Here are some common topics you may encounter in your mining endeavors. To the more experienced miners this may sound redundant but others may find it useful.
There are only a few things you really need to start mining. Here is a list of the components:
- A workstation (commonly referred to as "the rig")
- miner software
Once you have amassed the above items before you start configuring/setting up your rig you will need to make a strategic decision on how you will mine. There are two main ways of mining, the third I won't get into for now since it is a bit more complicated since it is somewhat of a hybrid. Here are the two most common ones:
- solo mining, is where you configure your miner to mine by himself and attempt to solve the hash algorithms on your own. If you do succeed in the process you will get the entire proceeds. You will not have to share your proceeds with anyone. This is a great way to go if you either have a massive rig or you are mining a brand new or low complexity coin. If you should attempt to mine a coin such as Bitcoin on your own you may never succeed.
- pool mining, is where you join a community of miners to try to solve the algorithms as a team. If your team is successful in the process you will share the proceeds based on your contribution to the pool. The benefit of being a member of a pool is that you will likely get a steady payout on a daily basis. Since the Privanon secure pool does not charge any fees we would like for you to join one of our secure and US based pools.
Key things to remember:
- While you can mine multiple types of coins with the same miner every coin needs its own wallet.
- Different coins have very different difficulty rates. These difficulty rates determine the amount of time your rig will spend mining before you see any proceeds.