What Is Cryptomining 101?. Genesis Mining Zcash

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What Is Cryptomining 101?

Explaining cryptocurrency mining like Bitcoin and Ethereum!


What is Cryptomining? Have you ever wondered how Bitcoin is generated? This short video is an animated introduction to Bitcoin Mining.

Cryptomining allows you to access data centre processing capacity and obtain cryptocoins without the need to purchase the right hardware, software, spend money on electricity, maintenance, and so on. The essence of cloud mining is that it allows users to buy the processing power of remote data centres.

The whole cryptocoin production process is carried out in the cloud, which makes cloud mining very useful for those who do not understand all the technical aspects of the process and do not want to run their own software or hardware. If electricity is costly where you live – for example in Germany – then, outsource the mining process in a country where electricity is cheaper, such as the US.

What are the advantages of Cryptomining?
●Not dealing with the excess heat generated by the machines.
●Avoiding the constant buzz of the fans.
●Not having to pay electricity.
●Not selling your mining equipment when it is no longer profitable.
●No ventilation issues with the equipment, which is usually heated a lot.
●Avoiding possible delays in the delivery of hardware.

Is cryptomining profitable?

The answer to this question depends on some factors that affect the profitability of investments. Cost is the most obvious factor. The service charge covers the cost of electricity, accommodation and hardware. On the other hand, the reputation and reliability of the company is a determining factor due to the prevalence of scams and bankruptcies.

Finally, profitability depends on factors that no company can predict or control: just remember the high volatility of Bitcoin in the last three years. When you buy a mining contract, it is better to assume a constant price for Bitcoin, since your other alternative is to buy bitcoins and wait for the price to rise. Another important factor is the capacity of the entire network, which depends on the number of operations per second. Over the past few years, power has increased exponentially. Its growth will continue to rely on the value of Bitcoin and innovation in the development of integrated circuits for particular applications.


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