Cryptocurrency Mining Gear
The simple explanation for mining is that it’s like playing the lottery. You are running a miner “buying lottery numbers” in the hopes one of your numbers is drawn. The prize being a “block” of coins.
Now it’s time to gather your mining gear. I feel you have to just dive in to learn more at this point. If you are reading this from a desktop or laptop you should already have starter gear. I GPU mine using my video card. There are CPU miners, browser miners and more out there. My guides are geared towards my personal setups which are GPU Nvidia based at this time. Maybe I will get around to AMD but not at the present time.
- Wallet – choose what coin/cryptocurrency you wish to mine. Please read the next chapter before making your choice.
- Download that coin’s client/wallet software. Make sure you download it straight from the coin’s source.
Those 2 pieces of gear are basically all you need to start mining. I know your ready to get started but don’t install anything yet. The next steps of setting up the wallet and miner are where most people get frustrated. Let’s go slowly thru the setup and explanations for what you will be doing. At this time you need to decide if you want to “SOLO” or “POOL” mine. Solo means exactly that, it’s you against everyone. Joining a pool means you are banding together with others to combine your miners to mine for coins.
A lot of people will advise you to join a pool and while that is sound advice I like to solo every now and then. While getting paid 20K dogecoin is fine imagine hitting a block worth 900k. I know the odds are against but i also buy Powerball tickets. Joining a pool will allow you to have a steady stream of coin coming in to your wallet. This amount will be based on your hashed shares. Soloing will be basically a lottery hit so if you want to get coins fast join a pool. The point is that it is YOUR choice. Do what you want.
Next I will focus on what currencies are out there and what options may be best. After that more in depth information on mining will follow.
The next chapter – Cryptocurrency Choices
Previous chapter – Basic Rules and Guidelines For Cryptocurrency