Today, private individuals tend to venture into mining for four reasons:
Make a profit
Invest in a promising asset
Keep up with the fast-paced technological progress
Contribute to the development of a decentralized financial system as an alternative to the conventional one that handles fiat money
Below, we’ll scrutinize the essential steps of starting mining at your home, in a garage or another location where you’ll be able to physically control your equipment. Then, we’ll switch to the basics of setting up cloud mining.
Step 1. Decide on the ASIC model
The more modern the ASIC model and the higher its hashing power, the faster you’ll be able to break even and the larger your profit. On the flip side, such devices consume large amounts of energy and emit loud noise. If you’re planning to place them in your home, consider those that are equipped with water-cooling systems – this new technology enables you to drive down the level of noise but at the same time drives up the ASIC’s price.
If your budget is limited, consider one of the most affordable models. Their hashrate is much lower but it can grant you a profit nevertheless. With modest upfront expenses, you’ll be able to assess whether this activity suits you or not.
Step 2. Set It Up
An ASIC is not a plug-and-play solution. You need to regularly fine-tune its settings, which requires technological expertise. If you lack profile knowledge, it might be wiser to outsource this task to professionals by joining a pool or trying cloud mining.
Step 3. Follow the News
To make the most of mining, you should follow the news related to:
Bitcoin
Mining hardware, if you take care of it yourself
Legislation that regulates mining in the area where your rig is placed
Wallet to store your earnings
Miners exchange their experiences in multiple online communities – and you may want to join them too.
Setting Up Cloud Mining
It’s an alternative to buying and fine-tuning your own rig. The exact instructions can differ from one service provider to another. We’ll share the information with you, using the example of ECOS.
Sign up on ECOS website or in its app. To complete the registration, it’s enough to make three clicks. There is no need to verify your identity with documents.
Activate demo mining. It’s not necessary to spend money from the onset. To get a notion of cloud mining, you can watch how it functions during a demo period. All the accruals that you’ll get during this time will be credited to you after you purchase a contract.
Pick and buy a contract. There are options for all types of users, from beginners to professionals. Plus, you can create a custom contract to 100% meet your goals.
ECOS lets you pay for the rented facilities with crypto or fiat money. Your income will be credited to your account daily and you’ll be able to check it in the app. Other providers might have different conditions.
Today at ECOS you can try both products - ASIC mining and Cloud mining with a complimentary trial available on the website. All you need to do is register an account and use a promo code “TryBeforeBuy” in the account settings to activate Cloud Mining and “TryASIC” to activate service of ASIC mining. Access to the world of cryptocurrencies is much easier with ECOS!
Access to the world of cryptocurrencies is much easier with ECOS!
