DECIDING “WHAT TO MINE”

In the hierarchy of the crypto sphere, miners are probably the most important in the chain and they tend to help keep the entire system running. Even though their job comes with a reward, it is important to know that their function can’t be demeaned for a continuous growth of the cryptocurrency community.  Miners use various tools in carrying out their operations. Some are hard ware devices and most are online web spaces.

In this article, we’ll be exploring the world of one of the top website tool which miners use in making pertinent decisions. We’ll also generally be looking into the world of cryptocurrency miners also called nodes but first let’s look into what it means to mine cryptocurrency.

MINING CRYPTOCURRENCY

To put simply, the basic work of a miner is to ensure orderliness on the cryptocurrency network. The mining only comes as a reward for keeping order. Their activity is also one of the most important source of generating the cryptos. On a broader note, the process of confirming transactions and keeping order – creating blocks – is encapsulated in the consensus method used to make agreement between users on the blockchain. This is called the Proof of Work (PoW).  For the proof of work to be effective, miners have to competitively solve an increasingly difficult mathematical algorithm. The faster a miner/nide solve the equation, the more blocks is awarded to him for creation. As a reward, he gets coins or tokens on the network.

However, to decide which of the cryptocurrency best suit a miner to work on, they use online tools like WhatToMine.com. Nodes are like basic business people looking to get the best out of every options available to them. With the geometric increase in the number of Cryptocurrencies coming to live almost every month, deciding which one pays better, depending on the motive if the miner is one huge task. This is where online tools like WhatToMine comes in.

WHAT TO MINE

WhatToMine is an online calculator tool that gives miners a grasp of what their possible earning is mining a variety of coin or token. With this information, they can then decide which one they’d like to work with. The website has an up to-date hash rates for most graphic cards which makes it popular. You simply have to state in the text box provided the amount of GPUs and what the expected cost of your electricity will be, the calculator then works to show you how profitable it is mining the coin. You also can decide to make use of the filter feature and chose what exchange you prefer.

The result shows what the estimated rewards will be in all time metric including an hour, a day, in 7 days and a year. It also shows the reward in various monetary metrics from the USD to bitcoin. The last information on the table is the net reward which means the cost of electricity and mining pool has been deducted.