What everybody ought to know about cryptocurrency mining
Cryptocurrency mining is a way to gain crypto through solving cryptographic equations through a computer or hardware such as the Avalon 6. For example, if you mine Bitcoin you receive Bitcoin for completing blocks of transactions which are added to the blockchain. Its a way to earn potential extra income without paying for it, however you do have to pay electricity costs and other start up costs like buying a mining rig and so on.
Where to mine bitcoin
You usually need a GPU ie. a graphics processing unit or an ASIC ie. an application specific integrated circuit which you can use to set up a mining rig, these can mine faster and earn more. However, nowadays you could also use your gaming PC or smartphone to mine crypto.
How much you could earn mining crypto
As of august 2021 you can mine an average of 0.09 USD per day for 1 MH/s. (source).
Is it legal to mine crypto?
Cryptocurrency mining is legal in the UK.
Benefits of mining crypto
- Earn extra income
- Lower fees
- Full control over your money (it is a decentralised system)
Potential risks and disadvantages of mining crypto
- Time consuming
- Some concepts surrounding cryptocurrency may be difficult to grasp
- High energy consumption, this hits miners worse now as energy prices are increasing (source)
- Cryptocurrencies are very volatile
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