Whether you’re a mining beginner or an expert cryptocurrency miner, you may always be looking for methods to mine more coins/tokens with less investment and in less time. This is like the dream of every miner. In this article, we will discuss the top methods for increasing your mining performance and profitability.
Bitcoin mining is the most popular form of coin mining. It involves several miners getting engaged in verifying Bitcoin transactions and generating new Bitcoins in the process. Miners are always looking for new, more innovative ways of mining top currencies. This is what we’re here to discuss.
Bitcoin Mining in the Cloud
Cloud mining involves paying a third-party to mine coins for you. The third-party you hire for mining will be using your account but their own resources to mine new tokens on your behalf. This removes the need for arranging high-cost mining hardware and setting up the system. Many professional mining companies are engaged in these kinds of contracts where they lend mining power to others. This is a nice way to make a good income without sacrificing a lot of your time and money. But, be wise in choosing a company or miner for such services.
Bitcoin Mining Using a Professional Rig
This option is suitable for those who are serious about bitcoin mining or looking to adopt it as a full-time profession. A Bitcoin Mining Rig usually consists of an application-specific integrated circuit (ASIC) based computing device along with a constant energy source. The initial cost of setup and implementation would be high, and you can expect to make a significant profit only after a year or so. However, the ultimate profit you can make would be much higher than the cloud mining method. Therefore, this option is recommended only for those who can afford it.
Alternatively, you can join a mining pool where the initial cost would be divided among multiple miners who also share the resources as well as the rewards.
Mining through X20 Algorithm
The X20 algorithm has been founded as a successor to the popular X11 algorithm which employs multiple hashing in order to make mining faster, more secure and affordable. It does so by minimizing the hardware heating and reducing the energy consumption.
X20 based systems are more affordable and easy to use. Let’s understand this with a real-world example.
Pieta is a project based on the X20 algorithm, as it provides a cost-effective way for everyone to mine Bitcoins and other cryptocurrencies. Pieta utilizes solar energy to replace traditional energy sources in the mining process. It reduces the power cost and keeps the environment safe from the harmful impacts of carbon released from traditional energy sources. Pieta provides an easy X20-based platform for cryptocurrency mining where everyone can get involved in mining tokens even without any technical knowledge.