Explains what crypto mining is and how to do it.
Currently, many people are mining crypto. Mining itself is a way to get Bitcoin or other crypto assets.
Besides mining, other ways to earn crypto are trading or buying and selling crypto assets, playing online games that provide rewards in the form of crypto tokens, farming, staking, and crypto faucets.
So, what exactly is crypto mining? Check out the full review below!
What is Crypto Mining?
As mentioned above, there are various ways to get crypto assets, one of which is by mining. The mining itself means the process of mining.
As a reminder, crypto requires a combination of software and network technology consisting of thousands of machines to run the software. The task of both of them is to forward transaction information and verify the transaction to ensure the same crypto asset cannot be spent twice.
Now, all transactions will be carried out through a verification process called mining. On the other hand, mining also acts as a mechanism for producing and distributing crypto assets.
Meanwhile, the mining process itself is the act of adding transactions to the blockchain so that everyone can agree on the same set of transactions. The process will also use a computer device, and a computer that performs this process is called a “crypto miner” or “miner.”
In summary, crypto mining or mining is the process of verifying crypto transactions and creating new cryptocurrencies. On the other hand, miners are people who mine cryptocurrencies and obtain a supply of cryptocurrencies and transfer fees when the crypto is sent later.
How to Mining Crypto?
It is essential to know Mining itself is related to blockchain, which starts from verifying transactions in the blockchain and then proceeds to the blockchain to get crypto assets. Later, before being declared a valid transaction, all transactions made at a time will be aggregated into a block for calculation.
This calculation is then referred to as Mining or the mining process. To be able to mine crypto, there are several essential things to pay attention and the reason is digital mining money requires software and solving computer algorithms, which in essence require super-sophisticated computer equipment.
Below are several principles that must be met by beginners who want to get crypto assets by Mining.
- Get a crypto mining rig.
- Have a crypto wallet (wallet).
- Cooperate with other miners/miners.
- Have a mining program on the computer.
As an illustration, here is a way of Mining using a computer that you can try:
- First, please download the GUIMiner application.
- There are several popular mining pools, including Slush.
- Continue by registering to one of the mining pools via the Mining.bitcoin.cz site.
- Then, you need to set up a username, password, and email address.
- Please verify by clicking on the link sent to your email address.
- As for before running the GUIMiner application, please first create a worker so that the Slush system can monitor its performance.
- If the worker registration is complete, crypto mining can start using the GUIMiner application.
Crypto Mining Tools
For information, in the mining process, you will need a unique tool called an Application Specific Integrated Circuit (ASIC), which is a special electronic circuit designed to perform mathematical calculations on cryptosystems.
The capabilities of this tool include higher specific calculations than a typical computer and less electrical power. Here, miners can generate crypto more efficiently in terms of costs. The things you need to pay attention to when using this tool are the cost of equipment, the availability of refrigerated rooms, and payment of electricity bills.
It’s also important to know that when you mine this cryptocurrency yourself, all the profits made from the new block will be yours alone. The reward (reward) that will be obtained by a miner when he finds a new block is 25 BTC (Bitcoin units).
On the other hand, the ability of miners to acquire crypto assets is determined by adequate computer hardware specifications. This crypto miner tool is usually in the form of computer hardware that will later process mining.
However, this mining process is quite tricky because of the high competition in this activity, so it takes a long time to produce a block from crypto mining alone.
Therefore, small/novice miners will usually join a mining pool, a collection of miners who join to do mining together. In this way, the results obtained will usually be much greater than mining alone.
Later, when a mining pool wins a block, each miner’s profits will be divided equally according to their contribution. Generally, this profit-sharing system is set according to the number of shares completed by the mining machine.
Popular Crypto Mining Forum in Indonesia
For those of you who are novice miners or interested in knowing more about the crypto mining process, below have presented several popular forums in Indonesia that can be a place to learn. Here is the review.
1. Bitcoin Talk
Being one of the favorite bitcoin forums for crypto investors and traders worldwide, Bitcointalk.org is known to have been founded by Satoshi Nakamoto—the creator of Bitcoin—in 2009.
Even though the appearance of the Bitcointalk.org page at first glance looks so simple, this bitcoin forum has complete information. Bitcointalk.org is also available in various countries, including Indonesia.
2. CryptoInTalk (Bitcoin Mining Forum)
This crypto forum provides information and discussion for various types of coins. Uniquely, at Cryptointalk.com, each coin has its sub-forum.
In this way, novice miners can determine which coin forums they are interested in and want to enter. On the other hand, the discussion topics are also varied, including daily news, mining, trading, and meetings in general.
3. Reddit (Bitcoin Mining Forums)
This platform also has various forums that discuss the world of crypto assets, one of which is mining.
For information, this community on Reddit will discuss news, analysis, and mining.
4. Bitcoin Forum
Presenting news and developments about bitcoin on the bitcoinforum.com page and Twitter account @BitcoinForumCom, this mining forum is also trendy among digital asset enthusiasts.
In the bitcoin mining sub-forum in Bitcoin Forum, users can discuss ranging from pools, software, and hardware, to all mining-related things.
5. Indonesian Bitcoin Forum
There are various crypto forums on the Indonesian Bitcoin Forum, one of which is the Indonesian bitcoin mining forum. As for the other platforms here, namely the Altcoins discussion forum, ICO, Marketplace, and many others.
For information, in the Mining and Cloud Mining sub-forums, users can find discussions about tutorials, tips, services, and everything about mining.
Thus a review of what crypto mining is to a list of the most popular forums in Indonesia. See articles about crypto assets, blockchain, and others only at Indodax Academy.