Operation, equipment and profitability.
Video-tutorial made by the YouTube channel Mining Chamber.
¿What is cryptocurrency mining?
Cryptocurrency users send virtual money from one place to another all the time and unless someone records these transactions, no one would be able to verify a payment at a certain point in time.
The miners are the ones who have to confirm the transactions and write them within the blockchain. Every time a transaction takes place, a small commission is charged to be able to pay the miners.
At this moment we ask ourselves: who ensures that the blockchain with all the records remains intact and inviolable? It is at this point where the so-called miners begin to play a crucial role.
So, what is cryptocurrency mining? When a transaction is carried out within the chain of blocks, it has a small commission and this is given to the miner as a reward for the contribution of their computing power with the mining equipment that they have connected to the network.
¿How do we produce our own digital money?
In order to produce cryptocurrencies we need technological equipment based on two different platforms with their particular advantages and disadvantages of each one, namely.
RIG GPU: RIG GPUs are teams built from traditional computer components such as the microprocessor, motherboard, power supply and video cards that are finally the ones that solve the calculations to obtain the reward in cryptocurrencies.
They are versatile equipment with which different types of coins can be produced based on different algorithms, they are also quite accessible since the components can be obtained in the traditional market. Currently these equipment cannot be used for Bitcoin mining but for other currencies that can then be exchanged for both Bitcoins and FIAT currency. The disadvantage of these teams is the complexity of assembly and configuration, since they have to be carried out by trained people.