Should You Start PKT Cash Mining?
PKT Cash is a project that aims to take power away from internet service providers and create a new internet. Can you mine other coins?
Introduction:
If you’re new to the cryptocurrency space, then you might think that the only way to acquire them is to buy them on an exchange. However, there’s also a way to earn them through a process called mining. That’s essentially conducting the verification procedure that validates transactions, and it’s more commonly referred to as mining.
The most popular cryptocurrency to mine is Bitcoin, by a large margin. Most of the processing power that’s used to mine cryptocurrencies is oriented towards Bitcoin because that’s where the largest profits lie. Visit this link to read more.
Since the highest price reached 69 thousand dollars last year, loads of businesses have invested their earnings in buying equipment and the technology needed to support it. There are a couple of elements that go into determining whether you should start mining too.
There’s the initial cost of the equipment, which can be quite high nowadays, seeing that there’s a chip shortage around the world. Next comes the cost of electricity, which can also be a problem since there’s going to be a shortage of electricity during the winter. To figure out whether this is lucrative, you need to consider all of the expenses, as well as all of the possible returns.
Can you mine Bitcoin on an average computer?
Mining Bitcoin on an average computer as possible before 2013. That was before ASIC chips were invented. However, after their introduction to the market, the capabilities of the average PC weren’t able to compete when it came to mining.
Even though you can theoretically mine with your own device, the endeavor would not be viable at all. This is mainly because of how the game has changed. Everyone competes to find out the solution to the hash problem first.
This means that if you have a low spec configuration, you’re at a disadvantage right from the start. The difficulty of the reward has programmed to be in line with the price, which means that you need to invest massively before getting a return.
In 2009, you could have mined it for free because that’s how the process worked. The only competition was other miners, as well as the cost of electricity. In a couple of years, people started to create rigs that massively increased computational power. The difficulty of getting a new coin was almost equal to the revenue made from it.
Can you mine other coins?
Luckily, there are other cryptocurrencies apart from Bitcoin. Even though that was the first, there have been others who hope to take the throne in their specific niche. All of the other projects that stem from the original one are called altcoins.
The most popular cash mining altcoin is called Ethereum, which is a platform that can host smart contracts. It currently works on a proof of work system, just like Bitcoin, but there’s a new version coming out that’s going to change the mechanism to proof of stake.
This new change allows users to get rewards proportional to their holdings of the cryptocurrencies. When you stake your coins in a pool, you get a reward for being part of the network and validating transactions. This is a system that eliminates the need to get expensive hardware, as well as spending electricity. Since new coins are created in the process, this can also be seen as mining.
What about PKT Cash?
PKT Cash is a project that aims to take power away from internet service providers and create a new internet. That can achieved by taking a proportion of today’s bandwidth and storing it for future use. Eventually, there’s going to be enough that will power the entire world.
Even though it is a fork of Bitcoin, it’s a completely new layer one protocol that gives back to the people and pays them for sharing a portion of their bandwidth. This way, you’re not using any hardware or electricity.
Conclusion:
Instead, you’re just spending the unused data that you’re already paying for. The two main processes that can turn your internet into income are block mining and announcements; which work together to make the PKT network run. It’s like being part of the Bitcoin bubble before it went mainstream.
