Blog 7: The time has come to evolve, nah, I’m kidding BTC is taking over?
So….. How has the world changed since the BTC revolution happened.
Cryptocurrencies come from strange places and usually from mining data, yes, that’s right, mining remnants of your data. How does that work and more in this blog of the Finance Spot.
allow me to Introduce myself, My name is Akshith Konda. I’m a 21 year old College Student and I am the CEO, Writer, and, Author, and Editor of The Finance Spot. It’s just something I do for fun, I’m also the CEO, Main Host and Business Director of the On Your Own Two Feet Podcast.
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Back to Mining BTC.
Bitcoin Mining or really any Crypto.
Mining Bitcoin comes from residual data being recycled. New Data involves lots of figuring out the mathematical combinations to create matching data sets a server can use, so a computer usually will guess them, on average most non rig computers will have about 3 guesses per second*.
These mathematical data sets are horribly difficult so servers and data host will usually allow computers to mine data or will reward the rig or computer IP with some bitcoin usually about 20 cents per guess.
The more guesses your computer can make per second the better and these guesses require lots of power. I will not give approximations because it will not benefit anyone really but let’s just say a max of about 3 MacBook's Pros plus a big RAM and lots of cooling fans or Water Cooled GPU and CPU’s like a Gaming Computer. Gaming Computers are not the best for Mining, mainly because their GPU’s are geared towards maintaining a high standard of Graphics and Speed not for Mathematical analysis, that actually takes more memory so…. yeah.
Next You’ll need a BTC, ETH or Crypto Address to store your Crypto. CoinBase is the best place to do that these days.
“Guesses per second refers to the amount of right answers your rig can answer per second.”
Things to look out for
Crypto Exchange Prices: Crypto prices rise and drop daily(24/7) so beware, Crypto is also extremely volatile based on which one you wanna mine.
Hash Rates: Hash rates are the amount of problems your rig can solve per second. Hash rates are also how much your computer can solve to earn and is usually measured in Mb/s. 1hash =~132+ megabits
Computer issues: This is a big one. Computer are known to work into overtime when not powered off. Computers need a break or they may explode. Your rig may not need much of a break but it’s good to not take risks for the sake of profit.
Storage(Both Kinds): Rigs can get big and by big I mean about the size of your bedroom length wise. So to minimize personal risk what you can do is to store your rig in a Storage Shed, a Shipping container or a Garage. Computer storage is gonna keep expanding and you’ll need to be prepared to expand and fast if you wanna keep making large sums of profit.
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