What is a Cryptocurrency Miner and what do they do?
In this Episode I talk about
- What is a Cryptocurrency miner?
- What function do they perform?
- What is their incentive for mining?
- Who can mine crypto?
- How you can start mining crypto today
- What different types of miners are there?
- Proof of Work
- Proof of Stake
- Delegated Proof of Stake
- Nodes Vs. Miners, what is the difference?
- Buy Through Amazon to Support us!
- Start Trading today on Binance
- Transparency Disclaimer on what coins I hold
- Disclaimer on Investment
Mining is a vital function in cryptocurrencies, there are various different types of block verification systems depending on the cryptocurrency, but the verification of blocks makes the whole system function. If no one verifies blocks of transactions there is NO blockchain to run on.
I started mining in 2013 mainly litecoin but also other various Altcoins such as Dogecoin, Vertcoin even Ronpaulcoin! I bought 6 GPU’s, a milk crate a mother board and various other components and after weeks of banging my head on the wall trying to learn a brand new skill I finally got it working!
I overclocked (went over manufacturer recommendations on settings) and overheated my rigs multiple times. I would monitor its stats over my blackberry via google remote desktop…so much easier now!
At the time I was living in Idaho so my power consumption was low, I even produced so much heat I was able to grow tomatoes indoors in december! I mined enough coins so that I broke even on the operating and initial costs and I stopped at the end of 2014 with an upcoming move to a new state.
Looking back on some of the transactions i had in my litecoin wallet…if I had held onto those coins I would have over 10 million dollars today! I dont by the way, if I did I wouldnt be recording my podcast in a refrigerator box lined with eggcrate foam!
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