There is another way of making money from cryptocurrencies without buying them on an exchange such as eToro and that’s with cryptocurrency mining. Cryptocurrency mining is the process of gaining cryptocurrency through the solving of complex cryptographic codes by high powered computers. When this problem is solved, a transaction record is added to a public ledger known as a blockchain. Blockchain is what cryptocurrencies are built on. You can read more information on how blockchain and cryptocurrencies work here >>> Bitcoin Cryptocurrency – What It Is
How To Mine Cryptocurrency
You need a great deal of computer processing power to participate in cryptocurrency mining now. A powerful desktop computer is nowhere near good enough. So if you want to be a cryptocurrency miner you need to invest in high spec computer equipment (and lots of it), and be prepared to run them 24/7 with the electrical costs that that brings.
Fortunately there is an answer to this – Coinmine. Coinmine allows anybody to mine cryptocurrency at low cost and with low power consumption with their Coinmine One.
What Is Coinmine One?
Coinmine One is an all in one crypto mining device that is designed for anybody to use without any technical expertise. It can be run anywhere with a WiFi or ethernet connection and is set up and controlled via an app. It mines cryptocurrencies such as Bitcoin and Ethereum and then stores them in your in-app digital wallet. Once you’ve mined the minimum amount of that coin, it can be transferred to your own wallet.
How much you can earn depends on a few different factors. Such as how long you mine for, your electricity costs and the price at which you sell your coins. Coinmine One consumes around 160Watts which is similar to games consoles. There is a handy price estimator tool on the Coinmine website you can view to get an estimate.