January 21, 2022

Cryptocurrency Mining is Indeed Coming Back as a Trend

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Although the cryptocurrency industry had been around since 2009, not many people had known about them until late 2017. This was the time when cryptocurrencies broke through for the first time and gave a glimpse of their potential. This was the time when people from around the world started exploring the cryptocurrency industry. 

That is when they realized that the primary way of acquiring cryptocurrencies is through mining. Prior to the cryptocurrency industry’s recognition, there weren’t many cryptocurrencies that had a value added to them. 

With time, as people came to know about cryptocurrencies, they started going for cryptocurrency mining. This is because back in 2017, it was easier to mine cryptocurrencies than today. Most of the cryptocurrencies have a cap to their quantity. 

Therefore, as the quantity of cryptocurrencies keeps getting halved, it gets more and more difficult to mine them. This is exactly what started happening to cryptocurrencies such as Bitcoin, Ethereum, and many more, as they kept getting difficult to mine.

This is when people started moving to other mediums such as purchasing or exchanging cryptocurrencies in order to acquire the cryptocurrencies they wanted. With time, as the mining process became difficult, people started moving away from the particular space as they found it to be very expensive.

Then Cames the Year 2021

From 2017 until the end of 2020, people had almost forgotten about cryptocurrency mining for Bitcoin and Ethereum. However, as the cryptocurrency industry’s fame rose to infinity, the cryptocurrency mining space remerged. Today, there are many individuals and even corporations that are involved in cryptocurrency mining.

The process of mining is not just limited to crypto brokers and other kinds of mining entities, but even countries have started mining them on a large scale.

Initially, when the cryptocurrencies came into being, it was China that was mass-mining cryptocurrencies. However, it recently pushed out the mining industry and now, it is the United States that is the highest cryptocurrency mining country in the world. Then there are countries such as Iran, Venezuela, El Salvador, Russia, Ukraine, and Kazakhstan that are also mining cryptocurrencies on a large scale.

Can You Mine Cryptocurrencies?

Let me be very honest with you, you can and cannot mine cryptocurrencies at the same time. The reason for making this statement is because it depends on which cryptocurrency you wish to stake your money in. 

Bitcoin and Ethereum Mining

If you are thinking about mining in Bitcoin, then it wouldn’t be a good idea until or unless you are a corporate business. If you can afford to pay millions in electricity costs, purchasing heavy mining equipment, a large piece of land, and maintenance costs, then you can go for Bitcoin. 

If you can make medium-level investments to get standardized mining equipment that you can set up in your room, then you can go for Ethereum.

Easy to Mine Cryptocurrencies

If you do not want to make the effort of buying yourself a crypto-mining rig, then you can go for cryptocurrencies that are cheaper to mine. In the particular list, you will find cryptocurrencies such as Ravencoin, ZCash, Monero, Grin, Vertcoin, and many more that are easy to mine. For these cryptocurrencies, you are not required to have a mining rig. Instead, you need to have a laptop or a gaming computer with a good quality GPU installed in it. 

Let Crypto-Brokers Mine for You

If you think that mining cryptocurrencies all by yourself are not your cup of tea at all, then you do not have to do it. There are cryptocurrency brokers that actually mine cryptocurrencies on your behalf. They are the ones going through all the trouble of setting up mining rigs and are responsible for maintaining them. All you are required to do is make the investment demanded from their end and they will mine cryptocurrencies on your behalf.

Once mined, you can either use the mined cryptocurrencies to trade or you can exchange them for other cryptocurrencies, or fiat currencies.

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