@CARBONX2 and @Wetbuffalo, what is a mining machine for cryptocurrency? Ive never heard of it, but it sounds interesting. Do you have to have any special permissions with it, and how do they recognize you as a legit "miner"?I run 2 mining rigs, each giving me 1 Eth per month, rigs were paid for in 6 months
Holding XRP and Eth for long term
Awesome. Thanks for the infoWell I have two mining rigs set up. A miner is basically a computer that runs a program that process transactions for a given crypto currency. In turn your are rewarded with coins or parts of coins given the difficulty of the coin being mined. This is how New coins are created and also the fees that are paid as transaction fees are added to these blocks too.
The first miner I have is a gpu based machine. It’s a basic computer that has 6 graphics. The computing power graphics cards have sometimes works very well for some coins. I have this system set up to mine whatever coin is most profitable at that time. The program then takes that coin and converts it to bitcoin and I get paid in that. Or sometimes I will just have it mine a coin to collect the coins to hold on to.
The second miner I have is called a ASIC miner. It stands for application specific integrated circuit. This computer is good at one thing, and one thing only, mining coins. The one I have mines litecoin. I own this 50/50 with a friend because of how much it cost. Side note we run it out of his school apartment because we do not have to pay for electricity and man is that thing power hungry.
But that’s basically it in a nut shell. Your are trading your processing power and electricity for coins in return.