Before setting up your mining gadgets, you want to make sure the cryptocurrency you’ve chosen is going to be profitable. Then you can go ahead and buy the hardware, and install the software to mine that specific cryptocurrency.
Make sure you can make a real profit before setting up your mining tools
Once you’ve got all your mining tools together, you then need to set up and start mining. It can certainly be challenging to do so.
The dynamic of the crypto mining community changes regularly so you must make sure you are up-to-date with the recent changes and have acquired the latest tools for your mining adventure. If you’re looking to mine Bitcoin, keep in mind that your profitability depends on many factors. Those include your computing power, electricity costs, pool fees, and the Bitcoin’s value at the time of mining. In fact, there is a very high chance that you won’t be profitable at all. You can check to see if Bitcoin mining is going to profitable for you by using the Bitcoin mining calculator below. If Bitcoin is not the right coin for you, move on to other altcoins. Scroll down to find a mining calculator for your preferred cryptocurrency.
When I first heard of Bitcoin mining, I immediately imagined a hot guy with a ripped body, wearing a helmet with a flashlight on it, getting dirty inside a mountain. However, I soon learned cryptocurrency miners don’t have to have any of these qualities. All you need is access to a high-speed Internet and a high-end computer. In my book, Cryptocurrency Investing for Dummies, I explore the basics of crypto mining.