It’s predicted that by the end of 2022, there will be 33.7 million American adults who own at least one cryptocurrency.
While cryptos are all the rage nowadays, perhaps you’re not so interested in the owning and trading aspects. But you’d still like to get in on the action; it’s a lucrative industry, after all.
Instead of buying and selling cryptocurrencies, why not mine them instead? You’ll need a powerful rig, but it’s a great way to earn some passive income.
Here’s how to start mining crypto so you can make some extra money!
Get the Right Equipment
We’re not going to lie: to make it worth your time, you need top-of-the-line crypto mining equipment. So if you were planning on mining with a mediocre laptop, that won’t cut it.
You’ll need a powerful GPU, and not just one, as several are needed for earning block rewards. While you can technically mine with just a CPU (which is cheaper), it’s not recommended.
Download Mining Software
Once you’ve got a computer, you need to download special mining software. This is where the GPU comes into play. Blocks are getting tougher to mine, so a powerful GPU will come in handy.
While mining, you’ll need to make sure you’re connected to the internet at all times. So get a good connection as well.
Sign up for a Crypto Wallet
When you’ve successfully mined a block, you’ll be rewarded with a small percentage of it. This means you need a crypto wallet to store your earnings.
There are several choices available, so take into account their pros and cons to select the best one for you.
Join a Mining Pool
You can technically crypto mine solo. But it’ll be slow and your expenses will be high.
It’s worth it to join a mining pool since you all combine your resources. This increases your chances of finding and mining blocks!
Of course, the rewards are distributed across everyone in the pool, but they’re done so proportionately. So if your rig is the most powerful, you’ll get paid the most. Even if you have an average setup, a mining pool will earn you more money than if you were a lone wolf.
When you download your mining software, most come with mining pools already. But you can check sites like CryptoCompare to find miner-created pools too.
If all this sounds too complicated to you and you’d rather trade cryptos, then find out how to buy ANKR here.
Know How to Start Mining Crypto for Extra Cash
This is just a basic guide on how to start mining crypto. But it should be enough for you to get started.
There’s a world of cryptos out there, so what are you waiting for? Mining crypto with the right setup will definitely earn you some extra pocket money!
If you enjoyed these crypto mining tips, then keep browsing our blog page for more useful information!