Cryptocurrency can be obtained through the process called mining. Currently, there are 4 ways to mine- via the cloud, CPU, GPU or ASIC.
What is Cryptocurrency Mining?
Crypto mining is the digital form of traditional mining, only this time it’s collecting cryptocurrency instead of rocks or minerals.
Instead of a tool or machine, a computer or similar hardware is used to mine cryptocurrency. The PC will carry out ‘Proof of Work’ tasks, which give you a small amount of crypto every time you complete them.
Different Methods of Mining
Cloud Mining
Cloud mining is a fancy word for ‘renting’ a capable mining machine from a company and using it to harvest cryptocurrency.
It’s a popular token mining method since there’s very minimal investment, and you’d only have to pay a certain fee per month. You won’t have to buy the hardware and can get right to collecting tokens as soon as possible. What’s more, you won’t have to learn the process or install apps to get to the mining site.
ASIC Mining
An Application Specific Integrated Circuit, or otherwise known as ASIC is a unique device that’s specifically made to do one thing. In this case, its sole function is to mine cryptocurrency.
Because they’re concentrated forms of hardware and good at what they do, they can pull more cryptocurrency than regular, all-around hardware. Unfortunately, too many of these will give ASIC miners the edge and a collapse of the cryptocurrency economy.
GPU Mining
GPU machines are perhaps the most popular forms of mining machines. Cloud mining companies use them, and they’re recommended hardware for just about every cryptocurrency you want to mine.
GPU, or a graphic card in a computer is cheap and efficient, and works very well in terms of hash speed. Anyone can purchase a mid- to high-end GPU for their desktop computer and get started accumulating a respectable amount of cryptocurrency.
CPU Mining
CPU mining relies on the good old central processing unit, or the computer’s processor to mine tokens. It’s the most affordable of them all- just about every computer will have a CPU which you can use to mine tokens but it’s not that efficient.
CPU mining is the slowest among the methods of crypto mining. However, it’s the most accessible, which is an attractive prospect to those who are new to Bitcoin and crypto mining.
How to Profit From Cryptocurrency
Mining is just one of the ways you can harvest cryptocurrency. With enough tokens you can sell them in a crypto exchange platform for real money.
Investing in cryptocurrency is also possible. Exchange real money for a cryptocurrency, wait for the value to rise then sell it for a profit. The Libra Profit System can guide you on when to buy and sell so you can enjoy a passive income. Go URL or download the app and you’ll be well on your way to financial freedom.
It’s a cycle of buying or mining crypto tokens and selling them to the highest bidder. All you need is a machine and dedication to do it.