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1) Choose a cryptocurrency to mine

Here are a few considerations to keep in mind when choosing a coin to mine:

  • Current market trends
  • Upside potential of the coin (technology/hype/team)
  • Current difficulty and historical difficultly rise trends
  • Hardware requirements (ASIC or GPU)

2) Choose and buy mining hardware

We recommend considering the following factors when selecting mining hardware:

  • Current profitability of the mining hardware
  • Versatility of the miner (algorithms)
  • Budgetary requirements
  • Hosting space for the miner

3) Create a wallet and join a mining pool

You will need a wallet that supports the coin you decided to mine. Many cryptocurrencies have developed their own wallets which is typically the best place to start. Finally, choose a mining pool to join or try your hand at solo mining. Each cryptocurrency has many different pools available with their own benefits. Visit our Cryptopedia page for details.

Need more help? Midcrypto’s “Ask an Expert” service features personal 1-on-1 voice, video or text communications with our cryptocurrency experts!