How to earn money mining bitcoins or other cryptocurrencies from home or garage? step by step guide

In recent years, Cryptocurrency mining has become one of the preferred methods for many to earn money online from home. This system allows you to earn profits without the need to acquire any of these currencies, but by buying a specialized team that is responsible for obtaining them through the network.

So far, according to mining experts, it is still more profitable to mine the coins than to pay for them in order to profit from trading. However, you have to make a considerable investment to acquire computers with the right features to earn enough.

If you are curious about cryptocurrency mining, this course is designed to answer all your questions. You will know the investment that you must make, how the mine works, the potential profits, the methods that are currently used and which currencies are the most profitable to enter this interesting market.

How does cryptocurrency mining work?

Just like the traditional miners look for mines of certain stones to make a profit, Something similar happens at the virtual level, with the difference that virtual teams are used. The technical definition of this process is known as use computing power hashes to conduct transactions and the reward for work are cryptocurrencies.

Coins have a particular algorithm or code, so a machine that is perfect for one type is not suitable for the other. Each time mining is done, over time new coins are created, which are processed in blocks and introduced to the market to be valued according to the cost they have at that moment.

In this process tens or hundreds of people involvedwhich seek to be the first to crack the established riddle. The one who arrives first to complete the correct number of the transaction takes a certain block of coins. The higher the power, the same will be the possibility of increasing profits.

How much money is earned mining cryptocurrencies?

The profits you will get depend on the type of coin you start mining and the equipment you are using for this job. It is estimated that there are about 5,800 although the most popular are Bitcoin, Ethereum and Cardano. One way to know how much profit you can make in a month is using a virtual calculator.

With a home team, like the one used by online gamers that has a good graphics card, powerful processor and RAM memory you could get on average 120 euros per monthletting the computer work 24 hours a day continuously.

With a computer trained and tailored for cryptocurrency mining, you can earn around 3,000 euros, although there are much more powerful machines that consume a high volume of energy that increase income. Of course, the expense to buy a computer of these dimensions is also high.

Mining vs Staking Which method is better?

The stake it’s based on have a certain amount of cryptocurrencies in a virtual wallet to obtain in exchange a percentage of the profits as interest according to the duration of the operation. There are specialized platforms where you can do the process and generate income, with little investment.

East staking system has characteristics very similar to the savings plans offered by traditional banks when you place money for a certain term, in which you cannot mobilize that resource and therefore the bank pays you interest. Here, earnings depend on the amount of cryptocurrencies you hold.

These types of projects are gaining a lot of space among users, due to security and low investment. To mine, you have to buy equipment that normally has a high cost, electricity consumption and internet bandwidth. Certainly, mining profits are higher, but expenses must be taken into account.

How much money do you have to invest to mine cryptocurrencies?

For to mine you have to investbut maybe the question is What do I need to buy to mine profitably? There are different things to keep in mind, starting with a team called ASIC, that there are in different valuesbeing the highest among Brand new €2,000 and €6,000although used prices are lower.

Secondly, electricity calculations must be made, depending on the country in which you live. In addition, adequate cooling equipment must be added to avoid the collapse of these computers and a stable internet connection with good speed.

What to consider before investing in mining?

Enter a site sale of computer equipment specialized in mining and seeing the amount of money that can be earned monthly is very tempting.

However, it is convenient that you analyze the following elements:

• The cost of the equipment necessary to carry out the mining of cryptocurrencies.
• The amount of electrical energy that will be consumed each day and the implicit cost of being connected 24 hours a day.
• Expenses included in the refrigeration and the necessary equipment according to the dimensions of the space where they will be installed.
• The type of coin to be mined and the profitability that it will have in the short, medium and long term.
• The mining competition and the investment risks.
• The market changes of the cryptocurrencies.

How to calculate the profitability of my miners?

For all the people, the profitability of cryptocurrencies is differentTherefore, in each case, the accounts must be drawn. Among other factors, you have to consider electricity costs according to the area in which you live, in each country the costs change. For this reason, it is important to consider investment, electricity and maintenance payments, added to the amount of coins you will generate each day. From there, once the expenses have been calculated, you will calculate if it is profitable to enter the cryptocurrency business.

Mining Pool What is it and why should I be in one?

The mining pool are pools of miners coming together to mine cryptocurrency blocks and obtain benefits that are distributed equitably. In this server, the members share the hardware to solve the algorithms of a particular coin.

Before joining a Pool, you must analyze its size. With a large number of affiliates, the income will be lower. When the minimum payment is high, the longer it will take to receive the earnings. This option can be very beneficial for people who want to get blocks in less time and consistent rewards. According to the particular needs, make the decision that suits you best.

Learn how to mine cryptocurrencies from home

There are various methods used for cryptocurrency mining from home and if you got here it is because you saw the conditions that must be met for this job to be profitable.

Take note and learn to mine virtual currencies like an expert:

with ant miner

This is one of the most powerful miners currently on the market. for its energy, it is estimated that they could mine up to 0.5 bitcoin per monththis does not include the costs of electricity and refrigeration necessary for the equipment. This Bitmain S9 miner was the hardest hit by the block reward reduction in 2020. To the decrease miner profits up to half, the team it currently does not generate enough income to remain profitable.

with a RIG

When speaking of a mining RIG, reference is made to the union of various components, whether they are CPU, GPU and FPGA. in order to carry out the extraction of cryptocurrencies. But it is not only buying the modules, but assembling them in a convenient way so that the investment is profitable.

The types of coins that can be obtained with these teams will depend on what you choose. But the most common are Ethereum, GRIN or RavenCoin. The advantage is that they are low cost compared to other cards and offer earnings that are stable in the long run.

With the computer

These are the easiest to install and configure at home. Simply put, it is the union of several computers so that they mine a coin in particular. Miners try to find rigs that have many cores or motherboards to maximize their power. Although more powerful equipment has come out that occupies an important place in the market, it can still be done with these home computers, managing to get coins like Grin, Ethereum Classic Zcash, Monero and Ravencoin.

with GPU

They are one of the most popular, since it is about join multiple graphics cards to speed up the mining process. Each one offers a power and added together it becomes a powerful mining. Maintenance and assembly is very cheap, being an alternative if you are starting out in cryptocurrencies.

One aspect that cannot be left unmentioned is that if you are working with a cryptocurrency and it is no longer profitable, you can change to another only by changing the software used. Some of the coins that can be mined are Ethereum, Ethereum or Zcash.

Best pool to mine cryptocurrencies

Due to the power required to crack the equations that lead to the final reward for mining a coin, many people prefer to join with others and solve collectively. At the end, the achievement is shared by those who gathered the resources. Before joining one of those pools, it is convenient to review their qualifications and reliabilitytaking into account security and methods for withdrawing funds.

Hundreds of these groups are found on the internet and then you will find out about the five that have good recommendations:

Ethermine.org

This is one of the pools for Ethereum. Just by entering your site you have all the operating details such as active miners, price and hashrate. Likewise, it is possible to keep track of the most recent statistics by days and hours. In addition, the number of blocks obtained is displayed.

The way to join and be part of the pool is to reach the upper right tab of the page in the option “Start-mining”. You have the possibility choose the operating system and the type of card that your computer has. The control panel shows all the information of interest to the user, including mining assignments.

Antpool.com

Although the page is mainly for Bitcoin mining, there are also pools available for Bitcoin Cash, Litecoin, Zcash, Dash and Monero Classic, among many others. Once the account is created, it is very easy to move around the portal, since it is very intuitive. On the control panel income and hash rate of the rest of the miners with different time intervals. The commission is a maximum of 2.5% and it is backed by a technological manufacturer such as Bitmain Technologies.

F2Pool.com

If you don’t handle another language well, this pool is in spanish, which facilitates its operation, completely clearing any doubt that may arise. Apart from the above, not only does it work with Ethereum, but with many others with which you can carry out the test to measure its performance.

The portal shows you a tutorial that gives you the first steps to start mining. Secondly, there is a menu where all available stats are displayed, the estimated amount of daily income and the commission that you must pay when withdrawing what has been mined.

SlushPool.com

Doing a bit of history, this was the first Bitcoin pool launched in 2010 and two years later it already had its first block mined. They also created one of the first wallets, based in the Czech Republic. Apart from Bitcoin, There is a pool available for Zcash, with a fixed commission of 2%. Among its security features, two-step authentication is shown and it has a very clean interface, which has statistics with a record score, which eliminates the possibility of being scammed.

nanopool.org

It is considered one of the main alternatives for mining Ethereum. It is a portal It has a section of questions and answers in which most of the doubts are clarifiedwith the possibility of configuring to suit everyone.

It has servers installed on four continents, with a commission of 1% or 2% depending on the currency you decide to mine. Some of the cryptocurrencies available in the pool are Ethereum, ZCash, Monero and RavenCoin. Payments are made within a maximum of six hours after the request is completed.

Most profitable cryptocurrencies to mine

Cryptocurrency mining offers a great opportunity to earn passive income from homeit’s just a matter of choosing the most appropriate ones so as not to waste time.

If they are profitable, the earnings are quite generous in a few weeks or months, depending on the characteristics of the equipment installed:

vertcoin

These types of coins can be mining on GPU rigs and made its appearance after Litecoin began to be part of the mining in ASIC processors. Every day it seeks to decentralize operations more with the intention of keeping it accessible to users. One of its characteristics is that not available for ASIC cardscan be mined individually or in a group and allows exchange with other cryptocurrencies.

Pi Network

This cryptocurrency that is still in development has the function of be mined from the mobile device if it is the user’s decision. They also claim that it is without any investment and that it does not consume a large amount of resources. If you visit the application every 24 hours you will see what you have accumulated so far. Unlike other cryptocurrencies, it is completely mined from the cloud and there is no need to form a farm to work it, so the energy consumption is very low.

Dogecoin

In recent months this currency has become fashionable. Although its price is low compared to others, the capitalization is immense, which places it in the top 10 of the cryptocurrencies in the market. Likewise, it is not expensive to mine or extract and also for each block that is completed, 10 Dogecoins are obtained, an ideal alternative for small miners.

Grin

Of recent date, 2019 to be more specific, this digital currency focuses on privacy and anonymity. All the operations that are carried out are anonymous in which the data of those involved are not revealed, much less their amounts. Generating a block takes about a minute and commissions are based on the number of products that have been created. They point out that the reward is 60 Grin for each block.

litecoin

In this coin, the reward is earned every time you complete 12.5 blocks, something favorable since it is currently marketed in different places, gaining stability and respect. It has no authority other than the ruler, so it is completely decentralized. Different media describe it as a growing payment method due to its volume of transactions, so it can be used immediately and with very low commissions, almost zero, they guarantee on its official website.

ethereum

It is the second currency in terms of capitalization in the entire world and although the reward dropped from three to two coins per block, projections are marked up, being a good time to carry out mining and investments. It is one of the classics and known by those who are immersed in the world of cryptocurrencies, having high movements every day within the markets.

Monero

This cryptocurrency is also based on anonymity, although the prices are not that competitive. Its algorithm is changed frequently to prevent it from being mined on ASIC equipment, however if it is possible to run it on GPU or CPU if you prefer. Because of the speed in which it gives the rewards, which is approximately 3.38 every two minutes, it is one of the main coins to mine.

Electroneum

This crypto went public in 2017 and its success has been unstoppable. It has a mobile application from which different operations can be carried out, including transfer and store the mining in blocks that you receive for your mining. It has several privacy options to prevent the wallet address from being shared.

Commission rates are based on traffic on the network, although transactions are very fast. Already they are preparing an application for mobile devices that will serve as a mobile wallet for payments and any other movement.

Bitcoin Gold

This project was launched in 2018 to compensate a little for the limitations that Bitcoin brought. With this, some blocks were separated to work on them independently. They have offered speed in transactions and work on elements such as anonymity.

The coin is already used to pay for different services, their commissions are very low, totaling 0.5%, although this may change depending on the medium used for the exchange. As for its security, its creators assure that it is the same level as the rest of the coins.

Bitcoin

Although it is challenging to mine, and is one of the most sought after in the world, It is still very profitable due to the rise in prices that has been evidenced. To get the rewards, you must solve the mathematical equations as quickly as possible. It is essential to be able to carry out the mining, to have an ASIC equipment, in Spanish Specific Application Integrated Circuit, which due to its energy and speed are appropriate to solve these complicated cryptographic equations.