Crypto Currency

Cryptocurrency Mining Continues Growing Larger and Diverse

Back in 2009, when the cryptocurrency sector was introduced, the only way to acquire Bitcoin (BTC) and other cryptocurrencies were through mining. It was because there weren’t any Bitcoin or cryptocurrency exchanges at that time so there was no other way of acquiring them other than mining.

However, as not many people were aware of the cryptocurrency industry, therefore, not much was done in regards to cryptocurrency mining. With the passage of time, the cryptocurrency sector continued growing larger.

Over time, thousands of cryptocurrencies were launched and then the year 2020 came. It was the year when the cryptocurrency industry got its first breakthrough. That was the time when the crypto-verse grew bigger and more investors came to the sector.

By the end of 2020, the user base for the cryptocurrency sector grew over 100 million. As the year 2021, the cryptocurrency industry hit and cross the $1 trillion mark. That was the time when people wanted to acquire cryptocurrencies through ways other than purchasing them. And with more and more holders, crypto is a great way to invest.  We suggest that you could learn more about the holding strategy – Tony G style which may prove useful for your crypto investment. 

This is when the cryptocurrency mining sector came into trend and people started mining cryptocurrencies on a larger scale. As of now, the cryptocurrency sector is vast but because of the growing number of mining firms, it has become extremely difficult to mine major cryptocurrencies.

The Toughest Cryptocurrency to Mine

When Bitcoin was first launched, it was quite easier for the crypto-community to mine it. People interested in mining Bitcoin were able to do it from their very own computer systems with standard GPUs.

However, as Bitcoin has gained popularity throughout the globe, people now want to mine Bitcoin. Unfortunately, Bitcoin has come a long way and after such a long time, it is almost impossible for an individual to mine Bitcoin through their laptop or computer.

With time, mining Bitcoin has become a really difficult gig and one needs to have access to heavy-duty rigs and mining equipment in order to mine Bitcoin. Even if one wishes to mine Bitcoin, it would prove to be an extremely expensive task. One has to invest a lot of money into acquiring mining rigs, set up a mining farm, and then bear electricity costs for mining Bitcoin.

Less Difficult Cryptocurrency to Mine

If one cannot spend a lot of money mining Bitcoin, then they can go ahead and mine Ethereum (ETH). Although it can prove to be a costly task to mine Ethereum, its expenses are much less than mining Bitcoin. Therefore, one can start mining Ethereum even by spending a few thousand dollars.

At present, some of the most popular GPUs for mining ETH are NVIDIA GeForce RTX 3060 Ti, AMD Radeon RX 5700 XT, and NVIDIA GeForce RTX 2070 among others.

Easy to Mine Cryptocurrencies

There are several cryptocurrencies that do not even require one to have access to a high-end mining system or a high-end operating system to mine. One can easily mine these cryptocurrencies even though their standard laptops or operating systems with a couple of years old GPUs. These cryptocurrencies include RavenCoin (RVN), Monero (XMR), LiteCoin (LTC), Zcash (ZEC), and Grin (GRIN) among others.

In the present day, there are several crypto reviews that cover all the topics related to a cryptocurrency. The reviews can also provide insights into one’s ability for mining cryptocurrencies.

Cryptocurrency Mining Pools and Cloud Mining

If one does not want to go through the trouble of mining cryptocurrencies on their own, they can go with these options. Through these options, they are actually acquiring services from mining firms or brokers who mine cryptocurrencies on behalf of the users.

With time, these two options have been adopted on a really large scale. Investors are now pooling in a lot of money and investments and generating high gains as the cryptocurrency sector is growing bigger with time. Over the course of time, the cryptocurrency mining sector is going to pick up. With China pushing out the entire crypto-mining industry from China, other countries will be able to benefit from it tremendously.

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