Quick Access
WHAT IS MINING OF CRYPTOCURRENCY/ BITCOIN / ALTCOINS - Techboat Mining
15637
page-template-default,page,page-id-15637,ajax_fade,page_not_loaded,,side_area_uncovered_from_content,qode-theme-ver-11.2,qode-theme-bridge,wpb-js-composer js-comp-ver-5.2.1,vc_responsive

WHAT IS MINING OF CRYPTOCURRENCY/ BITCOIN / ALTCOINS

What Is Cryptocurrency Mining?

For someone who is a newbie to the field of cryptocurrency, it is really important to know what it means. As implied by the name, cryptocurrency essentially is a type of digital money that remains anonymous and secure all the time. And with the process of Cryptocurrency mining, the users from all over the world, make safe and secure transactions of money, make their payments without even going to the banks.

How cryptocurrency is generated by mining?

By solving difficult algorithms using computer, GPU or miners hashpower a block is generated. And once block is generated all miners who contributed in generating that block is rewarded with certain amount of cryptocurrency which is credited in their wallet once its minimum amount is released by mining pool. Miners have to bear the cost of electricity, machine maintenance and cooling in return miners get rewards of the mined cryptocurrency.

Different Types Of Hardware used for Mining

ASIC Miners: As you know, the Application-specific integrated circuit chips or the ASICs are a certain type of bitcoin mining hardware that was created just to solve the problem of the bitcoin blocks. With minimal needs for the normal applications, these mining systems are highly efficient in solving the bitcoin blocks much quicker and with the use of less electricity than the other. By using specific hardware such as AntMiner T9, S9, these mining systems help to create safe solutions for Bitcoin Blocks.

Different coins which can be mined from ASIC miners

Bitcoin (BTC)

BitcoinCash (BCH)

Litecoin (LTC)

Dashcoin (DASH)

Dogecoin (DOGE)

DigiByte (DGB)

GPU Miners: GPU mining refers to the process of mining with the help of the graphic cards in a hardware. The processor is known as the GPU (computer with high quality graphics and configuration) is used to efficiently calculate the algorithm of different cryptocurrencies that ultimately help in mining procedures. With the help of the Graphics Processing Units (GPUs), mining can be done.

Different coins which can be mined from GPU miners

Ethereum (ETH)

Ethereum Classic (ETC)

Zcash (ZEC)

PascalCoin (PASC)

DigitalNote (XDN)

Musiccoin (MUSIC)

CPU Miners: CPU mining is the process where you use the CPU of a computer to perform the mining actions. Known to be the oldest and the least effective methods. It is certainly a forgotten trend now to use CPU mining.

Different coins which can be mined from CPU miners

Bytecoin (BCN)

Monero (XMR)

Aeon Coin (AEON)

 

What Is Cloud Mining?

Not everyone is a techno-minded miner, right? And most people don’t even have the required software that is needed for the hardware mining. So what is the solution of mining Bitcoins and other cryptocurrency, in this case? Well, with the help of Cloud mining, that provides an efficient form of Bitcoin mining with the help of a remote data center. For those who don’t want to go through the trouble of running their own hardware and software, cloud mining is the perfect option.

Cloud mining is certainly the future of the mining processes. But then, not everyone has a hardware that helps in bitcoin mining. And that is exactly why a new form of mining came into existence and that is known as Cloud mining.

Very different from Hardware Mining, cloud mining makes the whole mining procedure a lot simpler by providing a remote data center for making transactions.

In simple words if it is explained, cloud mining means mining of particular coins is going on at a place and electricity, internet, maintenance, etc. is done by cloud mining company for that they get money from investor and in exchange investor receives the newly mined cryptocurrency directly in wallet.

 

Cloud Mining Is Cheaper Than Hardware Mining

Cloud mining is a pioneering system that provides a certain mining system for a minimal cost of entry and reduced risks and other expenses. As opposed to the hardware mining models that require all sorts of maintenance, procurement, and configuration, cloud mining is certainly a pretty cheaper and more efficient option for the miners.

While doing solo mining one have to bear for electricity, internet, etc. and also one have to monitor continuously to see if work is going on and system is working or not? Or have to keep a separate man to see if individual is mining on little high scale like 20-30 units.

Whereas doing cloud mining we use green, solar and wind power electricity so electricity cost can be minimised. For many systems we use common internet connection which again helps to minimizing that cost too. At last we have many machines going on together where we can afford to keep a team of experienced qualified engineers for each parts of production though divided cost per miner will be too less and will be able to make sure 100% up-time as well.

 

Cloud Mining Vs. Hardware Mining

Cloud mining is clearly the better option when it comes to a comparison between hardware mining and cloud mining. In case of cloud mining, you have less use of electricity and reduced costs as well. With such low expenses and zero requirements, Cloud mining is the best option for miners.

When it comes to providing efficient cryptocurrency mining services, nothing can beat Techboat Mining as we provide the best services. With safe and secure conditions for Bitcoin and other cryptocurrency Mining, Techboat Mining has been satisfying the customers ever since its existence. The features of the mining company include:

  • Skilled professionals to handle each and every single mining process taking place here.
  • With 24 hours support for the customers and Nanopool for live tracking, it is a secure and safe atmosphere for cloud mining.
  • Offering efficient modes to make transactions and payments without going to the banks.

All you have to do is register in Techboat mining and select the service that you want. Whether it is Bitcoin or other cryptocurrency Mining, the services provided here are certainly the best.

 

Hardware mining Cloud mining
Expense $3500 for 1 GPU plus shipping cost According to plan, in Techboat 10 GPU monthly rent is $1200
Hashrate 120-130 Mh/s 1200-1300 Mh/s
Risk factor Machine downtime, electricity downtime, hardware crash maintenance, etc. NONE. As we have separate teams for handling each risk factors to make sure 0 downtime
Monthly expense Electricity, internet, maintenance expense, if system crashes downtime and repair cost NONE. All you need to pay in one time according to selected plan and then company to look after all expenses