WHAT IS MINING?
Mining is the process of creating new cryptocurrency tokens or coins, using computers to solve cryptographic problems and receive rewards in the form of cryptocurrency, unlike physical gold mining. Mining is the process of opening new blocks on blockchains, with the first miner to solve the problem, receiving a reward.
WHAT DO I NEED TO START?
To mine crypto, you need
1. A wallet,
2. Mining software, and
3. Mining hardware.
A wallet securely stores token keys, while mining software is available for various operating systems and is typically free. Mining hardware, such as powerful computers (mining rigs), is the most expensive component, and may be specifically designed for mining, like an ASIC miner.
WHY JOIN A MINING POOL?
A mining pool is a group of miners who pool their computing power to mine, sharing profits proportionally to each miner's contribution. While initial setup costs are lower, mining pools may result in less money due to the sharing of rewards.
IS MINING ILLEGAL?
Cryptocurrency is legal in most countries and illegal in some, but regulations are still developing worldwide. Many countries are cracking down on the practice by imposing hefty taxes or other measures that discourage mining rather than announcing outright bans, so best to check your regulatory environment to be sure.
BlockDAG is a Layer 1 proof of work consensus mechanism that evolves the crypto sphere with a cutting-edge Directed Acyclic Graph structure building on the foundations of Bitcoin