So you want to become a crypto miner but do not have the expertise or the equipment required to get started.
Don’t worry, blockchainis advancing at an exponential rate, and so are methods used to mine cryptos. The crypto community is becoming aware that a critical mass is necessary to jumpstart cryptos’ mass adoption and is, therefore, working on solutions that will include everyone.
Unlike the highly energy intensive and expensive traditional crypto mining methods, new ways that do not require you to own supercomputers are coming up.
These methods are either working on existing solutions such as Bitcoin and Ethereum or bringing their solutions. Here are top mining for the masses projects worth noting.
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The Nicehash approach.
Nicehash is a cloud mining marketplace that allows you to share your idle computing power with crypto miners or rent extra computing power from a pool if you are a miner.
If you want to make considerable income with Nicehash as a computing power seller, you will need to install NVIDIA or AMD gaming graphics to your computer. With the graphics in place, all you need to do is to download and install Nicehash and create an account. Once it’s setup, you are good to go.
The Nicehash application acts as an intermediary between computing power sellers and crypto miners. Their algorithm pre-calculates the ROI on various cryptocurrencies to determine which miner should tap into the pooled computing power. This means that only profitable miners can access the pool which makes the endeavor worthwhile for all parties involved.
The Genesis approach.
Similarly, Genesis mining enables you to purchase computing power as opposed to owning mining hardware.
Crypto miners enter into a two-year contract with Genesis where they pay a one-time upfront fee after which they get hooked into the Genesis infrastructure to start mining.
The mining power allocated to each crypto miner is dependent on the amount they pay.. They can choose to utilize their mining power on any crypto and receive the proceeds in Bitcoins.
The IOTW approach.
If you are like me, then it is possible that most of your electronic devices connect to the internet. From computers and mobile devices to TVs, Stereos, lights, cookers, doorbells, water heaters, you name it.
If you are still not on the smart home bandwagon, at least you have a smart TV, and your mobile devices and home computers also connect to the internet.
Thanks to blockchain, you can now make money from these devices when you are not using them.
A blockchain project known as IOTW is working on a solution that will bring a micro-mining function to IoT devices such as a fridge, PC, TV, cell phone, electric car and many others, without adding hardware costs. What this means is that you can get in the crypto mining game without having to invest in any mining equipment.
All you need to do to start micro mining is to download the IOTW firmware onto your IoT devices.
The project applies a mechanism known as Proof of assignment to enable crypto mining. In simple terms, this method takes away the burden of ledger storage from IoT devices, eliminating the need for energy and memory-intensive methods to validate transactions.
There are many ways you can mine cryptos without having to be a computer geek or invest in expensive mining software.
If you are looking to mine the conventional cryptos such as Bitcoin and Ethereum, solutions such as Nicehash and Genesis can help. However, if you are looking for a whole new, different way with exciting opportunities, you should think in the lines of projects such as IOTW.
In my opinion, mining is the best way to deep your feet into the in cryptocurrency pool, and there is no better way to do so than to adopt riskless mining approaches.