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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

Mining for beginners

Mining is a term you should familiarize yourself with if you are interested in cryptocurrency . You can make money from mining, and many Norwegians have already opened their eyes to this lucrative activity.

Mining is central to the production of new coins for a cryptocurrency such as Bitcoin. In this guide you will learn more about what mining is and how to get started!

What is mining?

Mining is an activity performed by a computer specially designed to power a specific blockchain network . The computer can solve mathematical challenges, and solves problems related to the network’s transactions.

During mining, you will help to produce new currency units, and you will also ensure more stable inflation as you solve more and more advanced tasks. At the same time, you help verify transactions .

As a reward, the owner of the computer receives cryptocurrency. This can be, for example, Bitcoin or a similar currency. The activity is often also called “extracting cryptocurrency”, or engaging in “mining”.

How to get started with mining?

Do you want to make money from mining? Then you need, among other things, to install a miner program on your computer. You also need to create a digital wallet where the funds you earn can be transferred. Otherwise, you need a powerful graphics card that is suitable for mining .

In the past, people often used the PC’s CPU for mining. Gradually, it became more common to use graphics cards, ie GPUs, for mining. This proved to be more effective. Some enthusiasts have also developed their own FPGA mining circuits.

There are also some hardware that is specially built for mining, often called ASIC . In other words, there are several potential methods for mining.

If you want to engage in mining Bitcoin, Bitcoin Gold or Litecoin, choose mining with ASIC. If you are going to dig for zCash, zClassic, Ethereum or other Altcoins, GPU is the best option.

Pool mining

A good alternative to extracting Bitcoin at home is so-called Pool mining. This means you use your machine power in collaboration with others, and you do not need the most powerful graphics card. This is becoming more and more popular, precisely because powerful graphics cards are expensive, difficult to obtain, and it is not certain that you will get your investment back raw as quickly as you hope. An alternative is to get an account at Binance , where you can have a full overview at the same time as you mine with others:

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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

Buy a mining rig

To get started with mining in the simplest possible way, it may be a good idea to get a mining rig. This is a rig consisting of, for example, an operating system, memory, graphics card, GPU and a motherboard. The device is designed specifically for cryptocurrency mining.

One can, among other things, buy a used mining rig on marketplaces for second-hand trade, or make it yourself.

If you are building a mining rig, it is first and foremost the video card that is used that will determine the rig’s performance. At the same time, the motherboard you use may be decisive for the restrictions that apply in terms of the number of video cards.

Building a mining rig can cost quite a bit, and the video card will be crucial to what the total amount will be.

How much can you earn from mining?

With a single graphics card on the PC, you can potentially earn cryptocurrency worth around NOK 100 per day. In the course of a year, this can amount to more than NOK 36,000. If you have several graphics cards, the profit can be much higher.

At the same time, keep in mind that a graphics card draws a relatively large amount of power. During mining, the graphics card will be operated at maximum capacity, which can make the electricity bill more expensive – especially in times of expensive electricity. In other words, the spinning can go up in the winnings!

It is also important to keep in mind that a graphics card can be quite expensive. The RTX 3090 graphics card, for example, costs around NOK 20,000. This amount can be earned back in around six months if the card works continuously.

How much you manage to earn on mining will in any case depend on what kind of graphics card you have. Here is an overview of some popular graphics cards, and how much you can potentially earn from mining with these per month:

Tax on income from mining

The Tax Administration is informed that you must report mining in the tax return, if you have been engaged in mining of virtual currencies.

Since mining involves receiving cryptocurrency as a consideration or reward after verifying the crypto, it is a potential source of income. The tax authorities therefore encourage you to calculate how much money you have mined for at different times.

You must then calculate the value of the mining, and calculate how much you have earned. The amount must be stated in the tax return, and you are encouraged to take care of all documentation.

Benefits of mining

There are many good reasons to start mining. Perhaps the biggest advantage is that you can make money from it, given that the graphics card works a lot and efficiently. The process is also very exciting and educational, once you get into it.

Another advantage of mining is that it is absolutely necessary for the production of cryptocurrency. In other words, you can have a good conscience for contributing to the crypto community.

Disadvantages of mining

Mining can have certain disadvantages for those who do it. For example, it is not uncommon for the computer to be noisy and produce a lot of heat, since the graphics card runs at full speed for a long time.

It is also the aforementioned challenge with high electricity bills that can eat up much of the gain. Another disadvantage, which does not necessarily affect the miner himself, is that there will be a shortage of graphics cards for those who will use this for gaming.

Get started with mining, you too!

Do you want to start mining for cryptocurrency? Mining is simply explained by the fact that you extract new devices from a cryptocurrency using your computer. Among other things, you can do this using a video card.

It is possible to make money from mining, and it is not unlikely with an income of around 30,000 kroner in the course of a year. At the same time, there are some costs associated with the process. Start mining yourself, and find out if it’s for you.

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  • bitcoin
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  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
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  • klarna payment
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Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.

FAQ

Hva er beste grafikkort for mining?

Det er en rekke grafikkort som er gode til mining. Blant de aller beste kan vi nevne Asus B250 Mining Expert, ASRock H110 Pro BTC+ og Asus Prime Z390-P LGA1151.

Er mining lønnsomt?

Dette vil avhenge av hvilke kostnader du har relatert til mining (f.eks. kjøp av grafikkort, strømutgifter osv.), samt hvor effektiv grafikkortet er.

Er mining vanskelig?

Nei, mining er i utgangspunktet veldig enkelt. Det er en datamaskin som tar seg av de vanskelige beregningene, og ikke du selv.

  • Copy experts
  • TRADING
  • SPOT
  • Leverage
  • Low fees, secure and popular crypto exchange.
  • Offers social trading - follow the trades to your favorites.
  • You can open an account and make your first trade in minutes.
  • bitcoin
  • ethereum
  • ripple
  • litecoin
  • bitcoin cash
  • dash
  • stellar
  • neo
  • tron
  • zcash
  • binance coin
  • plus more
  • visa payment
  • mastercard payment
  • paypal payment
  • webmoney payment
  • china unionpay payment
  • klarna payment
  • neteller payment
  • skrill payment
  • bank wire transfer payment
  • plus more

Trading cryptocurrency involves a high risk and you can lose all your money. Be aware of current regulations and risks before you trade.