When someone wants to get cryptocurrencies, the most common (and easiest) way is to go to one of the dozen of internet exchanges, that is, the websites where they are sold. However, there is another way to acquire cryptos without having to conduct an online transaction: mining those cryptos. Mining cryptocurrencies is a concept that was released along with Bitcoin in 2009. In this video we explain what it is and how to do it:
Basically, the mining of cryptocurrencies consists in placing your computer in the service of the blockchain network of the crypto in question for a reward. This service usually consists of verifying the transactions that take place within the network. What’s more Mining is the only way to create new units of certain cryptos, como Bitcoin o Ethereum.
As we can see in the video, mining is not in the best of days. First, because extremely expensive equipment is required. The main method of mining cryptocurrencies involves using at least one graphics card. Graphics cards are often one of the most expensive computer components out there, and the cryptocurrency craze has only made them more expensive.
And if they can be found at all, the price is many times higher than expected as the inventory is usually out of stock and when one is available. Obviously, in the used market this is worse because you can find charts with many hours of mining (which negatively impacts their useful life) at prices higher than when new.
On the other hand, the huge power consumption required by cryptocurrency mining means that it may not be profitable when our energy price isn’t cheapWorse, it’s a major environmental problem. In fact, Tesla has stopped accepting Bitcoin payments due to environmental concerns.
Still, the mining communities are growing every day, which means mining cryptocurrencies can be very productive with the right factors in mind.