Mining – earnings on cryptocurrency

With the advent of cryptocurrencies, people who are keen on technology have the opportunity to receive passive income. The essence of earning is in the “extraction” or mining of electronic money. That is, for example, bitcoins can be compared with gold, and miners with miners. The less bitcoins that have not been “mined” remain, the more valuable they become. In the case of bitcoin, mining is performed by special equipment that does not require either force or mental effort.

Equipment

Previously, bitcoins were earned using a PC. People downloaded a special program, for example, Bitcoin core, registered and equipped computers with good video cards, since the intensity of the work of calculating bitcoins depends on them. Everything is logical – the better the video card and the longer the program runs, the more you earn.

Now there are special bitcoin harvesters. They are a small block prepared for earning bitcoins. This equipment costs about the same as a good computer – from $ 1500 and more. The compact unit includes a graphics card, processor, power supply and cooling system. This equipment is more energy efficient than a PC and can work for a very long time. Combines can be ordered from China through shopping sites. Most often, they are already configured for a specific Chinese cryptocurrency. Therefore, if you do not have the necessary knowledge, then you will have to invite a programmer to reconfigure the equipment.

Shop

The more bitcoin harvesters you have, the correspondingly higher profit. The equipment is quite noisy and “likes” cool places with good ventilation, so it is better to put it in special workshops.

A very large number of miners are located in China. The fans of this business form the so-called bitcoin farms. For example, in the province of Liaoning, according to the geektimes.ru website, the former factory building houses one of the largest bitcoin farms in the world. It is managed by only four people, and their profit for 1 month is $ 1.5 million.

How does it work

By launching a bitcoin program, your computer, like a million others connected to this network, by the method of constant calculations, becomes part of a single server of all transactions. This same process creates the cryptographic security of the electronic currency.

Miner and currency trader Andrew Sovelev answered some questions of the correspondent of ” Capital. kz ”

When does the return on investment in this activity come?

The initial investment goes into equipment, you can buy a completely ready-made version for mining or build your own computer. But I think it’s better to build your own computer. Your equipment will pay off after approximately 9-10 months of continuous operation, depending on the electricity price in your area.

In your opinion, what are the pros and cons of mining?

First of all, a big plus is that it is easily controllable passive income. Also, if you use computers to mine bitcoin, and then abandon this idea, then you will have this technique, which you can at least resell. Bitcoin money cannot be counterfeited. And the downside is that every day there are fewer bitcoins.

What future, in your opinion, awaits the electronic currency bitcoin?

Its significant growth will begin around 2030, when the system will run out of bitcoins. The exchange rate will fluctuate, but mostly the main trend will go up. As money, bitcoins will always exist.

Opinions differ regarding the future of cryptocurrency. Some believe that it will affect the world more than the Internet, while others believe that this currency will collapse. Many analysts now predict that all bitcoins will be mined by 2035.

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