How To Mine Crypto Without Deep Diving Into It

Do you want to start but have no idea where to start? Let us map out all you need to know about Mining. There are also some traditional alternatives that solve significant problems that come across during Mining, such as expensive equipment and high electricity consumption.

How Did Cryptocurrencies Become So Popular?

Most people around the world are aware of cryptocurrencies today, although a large percentage still believe they are skeptical about the new form of currencies. Meanwhile, many are confident that these digital assets will soon replace the traditional currencies.

Contrary to what many people believe, cryptographic electronic money actually dates back to the 1980s and 1990s. However, in 2008, the cryptocurrency Satoshi Nakamoto founded the first cryptocurrency, Bitcoin. It quickly emerged as a way to take back power from banking institutions and government agencies.

While in the case of centralized banking and economic systems, the government entities control the money. However, in cryptocurrencies, money exists in digital form. More often than not, these cryptocurrencies have a supply, hence preventing companies or governments from producing more.

Cryptocurrencies eliminate the role of Banks, have less devolution, and users actually own this money. Bitcoin absolutely ruled for over a few years; in 2011, it no longer was the only cryptocurrency as its rivals, such as Litecoin and Namecoin, started emerging.

Cryptocurrencies became even more popular when celebrities such as Gwenyth Paltrow, Elon Musk, and Bill Gates started endorsing these assets. The digital asset also acted as an alternative in situations when loans were difficult to seek, such as a pandemic.

As of February 2022, there are at least 12,000 cryptocurrencies in the market; the number has more than doubled from 2021 to 2022.

How Has Blockchain Penetrated Traditional Financial Structure?

Today, the world has shifted from traditional coin and paper to digital forms of money. Today, money is no longer what we hold but the numbers we transfer on the Internet. It is quite natural that these forms of currencies will emerge in this atmosphere. To be specific, cryptocurrencies are these new currencies.

What makes Bitcoin and other cryptocurrencies is its underlying technology, Blockchain technology. In simple language, Blockchain is a distributed database and is shared among the various nodes of a computer network, storing information electronically in digital form. The use-cases of Blockchain are not limited to Bitcoins and altcoins; the crypto world now shelters many new concepts such as NFTs and Metaverse.

Blockchain adoption is rising with each passing day as organizations in leading industries from IT to food are leveraging the technology to benefit themselves and their consumers. Besides, Governments around the world are also taking an interest in technology.

Meanwhile, big corporations are investing in cryptocurrencies to balance their investment portfolio. Millennials and the emerging markets are more attracted to these digital assets and believe in their long-term yields.

Buying Or Mining Cryptocurrency

There is a misconception that crypto mining is a way of generating new coins. But instead, crypto mining involves validating cryptocurrency transactions on the blockchain network and integrating them to a distributed ledger, preventing the double-spending of digital currency on a distributed network.

Pool Mining

Pool mining is a group of crypto miners who come together to increase their chances of finding a block or completing crypto mining. The participants in crypto mining contribute the computational powers and resources over a network. On successfully finding the block, the members are rewarded with cryptocurrencies. The reward is distributed as per their contribution in the pool.

Solo Mining

As the name suggests, in solo mining, a single miner alone is responsible for conducting and executing the mining process. Solo miners do not depend on any third party in any way. Solo miners link their computers to native crypto wallet clients and find blocks.

Difficulties In Solo Mining

A huge investment is needed to do solo mining.

If a miner or miners with better computational powers decides to solve the particular block in which you are putting your resources into, then there is a risk of losing all the reward money.

There is an added risk if a miner decides to invest in leading crypto assets such as Bitcoin.

Different Methods Of Mining

Today the different methods of Mining are present that require different amounts of time.

In the initial days of technology, most miners were attracted to CPU mining. Today, however, it has become irrelevant and impractical as it is too slow and takes months to acquire a small amount of profit. High electrical and cooling costs have only increased the difficulty.

Another method of mining cryptocurrencies is GPU mining. In GPU mining, a set of GPUs is bought together under one mining rig in order to maximize computational power. A motherboard and cooling system are required for the rig in GPU mining.

ASIC mining is another method of mining cryptocurrencies. ASIC miners are specifically designed to mine cryptocurrencies, naturally producing more cryptocurrency units than GPUs. It is important to note here that they are expensive.

As the costs of GPU and ASIC Mining keeps increasing, cloud mining becomes more popular. In cloud mining, individual miners are allowed to use the power of major corporations and dedicated crypto mining facilities.

As the name suggests, mobile Mining involves Mining of cryptocurrencies using just a smartphone. Applications such as MinerGate, Mobile Miner, and Bitcoin Miner have enabled mobile Mining.

Alternative Mining Options

Ecos

Ecos claims itself to be a full-fledged crypto investment platform. Ecos has a cryptocurrency wallet, exchange, cloud mining contracts, and crypto portfolios for investors. In addition, ECOS also has a convenient mobile app that is available on App Store and Google Play.

HashCity

HashCity is another crypto platform where users can mine at least 14 cryptocurrencies. The pool mining fee of HashCity is 1% and is its major advantage.

GMT

GMT token is used for Bitcoin mining and is backed by real computing powers. You must have heard about GMT, maybe in 2021, the project appearing on the market from 2021, however it has made quite a progress since then.

In addition, with GMT, users need not worry about purchasing equipment, configuring, maintaining, and updating it. The GMT token holders, after purchasing their tokens, can start mining Bitcoin in just 24 hours.

GMT is a project that, through a simple and understandable approach, provides access to Bitcoin mining for participants of different levels of all expertise levels, including beginners and experts alike.

Benefits of GMT Over Other Mining Options:

As mentioned above, one comes across various difficulties in crypto mining such as expensive equipment, electricity consumption, or large investment to start Mining. GMT understands this and devised the solution for these problems.

The rewards for Mining in BTC are accrued daily to users’ wallets. GMT provides instant access to Bitcoin mining as it is backed by real computing power. Mining rewards are credited daily to the user’s bitcoin wallet directly from the pool.

One major advantage of GMT is its smooth KYC process: the users are only required to scan a passport, upload a selfie and fill in general information. Besides, the “Bridge” feature helps the exchange to easily swap tokens between ERC-20 and BEP-20 standards.

Token Burning In GMT

GMT has a different but simple process to token burning. The process is directly related to the purchase of new equipment. The team issues new tokens after the purchase of new mining devices. A fraction of these tokens(around 20-90%) is burned. Then, among other tokens, the released capacity is distributed. Consequently, the computing power of each token increases, leading to increased mining rewards.

Why Should You Go For GMT?

GMT got certified by CertiK and received a legal opinion that it is a utility token. The auditing process is a significant process. It is an in-depth analysis of the code in the token contract. The goal of the process is to find and address any possible vulnerabilities. It is of utmost importance that the audit is done by independent developers.

CertiK, a security assessment company, specializes in monitoring DeFi projects, blockchain protocols, and smart contracts. A CertiK audit provides security against rare attack vectors and also compliance against industry standards.

GMT is also the 30th member of the Bitcoin Mining Council (BMC). It was announced the member in the AIBC Summit on November 17th in Malta in the presence of many prominent crypto personalities, including Microstrategy CEO Michael Saylor.

In addition, the International Business Times also listed the project in the “Leading Blockchain Projects To Look For In 2021.” Mainstream media outlets such as Fxstreet and CoinCodex have also reviewed GMT.

Latest Updates In GMT:

Recently, GMT has redesigned its website and now supports 12 languages. The developer’s team at GMT has also added a FAQ section and a more convenient way to look at statistics and navigate other features on the website.

Future Plans Of GMT:

It has been rumored that the team is planning to offer miners a new option: to place their equipment in GMT data centers. In return, miners will be offered GMT tokens in an amount proportional to the supply capacity. There is no official confirmation by the team but if the plan is fulfilled, this project will not only ease the process of mining but will unite miners worldwide and simply give them more options.

In the near future, GMT aims to get listed on the leading cryptocurrency exchange, Binance, and to acquire 4% of the world’s BTC mining in the next two years and 20% in the long term.

If you are looking for a quick start in Bitcoin mining and looking for a highly liquid asset, then you should definitely consider GMT.