In the field of technology, cryptocurrency is more like an emerging star. It is steadily gaining a lot of popularity and limelight. There is no second thought on the fact that it is going to play a very important role in the future. Because of the popularity a lot of people are showing interest to learn more about them.
One of the important aspects of cryptocurrency is crypto mining. In this article, we will see the different methods of cryptocurrency mining. Even though there are a lot of methods to mine cryptocurrency, there are four methods that are popularly used. They are
Cloud mining is one of the most popular and simple mining methods. In this method, there is not much of an effort involved. What you will be doing is that you will pay someone who will be a big company or a corporate a particular amount of money to rent their rigs, which are the mining machines. The income that is generated by the mining machines will be transferred to the individual’s cryptocurrency wallet. Cloud mining has become very popular as it has given the possibility to participate in the mining process easily.
CPU mining is a method that makes use of the processor to do the mining process. Even though it was popular a few years back, now people are not opting for it. The main reason for people not opting for it because the process is very slow and it would take months to make even small revenue. The money that you will be making out this method is actually not worth it because you will be spending more on electricity and cooling. The main reason why it still exists is that it is cheap and anyone with a desktop can do it.
GPU mining is one of the most popular cryptocurrency mining methods. There are good possibilities that you will find GPU as the first answer if you Google how to mine cryptocurrency. The reason for the popularity of GPU is that it is comparatively cheap and is very efficient. Considering the factors like harsh speed and workforce GPU mining rigs are really great. The GPU rig makes use of a graphics card for the mining process. It requires two to eight graphics cards, a processor, a motherboard, and a cooling rig frame.
ASIC refers to Application Specific Integrated Circuits. These are very special devices which are designed to take care of a very specific task. ASICs are more profitable as they mine more amount of cryptocurrency in comparison with GPU or CPU. At the same time, there is a huge controversy that is going on. It is because many people consider that ASICs are very powerful and they are capable of robbing GPU and CPU rigs. There are possibilities that the major part of the earning could go to just one miner when it comes to ASIC.