe.
This mining startup is bringing innovation to a space that has seen limited progress in recent years, and it aims to offer communities and companies a new way to earn through its unique payout system. In addition, Minosis is also providing solutions to longstanding problems with crypto mining, including high transaction fees, mining difficulty, and high electricity costs.
While the company is focused on bringing innovative mining solutions, they also aim to provide value to stakeholders with the Minosis Token project. The token acts as a deflationary hedge for the shares of Minosis and aids in promoting the platform and increasing visibility long term. They achieve this through traditional buyback methods but with the added power of blockchain and cryptocurrency.
Shareholders who participate in the Minosis token project benefit as Minosis’ userbase expands, thus enjoying good returns and frictionless yield through the token.
Regardless of the option, mining cryptocurrency is one of the best passive income sources because there isn’t too much effort required. It also yields high returns, provided the right equipment is used. Depending on your needs, resources, level of investment, and enthusiasm pick what’s best suited.