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About cryptocurrecny mining and its types

What is Crypto mining?

The term crypto mining means gaining cryptocurrencies by solving cryptographic equations through the use of computers. This process involves validating data blocks and adding transaction records to a public record (ledger) known as a blockchain. A person who uses cryptocurrency is called a miner.

Types of Mining

There are a few ways you could go about cryptocurrency mining. Here you can see the main ones and start from the easiest one.

Cloud Mining

If you’re looking for crypto mining ways, cloud mining is probably the most popular way to mine cryptocurrencies without having to lift a finger.

Cloud mining is a process where you pay someone (most often it’s a big corporation) a specific amount of money and “rent out” their mining machine called a “rig”, and the process of mining itself.

This rent lasts for an agreed-upon period, through which all of the earnings that the rig makes are transferred to your cryptocurrency wallet. The people (companies) that offer these cloud mining services usually have huge mining facilities with multiple farms at their disposal and know perfectly well how to mine cryptocurrency.

CPU Mining

CPU mining utilizes processors to mine cryptocurrencies. It used to be a viable option back in the day, but currently, fewer and fewer people choose this method how to mine cryptocurrency daily.

All you need to be able to mine using the CPU method is just a computer and a couple of programs. It is possible to do it with a laptop, but it is very strongly not advised. Your laptop will probably fry and overheat in a matter of a couple of hours.

There are a couple of reasons why that is. First of all, CPU mining is extremely slow. You could go on for months without noticing the smallest amount of revenue.

But the fact that it’s so easy to start cryptocurrency mining attracts new CPU miners every day. Some people that are looking for how to mine cryptocurrency don’t care about the details – they just want to start the process as soon as possible, and in any way possible.

GPU Mining

GPU mining is probably the most popular and well-known method of mining cryptocurrencies. If you google “cryptocurrency mining”, GPU rigs are going to be some of the first things that you’ll see.

GPU mining is very popular because it’s both efficient and relatively cheap. The construction of the rig itself tends to be costly – but when it comes to its hash speed and the general workforce, the GPU mining rig is great.

GPU rigs utilize graphics cards to mine cryptocurrencies. One standard rig is made out of a processor, a motherboard, cooling, rig frame, and – of course – a few (2 – 8) graphics cards.

ASIC Mining

ASICs (Application-Specific Integrated Circuits) are special devices that are designed explicitly to perform a single task, which in this case is crypto mining. It is very well known and treasured because they produce insane amounts of cryptocurrency when compared to its competitors’ GPU and CPU.

Interesting Facts

1.By mining, you can earn cryptocurrency without having to put down money for it.
2.Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions, which are added to the blockchain.
3.Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.
4.You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) to set up a mining rig.

Bottom line

Cryptocurrency mining is an interesting alternative to the traditional centralized systems that currently operate throughout the world. However, it’s very taxing in terms of computer and power resources and isn’t feasible for many users as a result.

What is Ethereum ? – Practical uses of Ethereum

Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum. It is open access to digital money and data-friendly services for everyone – no matter your background or location. It’s a community-built technology behind the cryptocurrency ether (ETH).

What’s an Ethereum wallet?

Ethereum wallets are applications that let you interact with your Ethereum account. Think of it as an internet banking app – without the bank. Your wallet lets you read your balance, send transactions, and connect to applications. You need a wallet to send funds and manage your ETH.

Your wallet is only a tool for managing your Ethereum account. That means you can swap wallet providers at any time. Many wallets also let you manage several Ethereum accounts from one application.

Types of wallet

  • Physical hardware wallets that let you keep your crypto offline – very secure.
  • Mobile applications that make your funds accessible from anywhere
  • Web wallets that let you interact with your account via a web browser
  • Desktop applications if you prefer to manage your funds via macOS, Windows, or Linux.

Practical uses

Ethereum allows you to move money, or make agreements, directly with someone else. You don’t need to go through intermediary companies.

Here are 5 practical uses of Ethereum:

1. It can be used in the healthcare system to securely store and share patient information.
2. Smart contracts can be used to make risk-free, direct transactions.
3. It can be used to improve the current election polling system by making it more transparent and secure.
4. It can be used as a decentralized data storage facility.
5. It can be used to build decentralized apps (DAPPS).

Interesting Facts

Here are 3 interesting facts about Ethereum:

1. Programmers of Ethereum created a custom programming language called ‘Solidity’.
2. Unlike other cryptocurrencies, Ethereum’s currency ‘Ether’ doesn’t have a maximum number of coins. This makes it an inflationary currency.
3. Ether mining was originally based on the Proof-of-Work mining principle, but developers have since planned to switch over to Proof-of-Stake in the future.

Criticisms 

Ethereum faces the same criticisms that all cryptocurrency platforms face:

  • Cryptocurrencies may or may not be a bubble about to burst (again). This debate has been going on since at least 2017, a year during which Bitcoin’s value seesawed between about $20,000 and about $3,000.
  • Each of these networks is eating up a vast amount of energy. Cryptocurrency miners, in particular, are devoting a huge amount of computing power to the process of validating transactions. 

Is Ethereum Better Than Bitcoin?

Unlike the Bitcoin blockchain, the Etherium blockchain was not created to support a cryptocurrency. The Ether cryptocurrency was created to provide an in-house currency for applications built on the Etherium blockchain.

In other words, Etherium has wider ambitions. It wants to be a platform for all kinds of applications that can store information safely.

Despite their differences, the two are the creators of virtual currencies that have become rivals in the investing world. And virtual currencies are just that: They are coins that have no physical existence but are represented by a string of code that can be exchanged at a price agreed upon by a buyer and a seller.

The Truth About Website Hosting Costs

Every website needs a hosting plan. Some plans start below $1 per month. Others are over $2,000 per month! To make matters even more complicated, there are more than 300,000 web hosting providers on the market today. Trying to find the best web hosting plan for your site without overpaying can feel like an impossible task. 

This guide will teach you the truth about web hosting costs. We’ve identified the top costs associated with web hosting and how to evaluate those costs as you’re shopping around. By the time you finish this post, you know what you need and what you should pay for a hosting plan that meets your needs.

Web Hosting Type

The type of web hosting plan you select will have the most significant impact on the price. This isn’t a hard and fast rule, but generally speaking, here’s the order listed from cheapest to most expensive:

  • Shared web hosting
  • Cloud web hosting
  • VPS (virtual private server) web hosting
  • Dedicated web hosting

Depending on the hosting provider, cloud hosting and VPS hosting might be switched. There’s a significant price gap between each type of web hosting. The starting price of a dedicated server is roughly 20 times higher than the shared starting rate. 

Unless you’re expecting huge traffic surges out of the gate, the vast majority of new websites should stick to a shared plan. That’s the best way to save some money, and you can always upgrade down the road as your site grows. 

Contract Length

Generally speaking, you’ll need to commit to a longer-term contract to get the lowest possible rate. This is one of the best ways to save money on web hosting costs, especially as a new customer. 

Depending on the provider, plans are typically offered in 12, 24, 36, and up to 48-month contract terms. Month-to-month web hosting isn’t very common. So expect to commit to a year, at a minimum. 

Renewal Rates

Locking in a long-term contract also helps you avoid renewal rates. It’s standard practice in the web hosting industry for providers to offer low promotional rates and then jack up the prices when your contract renews. 

Don’t get me wrong. It’s not like they aren’t upfront about it. But most people don’t think about the costs they’re going to incur three or four years down the road. Some providers double, triple, or even quadruple your rate upon renewal. 

Hosting Resources

Every web hosting plan allocates a certain number of resources to your website. While this might vary slightly from one provider to another, here’s a basic overview of what to expect:

  • Bandwidth – How quickly your server can transfer data. 
  • CPUs – Central processing units to handle all the requests on your site. 
  • RAM – Short-term memory for processing multiple requests simultaneously. 
  • SSD Storage – The maximum allowed size of your website.

Setup Fees and Site Migrations

Most web hosting providers offer free setups. This is especially true with entry-level packages, like shared hosting plans. However, if the provider needs to take in-depth steps to get you started, you might incur some setup fees. 

Setup fees are more common at the dedicated server level, where providers need to physically add hardware components based on your plan requests. 

Domain Registration

Normally, I wouldn’t mix domain registration and web hosting. It’s usually in your best interest to get your domain name from a domain registrar and your hosting package from a web hosting provider. That said, new websites can bundle the two, especially through Bluehost. All new Bluehost customers get a free domain for one year with a web hosting subscription.

It’s cheaper long-term to get your domain directly from a registrar. Bluehost’s domain renewal rates will be a bit higher. But overall, the added cost is pretty marginal. Most new website owners will just find it easier to bundle everything under one roof, as opposed to using different platforms for a domain name and hosting plan. 

Security

There are a handful of different security measures that should be added to your site. I’m referring to things like network protocols, spam filtering, malware scans, firewalls, and more. But you can get additional security directly from your web hosting provider. 

At a minimum, every web host should be offering you a free SSL certificate. That’s become an industry standard, and I wouldn’t recommend any host that charges an extra SSL fee. 

Managed Support and Server Maintenance

Managed web hosting has become increasingly popular over the years. The term has different meanings depending on the plan and provider you’re using, but in short, a managed web host will take care of all the server operations behind the scenes. This typically includes setup, maintenance, server monitoring, support, updates, and more. Alternatively, high-traffic websites could consider a managed WordPress plan. 

Package Extras

Every web hosting provider makes an effort to sign you up for as many different services as possible. Navigating through upsells is just part of shopping around for web hosting. With that said, you can skip the vast majority of add-ons and upsells offered by web hosts, especially the ones that aren’t directly tied to web hosting. 

Downtime

Downtime is an indirect cost of web hosting. It’s not something that you’ll see on your bill.

But every time your site goes down due to a server crash or network error, it costs you money. The type of website you have and your monetization strategy will dictate exactly how much money you’re losing. 

You can use uptime monitoring from Pingdom to see how different web hosts stack up with each other. 

Don’t just look at an uptime guarantee from a hosting provider and assume you’re in good shape. Those guarantees typically come with all types of contingencies. If they fail to meet the uptime agreement, you’ll just get credit off of a future bill. 

Always look at reviews to see what real people have to say about the uptime reliability of different web hosting providers. Frequent downtime can be costly long-term. 

Conclusion

Your total cost to host a website will depend on several different factors. I’ve identified the top ten costs associated with web hosting above. As you can see from this list, it’s fairly easy to keep hosting costs low if you understand what to look for. 

Bluehost is a favorite way to save money on web hosting. So if you sign up with them, you’re on the right track. You’ll even get a free SSL certificate and free domain name.