Not a lot of people know that cryptocurrency can be mined, but the more important question is, should you mine them in 2021?
What is Cryptocurrency Mining?
‘Mining’ is the term used to collect cryptocurrencies. It’s not done for free though- in order to get a bit of Bitcoin for example, you’ll need to solve complex algorithmic problems. It’s a work-reward process that’s similar to a job.
People started mining when Bitcoin was relatively new. To solve the complex equations you needed a mid- to high-end desktop computer. Then there were newer solutions- instead of having to invest in a powerful computer people could ‘rent’ machines and mine crypto by paying a monthly cost.
Why You Should Mine Cryptocurrency in 2021
All the Cryptocurrency is Yours
Mining is perhaps the most straightforward way to earn cryptocurrencies. How often you mine will depend on you- will it be a 24/7 thing or just enough so you can gain a profit after operational costs?
All the crypto coins you earn will be yours. There’s no percentage, transaction fee or shared interests. This ensures you get 100% of your efforts and money when you sell it at a cryptocurrency exchange.
You can start trading and reap maximum revenue when you follow an established platform. Just create an account and dive right in.
Anyone Can Join the Mining Revolution
The hardware required to mine Bitcoin and similar cryptocurrency is largely available to the public. Aside from a powerful CPU, or processor you’ll need to invest in a GPU, or a video card. The better your GPU the more mathematical equations you can solve and the faster you can mine.
Investing in a crypto mining machine is simple. You can ask the help of someone who’s already done it or read up on resources on the internet. Then, power it up and you’ll be mining your preferred cryptocurrency anytime you want.
You Can Pick Your Crypto
It’s your mining rig, and therefore you get to decide on which cryptocurrency you want.
To make the most of your hardware it’s recommended that you choose a high value cryptocurrency, or one that offers you more coins per task completed. If Bitcoin is too mainstream then you can target secondaries such as Ethereum or even go with a newcomer such as Monero.
Why You Shouldn’t Mine Cryptocurrency in 2021
Crypto Exchanges are Easier
Joining a cryptocurrency exchange and pouring in the money you’d use to invest in a mining rig can be a simpler and more accessible process.
Most crypto exchanges offer fiat exchanges, which means you can use a credit card or debit card to buy Bitcoin, for example. It’s more straightforward since you won’t have to buy a mining rig, but then you’ll have to brush up on the basics of trading so you can make a profit.
Much like mining exchanges are available 24/7 and allow you to complete actions, such as buying or selling cryptocurrencies as needed. Once you see a higher value than what you bought your cryptocurrency with you can make an exchange and end up with more money.