Why You Should Already Be Investing in Crypto Hardware
Invest in Cryptocurrency Mining Hardware
Cryptocurrency is essentially money that is not issued by a government or centralized financial institution. Instead, cryptocurrency relies on belief and trust in users as well as the system itself. With cryptocurrencies, the encryption techniques behind the currencies regulate the issuing of new currency while tracking fund transfers.
This means that an individual selling Bitcoin or Ethereum is unable to “double deal” or copy the currency for sale to another individual. The system is set up that a miner receives a reward of cryptocurrency each time a new block is discovered in a blockchain.
Nonetheless, beginning a mining endeavor to receive this reward does not come without its own costs. Many miners exorbitantly spend on hardware, as well as potentially miner hosting to house this extensive computing hardware.
Cryptocurrency mining uses up expansive resources. The primary one new miners consider is power. However, a cooling a ventilation system usually is necessary as well. This is where a miner hosting company like Crypto Realm can step in to pick up the slack.
Miner hosting companies offer their facility, as well as power and other resources to customers for a monthly fee. They house your equipment (or facilitate your purchase of premade mining hardware) offering security, in addition to reliability.
What Hardware Do I Need to Mine Cryptocurrency?
In the early days of Bitcoin, a miner could employ a normal computer with a CPU like any of the units we use each day. Innovative miners realized fairly quickly that graphical processing units or GPUs demonstrated computing advantages concerning cryptocurrency. GPUs could produce at a rate of 50 to 100% more efficiently than CPUs.
Unfortunately, these early mining solutions are now essentially useless. This is due to GPUs, and other mining-oriented chips by design took over the market and continue to revolutionize and reinvigorate the cryptocurrency mining space today. These chips such as the application-specific integrated circuits, or ASICs produces rates over 200% more productive than early CPU miners.
Although an ASIC unit is quite expensive compared to the standard desktop computer, they ramp up productivity while consuming significantly less power than their counterparts. Nevertheless, most miner hosting providers offer their services for ASIC miners as well to ensure their safety, as well as efficient operation with no hiccups, or roadblocks.
Do I Need to Mine Cryptocurrency to Purchase or Use Cryptocurrency?
No way! Most Bitcoin users in the modern market simply represent investors in the industry. They don’t own specialized hardware, and surely don’t spend money on miner hosting. You can compare a cryptocurrency like Bitcoin to gold.
Many people during the gold rush and propagation of the gold industry used the commodity as money. However, a select group of enterprising individual packed up their backs and headed out to Northern California. These individuals pioneered gold mining in the mid-1800s.
The modern cryptocurrency miner represents the latter group in this example – investing their time and money to play their role in history mining the future of modern, digital currency!
Do I Need to Buy the Hardware and Do This on My Own?
Numerous services exist that provide contracting with a mine without cryptocurrency mining yourself. These miner hosting providers enable you to avoid purchasing hardware, as well as maintaining and servicing the equipment.
For more information on cryptocurrency miner hosting and all that it can do for you, contact Crypto Realm today for more information!