And it is that crypto currencies have become one of the most popular. Not only because of its nature that allows all kinds of private transactions to be carried out, far from the control of banks and governments, and with a reduction in costs, but, above all, because its value does not stop growing. To get on the crypto bandwagon there are two ways to do it: buying the coins with real money, or using our computer to generate them ourselves, which is known as “mining”.
What is a cryptocurrency?
While a real currency, such as a euro, is something tangible, whose value is controlled by governments and banks, a cryptocurrency is an intangible cryptographic file that allows it to be traded in a decentralized manner.
The first Rig Construction Company and it started to work in 2009. Since then, many other coins have appeared, with higher or lower values, that seek to imitate BTC and offer other digital commerce alternatives, either related to BTC or of independently of him. These coins, and all transactions, are recorded in a decentralized database, called a blockchain, which cannot be changed or deleted once a transaction is recorded.
These coins do not appear out of thin air, but must be generated using computer systems. To do this, computers must solve very complex mathematical operations using the full power of the computer’s hardware. To avoid conflicts and speed up the resolution of operations, teams are usually grouped into groups, or “pools”, which perform calculations at the same time and, once the operation is resolved, divide the profits among all the participants proportionally.
What should we take into account when mining
The first thing we must take into account before putting our computer to work is that, as we know, electricity is not exactly cheap. And this task consumes a large number of watts as the hardware (specifically, the GPU) has to be running at full capacity 24 × 7. Therefore, from the profits that we can obtain, we will have to subtract the increase in the electricity bill, which can vary from month to month. It is profitable? Yes, but it is a factor to take into account that we cannot forget.
Another important aspect is that putting
The computer to mine causes a lot of heat to be generated. But when we say a lot, it really is a lot. In winter we will not have problems, since; in addition, we will be able to save on heating. But when the first or summer arrives, either we have the isolated mining room, or we will be really hot.
In addition, putting an electronic component to work, continuously 24×7, and with high temperatures, is not good for its useful life. As time goes by, the probability that something will go wrong and our graph will be damaged will increase. This is without taking into account that, after mining, these components lose performance when performing other tasks (such as playing), so they will depreciate more and more. And the graphics is not that they are at their cheapest. If this component breaks, we will probably have to leave all the profits of the last 6 months to buy another GPU to continue mining.
Finally, we must bear in mind that what is worth $4,000 today may be worth $2,000 tomorrow, or less. And the lower the value of the cryptocurrency that we mine, the lower the income. If it falls a lot, we may even have losses one day due to the crazy price of electricity.
These are factors that, unless we make an investment in a mining RIG to go mining professionally, we must take into account. Rare is the person who, mining in these times, has managed to get rich or stop working.