Many people associate the concept of bitcoin (or cryptocurrencies) with free money. In other words, with the help of your personal computer and software, you can create digital currencies that you use later for payments or trade in fiat currencies.
If a few years ago things were just right, at the present time they have changed substantially. In 2010 someone paid 2 pizza with 10,000 bitcoin mined very easily. In 2019 you buy 2 pizzas with less than 0.003 BTC, and the mining costs have increased as you go.
What is cryptocurrency mining?
The cryptocurrencies operate on the basis of a decentralized register, in which the transactions performed on the network of the respective cryptocurrency are recorded. Mining is the process of adding new types of transactions (blocks) to this public register.
Mining eliminates the need for a central authority to validate transactions and update balances. The registry is updated by users connected to the network (miners). Through mining, the crypto system maintains the security and stability of networks and the honesty of transactions.
Before you become a miner in a crypto network, there are a number of things you need to know and take into account. These include how the mining algorithm works, the difficulty of mining and how it changes, the hash rate, the electricity consumption of the equipment. Without a detailed knowledge and approximation of the calculations, it is possible that the miner will minus.
What mining solutions do you have in Romania
Although there are opportunities to mine jointly, many Romanians still prefer to buy their plates and mine at home. This comes with advantages and disadvantages.
However, before purchasing equipment, we invite you to see what other solutions you have and what potential problems you may have.
In the material below you will find detailed information about what cryptocurrency mining is, but also the experience of people who have been active in this industry for over 5 years. We speak with two owners of mining farms: Adrian Pop, Blockchain Mining Host (Topilița) and Silviu Ursulescu, StartHash (Bacău).