If you want to get involved in the crypto space, one of the easiest ways is to start mining cryptocurrencies. You do not need any technical background to start, as mining is performed automatically.
In the nascent stages of the industry, when there wasn’t much hype right after Bitcoin was developed, mining was a simple and rewarding activity. You could use your personal computer to mine, and get several Bitcoins or other mineable cryptocurrencies in a short period of time. Since then, everything has changed. The complexity of mining has increased dramatically, and there is now no chance of earning a significant amount through mining solely with one PC or even one ASIC device. This applies not only to Bitcoin, but to even newer cryptocurrencies, as well. Owing to the volatility of the cryptocurrency market, miners needs to carefully choose which currency they will be mining. They need to analyze the markets and take a position on predictions with regard to how the market will move.
Hence, the emergence of mining pools. Mining pools have mushroomed across the ecosystem, offering different methods for their miners to benefit.
Using Your PC
You can use your personal computer to mine crypto. All you need to do is find a mining pool with which to share your PC computational power. A mining pool is a community of miners who have all contributed their computational power to increase their chances of getting a reward for mining. The more computers you have mining in a pool, the higher its hashrate becomes, and the more likely the pool will discover a block. Beware of scam pools — make sure you deal with a reputable service.
The next stage of mining is to build a so-called mining farm. A mining farm is a construction that consists of numerous GPUs connected to a power supply in a specified way.
Above, you can see an example of what a mining farm can look like. However, for this, you need to have some technical background.
There are certain conditions needed for a farm:
- Premises
- Cooling
- Maintenance
- Customization
All of these demand skills and time. Thus, many people who decide to earn through mining choose cloud mining — outsourcing the construction and maintenance to a third-party provider.
Cloud Mining
Cloud mining is a service that takes care of the technical part of the mining operation, but the miner still needs to purchase all the necessary equipment. Most cloud mining services provide recommendations on the best equipment to purchase. Usually, all you need to do is define the computational power you can afford. Cloud mining services are paid via monthly fee, and miners have the opportunity to decide which cryptocurrency to mine. The service provides a huge advantage to those who do not want to learn the technical part of mining, but know which currency they want to mine.
It is hard to predict ROI when it comes to mining. Thus, if you do not want to become a mining magnate and all you want is to earn some cash, there is another option for you: smartphone mining.
Smartphone Mining
The opportunity to mine crypto with an app on a smartphone has been developed recently. The principle is similar to PC mining. The main difference, however, is that the miner needs to select the app that he/she uses, not the pool.
There are some well-known issues related to smartphone mining:
- High battery load. Mining uses a lot of energy, which causes phones to lose battery power by about midday — a serious shortcoming.
- Limited selection of apps and cryptocurrencies to mine. It is not a very popular activity, as you cannot earn much with your smartphone due to its low hash power in comparison with a PC.The selection of currencies and methods to mine on phones is very limited.
- Untrustworthy sector. Some of the apps cannot be trusted; they will tell you that you are mining crypto when in fact they just show you ads they earn on, and no crypto is mined.
For the reasons mentioned above, smartphone mining has not really taken off. The situation is unlikely to change in the near future, unless there is a dramatic change in technology or a project that is able to work around the current limitations of smartphone mining. The FreeCash mass-market mining pool and online gaming platform could be one such exception.
Smartphone Mining with FreeCash
FreeCash is a smartphone mining pool with a twist. It lets you gamble with the hashes you have produced, allowing you to potentially multiply what you have mined. Generally, mining on a smartphone is not worth the reward because of the low computational power of a phone. However, allowing people to multiply their low hash rates through gaming offers a real chance to win big while playing games. Furthermore, miners don’t need to analyze markets to take a position on a currency they decide to mine. FreeCash will use smart systems to dynamically switch between cryptocurrencies to mine the most efficient, liquid, and profitable currencies. Players use the PRIZE token issued by FreeCash to exchange their winnings into prizes, fiat, or other cryptocurrencies.
FreeCash is the only project that has developed a promising way to earn through mobile mining. These are games at which cannot lose.
Conclusion
If you want to earn while mining, you need two things:
- computational power
- the ability to choose the most efficient cryptocurrency to mine
As the mining industry matures, it is getting harder and harder for a novice miner to earn without making a significant investment. FreeCash offers an easy entrance into the space for novice miners and crypto-enthusiasts. Instead of investing heavily in capex and trying to analyse the market, our miners need only open the app and start playing games. It’s their gateway to free cash.
