There are two major ways to effectively mine altcoins: connect to a mining pool or buy a cloud mining contract. As far as cloud mining demands some additional investments (mostly in BTC, which, let’s say, we don’t have at the start), the most obvious option is joining a mining pool.
We have all heard the stories: teenage kid strikes it rich after buying cryptocurrency and holding, or stay-at-home dad makes 6 figure income by trading crypto — and of course, we all want a piece of that. In fact, it’s the reason most people become interested in cryptocurrency. It is essential to understand that while […]
If you have a not so powerful mining rig or ASIC and you want to be able to effectively mine on multiple pools, you need to join a multipool. A multipool is a mining platform that allows you to selectively mine crypto based on highest profitability in real time.
While choosing a mining pool, bear in mind that smaller pools payout irregularly but in a good amount as you could have the most contribution to this and thus the most number of shares. Large pools pay out small amounts regularly. Overall, they could both lead to the same amount of profit over time.
What is Cloud Mining? Cloud mining means using shared hashing power provided by remote mining farms. All you need for a successful start is your laptop or your phone to get in touch with the service providers and a wallet to withdraw your rewards to.
Different cryptocurrencies have different hashing algorithms such as CryptoNight, X11, SHA-256, Scrypt, and others. Some of these algorithms can still be effectively run on CPUs (eg, CryptoNight), others work best on GPUs (Scrypt or X11), and others are the domain of custom ASICs (SHA-256 or Scrypt).
MinerGate mining pool has a unique Smart Mining function which will automatically mine the most profitable currency in a given hour based on some factors from hash difficulty to PC specs.
There are a few factors that go into the profitability of mining any given cryptocurrency. The three most influential are a coins network mining power, block difficulty and exchange rates. the exchange rate can vary depending on the base currency used for conversion.
Mining pool is a group of miners that join forces to mine crypto. Joining a mining pool will reduce your payout volatility via provision of small, frequent payments, instead of large, less frequent payments that you would only receive hen solving a block.
If you mine any cryptocurrency like Bitcoin or Ethereum, note that it’s more profitable to connect to a mining pool, as the difficulty of coins grows exponentially.