Mining cryptocurrencies is something that perhaps you have ever considered or do not dare to take the leap. Or simply that you've heard someone say his cousin "mines cryptocurrencies" but you don't understand what it means or how he does it or if it's really worth it. The value is not constant and depends on many factors, that is why it is important to learn how to calculate the profitability of mining cryptocurrencies or access tools that calculate it for you. This way you will know if it is worth it or not.

You can do the calculations yourself but they will not always be as effective or you will not always get it right. But there are mining calculators that will tell you the profitability according to a series of criteria. Of course, let's start at the beginning: what are these virtual currencies, which ones are beyond bitcoin, who controls it, how are they mined, who can mine them, how can we mine at home and most importantly: are they profitable? There are calculators that we can find on the Internet and that will help us to know the profitability. We must bear in mind that it is a profitability that changes every moment so that what appears at a specific moment will cease to be valid the next day, that same night ...

Surely you have heard of bitcoin but it is not the only virtual payment method that exists. Cryptocurrencies or virtual currencies are completely digital and intangiblecurrencies . Unlike the euros that you carry in your pocket, these are not physical: there are no coins or bills that you can keep in your wallet. It is not tangible because encrypted transfers are made but you cannot pay in cash with cryptocurrencies in stores or restaurants.

It is a self-regulating payment unit.That is, there is no bank, such as the European Central Bank or any similar entity or organization, that controls it. There is no type of centralized control but it is decentralized: they cannot modify their price from any bank but rather it is the users who control it through Peer to Peer exchanges, of which you have surely heard about. The value is not decided by the banks but is based on the law of supply and demand, thus allowing no major inflation and promising that the value will not be manipulated in the market.

This is where the option of mining cryptocurrencies comes in: not only the users have control through P2P but they are in charge of creating the money, of creating the cryptocurrencies through a process called mining. Mining depends on each of the currencies (bitcoin is the most popular but not the only one) and allows users to help its creation in exchange for a "reward": cryptocurrency miners receive units of said currency in exchange for mining, as a prize.

Beyond bitcoin, one of the most popular and born in 2009 , there are many other currencies. We cannot talk about "calculating the profitability of cryptocurrencies" in general, but we must bear in mind that there are many types, which are many different and not all have the same profitability, of course. The first thing you should know is which one to buy or which one you have, which one you want to consult. For example, among the many that we find are: Deeponion, Ripple, Lifecoin, MaidSafeCoin, Dash, Dogecoin, Monero, Factom, Ether ... There are many cryptocurrencies or virtual currencies that you can find in specialized pages.

Undermine

Cryptocurrency mining is, as we have explained, the "act" of creating the coins in exchange for earning them . As a reward, miners can receive them and do not have to buy them or carry out any type of operation to get them. Mining is usually similar from one to another but the process can change.

How they are mined

To mine cryptocurrencies it is necessary to solve mathematical calculations thanks to a computing power. That is, you "lend" your equipment to P2P networks to perform calculations, to process transactions and seal the blocks. Every bitcoin transaction, for example, is part of a block. And each of the blocks with transactions must be sealed. All this is done with mathematical calculations made through computers that are running 24 hours a day every day, connected and consuming all the time.

For cryptocurrency mining, an old laptop that you are using is not enough, no. It takes power and good performance. In order to carry out this mining process, powerful equipment is needed that sometimes exceed 1,000 euros and these are specialized devices such as ASICs (Specific Application Circuit) created especially for mining and with greater power or capacity to perform this work.

You will also find that there are people who come together to create cryptocurrencies through mining: pool or cooperative. All members work together to receive the reward and it is safer because we have more power. Furthermore, we may be able to solve a block and thus get what we want. It is not a different form of mining but you simply group yourself in a kind of "brotherhood" of computers where you all work to get the reward and it is divided among all who are part. It is not "mandatory" to be part of a pool or cooperative to mine or create cryptocurrencies, but it does involve a commission that you must take into account if you are part of these groups.

Very similar to the previous ones and with the same functions. A very clean and easy-to-use interface for any user and very similar to the previous one. You will be able to see information on practically any virtual currency from the "Coins" section, but it also gives you information on which are the best hardware if you want to buy one because you have decided to take the plunge and dedicate yourself to mining. Here you will see the results of each of them.

And, like the previous ones, it has its own calculator. Just select in "Coins" the one you want from all the available ones and you will automatically see all the data and the calculator. In the calculator, as in the others, you will have to add the hashrate, energy consumed, energy cost or the cost of the hardware you are using. It will give you the values and the difficulty. You will be able to consult the different options you have to see what the profitability of mining each of the cryptocurrencies is.