Cryptocurrency mining is the proof of work for validating transactions. Proof of work is the consensus algorithm in blockchain networks. It needs to show the work done called proof of work consensus to add the data in the network. If the work is done according to the algorithm and the record we added was verified, the rewards will be transferred. The crypto mining process is still crucial for proof of work (POF) mechanisms and generating rewards as new coins to make money from cryptocurrencies on blockchain technology.
How can we mine crypto?
Nowadays mining crypto by our machines is not easy due to the professional miners and higher the values of cryptocurrencies. Crypto mining machines or crypto mining rigs like Application-specific Integrated circuits (ASICs) are used to mine professionally. Those machines only work for mining processes to get rewards to accomplish the proof of work. These professional miners are mining with thousands of mining machines by building a data center.
But that does not mean that you can not mine at home, besides cryptocurrencies such as Bitcoin or Ethereum, there are various types of coins, so you can mine by installing crypto mining software in your home computer then you can mine coins even you don’t know the process of mining.
So let’s check some examples of cryptocurrency mining and how do they work for earning mining rewards.
The process of running new bitcoins into a mathematical calculation is called Bitcoin Mining, it is also the way that new transactions are confirmed by the network and a critical component of the maintenance and development of the blockchain ledger. Actually, “Mining” has a more complicated circulation with sophisticated hardware to solve the definite sum to generate new bitcoins. Currently, the reward amount for mining Bitcoin (BTC) is 6.25 BTC. 1BTC=$42,050
The second-largest cryptocurrency after the old father Bitcoin, Ethereum, also relies on block rewards to give incentives to their crypto miners. The Ethereum network is trying to move to another model of POF at the same point of 2022. Unlike bitcoin, Ethereum has the nature of inflation currency. There are three different ways of Ethereum mining pool mining, solo mining, and cloud mining. Even though pool mining and cloud mining are easy ways to mine, solo mining has a more complex mining process that requires definite hash power. If you start to mine ether, create the ether wallet first. You must update your GPU to install Ethereum mining software. Then choose a mining pool to start mining and collect your rewards. Basically, the current mining reward is 2 ether per block plus all transaction and gas fees contained in the block. A new block is added to the blockchain on average every 15 seconds.
To mine one ethereum (1ETH), you may pay $ 3,147 (20 Jan 2022), the basic daily mining rewards is 0.011 ETH, and the annual mining rewards is 3.8485 ETH approximately 12,111.23 USD for crypto exchanges. (J^x2TSMvRj1COh0^)
Litecoin has a faster speed at transactions than Bitcoin’s 10 minutes waiting time. Like the other blockchains, Litecoin uses an open-source cryptographic decentralized ledger. It can only be mined with ASICs for your mining profits.
A block is mined within 2.5 minutes and the current reward per block is 12.5 LTC. This will be half in four years. The price of Litecoin is almost $138 and LTC mining rewards for daily is 0.19, weekly rewards is 1.3, and can mine 67.64 LTC rewards annually.
GXG Mining tokens
Unlike other mining systems,GXG made the easiest way for mining tokens. You can mine gxg tokens effortlessly and invest in a crypto-share on the GXG metaverse gaming platform. GXG tokens are automatically awarded to all users for every transaction made on gxgbet.com. This process of obtaining tokens through betting is called mining. The tokens will be added to the player’s account in real-time. Token mining and the result of the bet made do not depend on each other. The player receives GXG tokens in any case. Tokens are mined by the player in a 65/35 proportion. So for each token mined by the player, only 0.35 goes back to the GXG team. A team can not be withdrawn from the smart contract until all tokens are mined. Not only about the mining tokens for your earning rewards but also you can suffer more Metaverse function on the GXG Meta-verse Gaming Ecosystem. For more info please visit our website: https://gxgcoin.io/