The Ultimate 'Toolkit' For Mining Cryptocurrency | Coffee & Crypto
This is your one stop destination. Where we talk about all things: crypto, we decrypt the world of cryptocurrency, for you make it simple, understandable, snackable for you on the program today. What have we got? Weve got some basics of what is hugely discussed and known as crypto mining. Okay, so for starters, are you one of those whos interested in crypto wanted to invest in crypto, but thinking dude wheres the money? Well, some of you in fact even wrote to me saying: sona crypto space sounds damn interesting, but sadly i have no money to all you. People listen up to todays explainer very, very carefully because ive written it just for you – and i cant wait to tell you more about that, but to dive in lets get to our coffee table. So can you own crypto without actually purchasing it? Think about that? There is a way and by the end of todays episode, you will know how to do it exactly. I know it sounds like pessa paid for thorin out there and yes, there are no free lunches in life, but you dont always need money to make money. You can actually work your way to it, and by that i mean you can work to earn crypto coins, and this process is rightly called mining mining cryptocurrency. What is mining well, if i were to explain it to you in one simple line, it would be bookkeeping or auditing of crypto transactions.
Remember we told you in an earlier episode as well that the crypto space there is no bank or central authority, and this actually prevents double spending. So the question is: how do the transactions remain? Tamper proof? This proof called proof of work in crypto world is established by miners and for your time, energy and in fact not so much of your expertise. Really these miners get paid in coins simple. So now you know that what exactly is mining lets? Tell you how its done so miners of gold and diamonds had to dig deep in the earth for days and years to find these precious stones. When it comes to crypto mining, you have to solve a complex problem. Rather, your computer has to solve a complex problem problem solved, equals transaction authenticated, equals you mind a coin equals ownership of your coin sounds easy right, but you know its. Not quite you dont just have to solve the problem. You have to be the first one to solve the problem, so its like a race in that way, the first computer to find the solution wins the token or the coin in the crypto world. This means that you managed to give in your proof of work and thus entitled to the token. A quick note over here is that by only the entire thing that ive told you and how it happened, that only works for bitcoin and theres. A slight change in how mining is done for say, other popular coins like ethereum, but lets not get into that.
Well, probably just you know sort of talk about that on some other day. So how was that it was? I try to make it a little easy for you to understand, and these are just basics that we have covered, but im sure youre wondering. So how do we get started now? What is the computer thats needed to start mining? Well, dont worry cc, got you covered and in this episode, not one but two explainers for you so coming up next well, tell you the ultimate mining toolkit. What do you need to start? How much does it cost and how long does it take to mine all right? So, are you ready for that so first, what do you need? Lets talk about equipment now, in early days of crypto, mining was possible when, with just about general cpus, your basic laptop on desktop would have worked as well, but not anymore. As more and more people joined the crypto space, this meant more bookkeeping and auditing transactions. All of that had to be done, which translated into more mining, so miners thought wow more coins to earn over here, but thats when more competition also set in which meant that the problem that you were solving to mind became harder to solve, meaning now more sophisticated System is needed, and miners now have to invest in powerful computer equipment. If you want to mine broadly, there are three things that you would need at times. You wouldnt need all three at times you would need just about one or two.
First thing you need is a cpu. We all know what that is. Second thing that you need is a gpu that is a graphics processing unit, thats, how it looks like a little on your screen right now, and the third thing that you need is an application specific integrated circuit, its called asic now, which cpu, which gpu, which asic You buy will depend on the currency that you want to mine, so theyre specific to the coin youre getting after, and apart from this, there are three basic other categories as well that you need to have now, just like everything else. The biggest factor of choosing the right tools here really is when youre trying to mine uh is just to understand and identify which coin youre after and thus then build your system accordingly. But, like i said beside this three other requirements that you must have uninterrupted power supply now most modern miners require 220 volts of outlet uninterrupted internet connection now best achieved with an ethernet relay cable. There plugged directly to your router wi fi alone may or may not work as a lot of people say and then the third thing that you need is air flow or cooling. Now asic miners generate a lot of heat. This means proper ventilation, fans and acs are needed to help circulate that hair.