Crypto Mining For Beginners

Crypto Mining For Beginners

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As more and more people become interested in cryptocurrencies and the strange world surrounding blockchain technologies, at the core of crypto is mining cryptocurrencies.

Welcome to my channel; Today, I'll be discussing Crypto mining for beginners so, let’s dive in.

To understand crypto mining, one must first realize what it is. It is essentially the process of performing certain tasks to create small amounts of cryptocurrencies over and over again. Though one may think they have to do the tasks themselves to create crypto, it is actually the mining hardware that does all the work in mining.

For example, if your computer has a GPU graphics card installed on it, you can basically start mining cryptocurrencies right away. The way it works is that your graphics card uses specific software to mine cryptocurrencies by solving mathematical equations to create minute amounts of cryptocurrency day in and day out.

There are many different cryptocurrencies that can be mined and multiple ways one can mine cryptocurrencies. One way in particular is cloud mining. By participating in a cloud mining service, one can purchase a certain amount of hash power to mine cryptocurrencies from the service.

Another way is like said before by mining using GPU processors on computers. Though they do not have the highest amount of hash power which is the power used to mine the different cryptocurrencies, they are a popular way for new miners to get into the mining game.

Alternatively, one can purchase mining rigs from companies like Bitmain which sell cryptocurrency specific mining hardware. By getting your hands on a crypto miner, it can be much more profitable. Because these mining rigs are built using multiple graphics cards with the power to mine cryptocurrencies much faster, one can start seeing profits a lot quicker.

Setting up a cryptocurrency miner can be as easy as finding a mining pool like Viabtc or Antpool to connect to. Once you decide on a specific pool to mine from, the next step is just configuring your mining rig to use the pool to mine on. To do so, you will have to connect the mining rig through a network cable to your internet connection and find the specific IP address assigned to the miner.

Once you have this information, you can log into the mining rig itself and put in the specific details of your mining pool so that your mining rig knows where to mine cryptocurrency from and where to send it.

Mining can be one of the most profitable activities in crypto because you are essentially creating cryptocurrencies from thin air. Also, not only Bitcoin but Ethereum, Litecoin, and several other cryptos have the ability to be mined using mining rigs.

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Cryptocurrency Exchanges 101

Cryptocurrency exchanges are basically online platforms that allow their users to exchange one cryptocurrency for another based on the current market valuations of each cryptocurrency. Some of the most popular cryptocurrency exchanges include Coinbase Pro, Binance, KuCoin, and Kraken.

Welcome to my channel; Today, I'll be discussing Cryptocurrency exchanges for beginners so, let’s dive in.

While Coinbase is mainly used to buy cryptocurrencies with fiat money and then send them to offline wallets or exchanges to trade, it is also an exchange in itself with its product Coinbase Pro that is also available to users looking to trade right through Coinbase.

Binance and Kucoin are mainly exchanges where one would need to send cryptocurrencies to the particular exchange in order to trade it for different coins. So, if for example someone found a cryptocurrency that was trading on Kucoin but not available on Binance or Coinbase, they would need to then set up a Kucoin account in order to buy it. After creating the Kucoin account, they would need to fund the account with the correct cryptocurrency used to purchase the coin of their choice.

Some exchanges like Uphold and Crypto.com allow for users to get a debit card that can be used worldwide to purchase goods using the cryptocurrencies stored on the exchange. It just depends what coins a person is wanting to buy or how they plan to use their cryptocurrencies once purchased. Exchanges are the best way to get the best deal on coins in circulations.

When looking at the market on an exchange it can be a bit confusing at first. When buying another cryptocurrency using BTC for example, one will see the amount of BTC that the particular coin is currently selling for and being bought for. When buying, it is smart to use a similar amount to other transactions that have recently passed. Also, one can put in buy and sell orders at certain limits, where the transaction would immediately go through if the cryptocurrency reached the limits set by the user.

The only problem with this is, most all your cryptocurrencies and money are on the exchanges waiting for particular buy and sell levels. If the exchange goes down or gets hacked, your money will be gone with it. Because if it's not your keys, it's not your cryptocurrency, and exchanges don't give out keys to wallets or accounts. They act as a place to buy, sell, and trade but few trust them to hold a large number of cryptocurrencies on.

If you're brand new to the crypto space, I would recommend getting familiar with Coinbase first and Binance.

Thanks for watching. Don’t forget to like this video, subscribe and leave any comments below and I’ll see you later