Mining cryptocurrency has its similarities and differences with mining for gold. It might be the new age equivalent of being a gold miner, but a crypto mine looks much different than a gold mine. There is a whole emerging industry dedicated to mining cryptocurrency.
What Does Mining Cryptocurrency Mean?
Blockchain is the foundation for cryptocurrencies such as Etherium and Bitcoin. A blockchain is a system for recording transactions on the network. Miners are in charge of adding to and verifying transactions for new blocks.
How do you Mine Cryptocurrency?
The simplest way to start mining cryptocurrency is to install the NiceHash miner on your computer and run it. The NiceHash miner will automatically pick the most profitable algorithm for your hardware and start the mining process. They then convert the mined cryptocurrency into bitcoin and payout each individual.
What is a Crypto Currency Rig?
A cryptocurrency rig is simply a computer that has been set up for mining. There are two common types of crypto mining rigs. The first is called an ASIC, which stands for Application-Specific Integrated Circuit. ASICs are hardware built from the ground up to mine a specific algorithm.
Is Mining Cryptocurrency Legal?
Mining cryptocurrency is not banned or illegal in most countries, including the USA. However, there are countries where it has been made illegal, most notably in China.