When considering how to make money with cryptocurrency, mining is one of the methods that always comes up. Mining cryptocurrency is one of the best ways to make money with altcoins as it’s extremely passive: just invest in the equipment, set it up, and let it run.
But there’s the only possible issue…investing in the equipment.
How Does Bitcoin Work?
While you can mine cryptocurrency without extremely high end hardware, the better the hardware, the faster it can create more coins for you and the better your chance of actually making money. Mining works by having computers solve complex mathematical problems, and when they solve them, you are rewarded with cryptocurrency.
The thing is that as more cryptocurrency is created, the problems get harder and harder, and so if you don’t have a high end system, it can take a LONG time to solve things.
You might also need cooling units, extra electricity upgrades, and more to support all this.
Also MANY different people are trying to solve the same problem at the same time.
If your computer is too slow and someone else solves the problems first, you get nothing, so investing in a high end system is almost always needed.