All around the world, people discuss the cryptocurrencies. Most of the discussions are focused on the exchange value of these commodities and future of this technology. Whenever we discuss cryptocurrencies, we need to consider the other side of the equation and remember that cryptocurrency mining is changing as well!
Years of 2016 and 2017 were big in terms of the steady rise of the cryptocurrencies. As Bitcoin rose from about $1,000 to $20,000 in the last year, everyone started to discuss and invest in cryptocurrencies. With an ever-growing demand for the big cryptocurrencies like Bitcoin, Ethereum, Litecoin, and DASH, the number of alternative cryptocurrencies increased as well. As a result, trading volume of the cryptocurrencies grew tremendously.
All these changes were possible because of the increasing number of cryptocurrency miners. Back in the days, it was possible to just install a software and leave your laptop on during the night to mine cryptocurrencies. Well, it is still technically possible. However, the rules of the game changed as the competition started. The gains from the cryptocurrency mining are largely determined by the cryptocurrency that you choose to mine and mostly by your hardware.
Over the years, cryptocurrency mining is also evolved and adapted to the new circumstances. Let’s see some of the most important changes briefly:
- Cost of the hardware: Building a cryptocurrency mining rig is not as affordable as it used to be. This is mainly caused by the huge demand from the miners all around the world. Also, high-performance PCs were always used by gamers.
- Different methods to do mining: Mining farms stated to emerge over the years. Companies operate as mining farms let users rent their systems to do cryptocurrency mining. This method is appealing especially for people who can’t afford to make a down payment.
- Security concerns: Even though the whole blockchain technology is about security, increasing popularity of cryptocurrencies brought more complex security-related concerns.
As a result, cryptocurrency mining is changing and miners need to adapt to the changes. As CRYPTOTECH, we offer our expertise to end-users to be successful in this game!