How to start mining in 2022?
The year 2022 is marked by a rather difficult situation in the video card market, namely a total shortage of even old budget cards. Available offers can be counted on one hand, and the prices will be inflated almost several times compared to the summer of 2020. The reasons are quite transparent – in winter there was another explosion of cryptocurrency rates: Bitcoin crossed a new threshold of $40,000 (twice the previous records), and after it, the popular altcoins grew. Ethereum, for example, has now returned to its previous highs of $1,600 to $1,700. Accordingly, mining via video cards became very profitable again and created a huge demand – all-new series of video cards were bought out completely, along with budget versions like GeForce GTX 1660.
Due to the situation, we could not ignore a simple question, how to start Bitcoin Mining a newbie in 2022? So, let’s try to put together a detailed step-by-step guide for the novice miner, as well as to answer the question of what is bitcoin mining server hosting.
Should I even start mining in 2022?
Perhaps the first question to address is whether it’s even worth it to start? It all depends on the starting conditions here: as in any commercial endeavor, mortgaging real estate and taking out overpriced equipment is definitely not worth it. Moreover, cryptocurrency markets are subject to their strange laws; and it is very difficult to guess in advance where the rate will go. As you know, only sellers of shovels earn a guarantee on the gold rush.
Nevertheless, cryptocurrencies are firmly integrated into the modern world, somewhere they are used even at the state level, the volume of capitalization is growing steadily – for example, BTC reached a figure of $805 billion. This means that this market is not threatened by sudden and complete disappearance; – it is not a pyramid and is integrated into public life.
Of course, it is notable for low rate stability, it is subject to ups and downs due to the actions of big “whale” players. This must be simply considered: no one can tell you with certainty what the exchange rate will be in a month, two months or a year. But what we can say for sure is that there will always be “waves” in the market: a fall will be followed by another rise; and then another fall, and so on and so forth. Our task is to figure out how not to break our little crypto-boat on the sharp rocks when we go down to the waters of the great crypto-ocean.
What types of mining exist?
Mining today is available in many different forms. In general, we can divide the types as follows:
Mining on video cards.
The most relevant method for enthusiasts today. It consists of the calculation of the hashing algorithm with the help of video cards – your home computer can be suitable for this. Ideally, it is a mini-farm with 6 to 8 video cards, a powerful power supply, and Internet access. This way of Bitcoin Mining is convenient, because video cards are convertible goods, and they can be sold if needed. In addition, the cards usually have a 3-year manufacturer’s warranty.
Large farms can be attributed rather to industrial variants. Basically, this category can include special devices (ASIC-i) for BTC mining (and not only). Actual models are expensive, but also consume a lot of electricity, require a separate approach to cooling and in addition; make a lot of noise, so it is definitely not the best option for single miners. Nevertheless, with the proper investment and cheap electricity can be very profitable.
Online Bitcoin Mining
There are services (e.g. freebitco.in), that allow you to mine without any extra complications – you just need to open your browser and create an account, and then mining will start right from the page. It has a right to life if for some reason you are too lazy to understand the issue. Of course, this method will not provide high profitability; and it would be foolish to use it if you have already built a farm of several GPUs.
The idea, as the name implies, is to rent Bitcoin Mining capacities, through which you will mine the cryptocurrency. It removes almost all the risks from you: you don’t need any equipment; no time costs, and in case of failure you don’t risk anything additionally. On the other hand, the relevance depends on current rates and prices. It may turn out to be easier to just buy cryptocurrency on the exchange right away.
In conclusion, on the winding and nerve-racking road of miners; I would like to wish all the new-found crypto-users not to lose their head at the first successes; not to take equipment on credit, no matter how tempting it may seem. The situation can change dramatically in a matter of days; so the only correct strategy here is caution, consistency, and sober calculation.