There are various ways of gaining cryptocurrencies and one major way is through cryptocurrency mining. So, Cryptofactsbc will help you understand what is cryptocurrency Mining and how to mine these cryptos.
There is nothing to worry about because we will give you everything you need to know about cryptocurrency mining and suggest some steps to follow if you want to mine cryptocurrencies. Let us dig into our topic for the day, What is cryptocurrency Mining? 

Understanding Mining

mining

When we take Gold Mining for example miners go into pits to dig for Gold, others use machines one the surface on the lands to detect possible places where Gold will be located.. They find and wash the gold and refine it and get it ready to be sold. That is how Gold mining is done in the real world but when we come to the crypto world it is slightly different. For our fiat currency, the government decides the quantity to be printed and when to print and circulate them because it is centralised.

Cryptocurrency Mining

Bitcoin

Cryptocurrency Mining is the process where by verified transactions are added to a ledger which is known as Blockchain. Crypto coins are decentralized therefore no authority or government persons can order for the circulation of cryptos. Mining Cryptocoins is an arms race that rewards early adopters. Anyone can participate in mining provided they have the necessary materials to start.

I am pretty sure you have heard pf Bitcoins, the first decentralised cryptocurrency that was released in early 2009. Similar digital currencies have crept into the world-wide market since then, including a spin-off from Bitcoin called Bitcoin Cash. You can get in on the cryptocurrency rush if you take the time to learn the basics properly. 

Methods of Cryptocurrency Mining

There are various ways of mining and we will look a few methods;
Cloud Mining
Basically these are some of the cryptocurrencies that can be mined, Bitcoin, Ethereum, Ripple, Thether, Bitcoin Cash and others. The main cryptocurrency we will talk about it’s mining is Bitcoin. 
Cloud Mining is process whereby miners pay money to rent some hardware from a host company. A company owns bitcoin hardware and then gives them out on rent so miners in-turn rent part of these bitcoin hardware and utilize them remotely.

CPU Mining

The use of Central Processing Unit of your computer, which is the brain of your computer was the very first method people adopted for mining bitcoins when bitcoins were first launched in the year 2009. Back then the mining difficulty was very low so just your CPU could help your gain some huge fractions of Bitcoins. 
But as stuff were advancing the mining difficulty increase and became higher so people started to look for something better and higher than a normal CPU.

GPU Mining

When technology was advancing, Graphics Processing Units were created. They are programmable electronic chip or circuit that helps the computer to solve complex problems. Most Especially for gamer to be to install games with high graphics requirements on the computer.  
GPU become very popular therefore people began to use them to mine for bitcoins and amazingly the mining power of 1 GPU equals about 30 CPUs. So, in order for you to gain higher fractions of bitcoins as mine you need to upgrade whiles the system also advances.

FPGA Mining

Another invention came into the system to out smart the GPU mining which was the FPGA. It is an integrated circuit that also helps the computer to carry out a set of calculations. It is almost 10- 100 times better and faster than GPU mining.

ASIC Mining

The full meaning of ASIC is Application Specific Integrated Circuit and it was a breed of miner that was introduced in the year 2019. The sole purpose of this ASIC was to mine bitcoins so you can imagine how fast it would be.

Materials You Need To Mine

What are the basic materials one is supposed to get before mining bitcoins or any other cryptocurrencies

Powerful Computer

Like I explained before you could mine bitcoin and make it profitable, need a powerful computer that has great GPU or CPU to be able to mine higher fractions. Mining Takes a lot of heat and energy from your computer so you need a computer with strong battery life span.

Mining Rigs

If you really wanna make profits from mining bitcoins then you gotta have a mining rig that will boost the energy of the mining. Basically Mining rigs are computer systems that are used for mining bitcoins.

Crypto/Bitcoin Wallet

As usual, before you could save up some money then it means you have a safe to keep your money such as the bank, saving box or piggy bank. Same way before you start mining you need to get a wallet where you can save and keep your small fractions of bitcoin you mine. There are many wallets to use example blockchain wallet and coinomi.

Mining Pools

Before you start mining you need to join a Mining Pool. Mining Pools are a group of miners that share their computational resources and they agree to share their block rewards according to every contributed hash power. By the way there are some certain things to consider when joining a mining Pool.

• Reputation
• The fee they charge for mining 
• Withdrawal Difficulty
• How stable is the Pool
• How frequently does the pool find a block