How to Start Mining Cryptocurrency from Scratch in 2022: A Complete Guide

There has been a big rise in the price of a lot of cryptocurrencies in 2022, which has led to more people mining. As a result, both huge investors and regular PC users are increasingly choosing to become miners. Today, we’re going to explain how to get started mining cryptocurrency in 2022.

How to Mine Cryptocurrency

If you’re starting from scratch, you should learn how to mine cryptocurrency, how to choose a coin, how to mine it, and what you need to do it. Also, learn the basic terms for this type of work:

• Blockchain is a chronological record of all transactions;
• Hash is the result of the hash function, displayed as a string, which provides the blockchain’s connectedness;
• Hashrate is a measure of a cryptocurrency’s computing power;
• Rig is a piece of mining equipment;
• Farm is a collection of rigs integrated into a single system;
• A pool or mining pool is a server that accepts a huge assignment and divides it into multiple smaller tasks for each group member.

The process of mining itself is a mathematical calculation that verifies transactions. They find a block for which a reward is given. There are also people who mine cryptocurrency and programs that help people get digital assets.

How to Choose Cryptocurrency

The first thing to decide is whether or not to start mining cryptocurrency in 2022 at all. Here, a lot comes down to how much money you put in, how you mine, and what kind of coin you choose.

Bitcoin, Monero, Zcash, Ethereum, and Litecoin are the most popular, but not always the most profitable, ways to buy things right now. On the WhatToMine service, you can see this for yourself. You can choose the mining method you want to use (graphic cards or special devices, ASICs) and check the list.

Instructions for Mining

There are three methods for mining cryptocurrencies – solo, group and cloud mining. The first assumes that the user uses the computing power of his equipment only. In group mining, users are combined into groups (pools) to increase the overall hashrate. Cloud mining allows you to do without buying equipment at all.

Cryptocurrency mining solo

A lot of people who want to work with cryptocurrency choose to work alone because they get a lot of money for their work and there is no fee to pay when working in a pool. Because you have to buy an ASIC to choose what to mine on. So, this is a very powerful device that costs a lot of money, usually not less than $ 2000-3000.

Faster it will be to mine cryptocurrency with powerful tools. Even if you have a top-of-the-line video card on your computer and even two of them, you can’t mine alone. The payback will be low, and the number of coins that can be used is going to be small. And if you’re just starting out, you should look for other ways to mine, like joining a pool or using cloud services.

Group mining

Cryptocurrency mining in a pool is a great answer to the question of how to start mining on a home computer without having to buy or build a huge farm (or at least a rig). Miners will work together in groups, and the reward for each found block is split between everyone. It means that even if your equipment isn’t very productive, you can get a small share of the money.

PCs with modern video cards can be used to mine in the pool. At least 4 to 6 GB of video memory is needed, and even better, 8 or more is needed. If the equipment is made by itself and used for cryptocurrency mining, you can buy a motherboard that can handle 6, 8, or even 12 graphics cards, like ASUS Prime H270-PLUS.

As an example, you will need risers to connect your video cards, and you will also need an SSD drive of at least 120-160 GB and an up-to-date processor to make the device work. All this is in a separate building.

Cloud mining

After you figure out how mining works, you can try another method that is available to almost everyone and has a low start-up cost. You don’t need to spend a lot of money on expensive equipment to set up and deal with a lot of noise.

When you follow these steps, even if your computer doesn’t have any special graphics, you can still mine in the cloud.

It’s important to find the right coins and cloud service to mine:

• Choose the calculation method and the amount of power.
• For most people, this will be about a year.
• Pay the rent and the fee.
• Periodically, check to see if mining fees have been paid.
• After the contract is over, decide if you want to switch to another service or stay on the same one.

The Bottom Line

To summarize, there are various ways for a rookie miner to earn money from start – both mining cryptocurrencies on your computer and working in a pool. Alternatively, you can mine coins in the “cloud” without purchasing or setting up equipment.