Is now good timing for mining? How should we make the correct decisions/choices?

What is virtual currency mining?

The mining we are discussing about is the process of Bitcoin and Ethereum using the PoW consensus mechanism to obtain rewards. It was the first to be defined as “mining”. Obtaining virtual currency through mining is a relatively stable investment method for investors with relatively low risk.

Bitcoin PoW consensus mechanism mining requires a lot of electricity, ASIC and hardware, so it is said to be a waste of resources. The value generated by Bitcoin-the process of mining is to obtain bookkeeping rewards by competing and deciding the ownership of bookkeeping rights in a fair way between completely equal nodes through an underlying technology based on blockchain distributed bookkeeping.

Can I/we still mine now?

It can be certainly started because mining is a long-term investment. The current market is relatively stable, and mining is more conducive to mining when the computing power of the entire network is not high.

What are the mining machines and projects?

To choose a mining machine, you must first determine the currency you want to mine, because different currencies have different configurations of the mining machine. For example, mining BTC requires a professional mining machine with high configuration and high performance; while mining Fil, the configuration of the mining machine has high requirements on hardware.

It is generally recommended to choose mainstream currencies, such as Bitcoin or Ethereum. The threshold of Ethereum will be more friendly to retail investors. At present, Filecoin is a very good choice for distributed storage mining.

Filecoin mining official has recommended configuration. In theory, the higher the configuration, the better, but it is not necessarily suitable for Filecoin mining. Cloud Rush has launched a configuration plan that is superior to the official recommended standard of Filecoin, and different groups of people can have different choices.

Why mining in FIL?

Filecoin is a blockchain project advanced on IPFS distributed storage technology and is the only incentive layer for IPFS. Fil is its incentive token. The actual value of Fil lies in that it encourages miners to provide storage space through the IPFS/Filecoin project, which solves the problem of distributed storage in the context of massive data in the big era. Fil mining is also more environmentally friendly and energy-saving in terms of consensus mechanism. With the continuous improvement of Filecoin’s ecology, there are huge development prospects, and the value of its token Fil will also rise. At present, the investment cost of Fil mining entry is not high, and the investment of reliable miners will be guaranteed.

How to mine FIL?

At present, the entry cost of Fil is not high, and the ecological layout is constantly improving, and the prospects are quite good. There are as many Fil coins as you mine. It exists in your own wallet. When the market is less optimistic, it can be held/possed until the market trend gets back good before selling. Therefore, it can be said that the coins produced by mining are not subject to fluctuations in market currency prices.

There are currently two ways to mine Fil in the market. The first is to buy mining machines and pay pledge coins to mine; the other is joint mining, which is actually equivalent to buying cloud computing power. In addition to the payment of pledge coins and gas fees, a portion of the income needs to be allocated to the mining pool as a service fee, but the pledge coins paid are all refundable.

However, joint mining is not recommended because there may be scams. You can choose a reliable miner to buy the mining machine, and the operation and maintenance can be managed. I recommend Cloud Rush, which has layouts for BTC, ETH, and Filecoin mining. In conjunction with Cyxtera, the second-largest data center in the United States, it provides mining machine sales and custodial operation and maintenance. It also provides mining pool incubation, consulting, and other services to ensure mining safety, which is worthy.