Cryptocurrency is a new form of money found, stored, and used in the virtual space. There are many ways of amassing the various types of crypto, such as Bitcoin. Some people prefer buying the coins using real money while others opt for the mining option, which does not include real cash exchanging hands. Getting a wallet to store our coins is vital, and you must keep this in mind. Bitamp Bitcoin wallet is among the options you can consider if you are mining or purchasing Bitcoin.
Once you have the wallet and other aspects such as hardware in place, then you can start the mining process. Here are some of the options that you can use to add coins to your digital wallet:
- Cloud mining
This is one of the popular methods that you will find when reviewing the various options available. It is one of the popular ways that most people prefer as it does not involve a lot of hassle. For this process, you need to pay someone to use their rig to mine for the coins. Big corporations undertake the task of developing platforms to serve the people interested in buying their services. The renting period is agreed upon by the parties involved. After the mining is done, the owner of the rig takes their electricity and maintenance costs and sends the remaining coins to the wallet. Bitamp Bitcoin wallet is among the many that rig companies work with. You can start with the free variations of cloud mining before investing your real money to rent a rig.
2. CPU mining
This method requires the use of processors to mine the different types of coins currently available. For those with the patience to wait for the processors to identify the coins, a desktop computer is an ideal choice. Laptops are likely to overheat and crack after a few hours of mining. CPU mining is one of the most challenging techniques, and the returns are not as rewarding. You may end up spending more on electricity and cooling the system than you make. CPU mining is a promise for beginners to mine some Bitcoins, but it will take a while before the fruit of their labor is visible.
3. GPU mining
If you are looking for a popular method used for the mining of cryptocurrencies, then this may be the answer for you. When searching for a mining technique, this is the top option that will come for both beginner and seasoned miners. It is efficient, and the prices are relatively lower than the cloud mining option. This is not to say that the construction of the rig will be hassle-free. It comes with some downsides that you must be aware of before you start the acquisition process. This system uses graphic cards to mine for the coins. It is better than CPU mining but not better than cloud mining. A standard rig includes a motherboard, a processor, graphic cards, cooling, and a rig frame. This costs an average of $3000.
Many other options are available. Do thorough research before settling on a mining method. Also, write a list of pros and cons to help you select the best.