Looking back in time for the last decade, the idea of Bitcoin mining is not a strange concept in the crypto space. According to a recent report, the proportion of crypto holders engaged in crypto mining has surpassed 300 million.
Since cryptocurrency has become a trending talk, the rate people are getting acquainted with the operation of blockchain technology and also, by extension, the modus operandi of the crypto space. However, unlike a few years ago, more and more people are interested in understanding what crypto mining means and truly entails.
Of a truth, the way crypto mining works is not like the normal mineral mining like iron, gold, oil, diamonds, and others. Mining cryptocurrency is basically a process that involves nodes (more like a network of miners) who are working collectively, though independently to ensure that new crypto assets like BTC, Ethereum enter circulation.
You might want to ask if the network of miners (which are often called Nodes) are working to pick the crypto assets from the database just to dump them in circulation, but the answer to that question is NO. The processes involved in crypto mining are more technical and are also interlinked. For better comprehension, this guide will break down the four basic concepts involved in crypto mining;
1. Crypto Mining is the process of operating a ledger – verifying and recording new transactions with the crypto assets.
2. Crypto Minders earn their reward through the fees charged on every transaction and also through the new crypto assets generated.
3. To mine cryptocurrencies, especially, Bitcoin, there is a need for specialized mining software and hardware which help you participate in different mining pools.
4. Mining cryptocurrency is an energy-consuming process, and to be more profitable as a miner, you will need access to energy at a low cost.
Since people are getting more interested in the crypto space, there has been an upsurge in the request for explanatory guides that shows people how to participate in crypto mining, especially bitcoin, because it is currently the most valuable crypto asset in the space. Also, bitcoin has been the prime option for newbies in the crypto space who are also diving into crypto mining.
This guide, however, intends to give you the adequate knowledge required to navigate the crypto mining sector.
That said, the first way to get started is to get some crypto mining software dedicated and designed specifically to solve cryptographic, complicated mathematical puzzles. Also, it has been proved that a way to warn faster as a miner is to join forces with other existing miners. This is because the role of a miner is not automatically appointed by the system but rather it is a competitive process and whoever gets to finish it first earns the reward.
Before diving into the list of software options you might want to consider as a BTC miner, you must be aware of the necessary hardware components needed for the task.
Usually, to facilitate crypto mining, every crypto miner has three hardware component options. The first type is the CPU chipset which can be found in our regular computers and mobile devices like tablets and smartphones. The second hardware option is GPU (Graphics Processing Unit) which is embedded in gaming devices. The last hardware option for every crypto miner is the ASIC (Application-Specific Integrated Circuit) miner.
However, the requirements of the CPU are becoming almost unbearable for mining certain cryptocurrencies, which have led to a relatively low computational output and increasingly difficult levels. With that, the ASIC and GPU hardware options are becoming more popular because they are considered more productive than the CPU option. Though, on the other hand, the CPU option offers a relatively low entry barrier and easy access to any mining pool.
Having covered the hardware required for every Bitcoin and crypto miner, we will look into the software option every crypto miner should consider in 2022.
The Top 10 BTC Mining Software Every Crypto Miner Should Consider in 2022
- Minerstat
Minerstat has been considered one of the best mining software you can see out there and the consideration has been attributed to several factors especially the ability of the software to offer a complete stack of solutions to professional crypto miners. The software which is used for management and monitoring also has extensive compatibility with all users irrespective of their hardware options including CPU, ASIC, and GPU hardware.
The Minerstat software is also compatible with any operating system, either mobile devices or desktops, because it has its own dedicated mining OS on which its operations are based. Also, end-users have a long list of mining hardware they can pick from to integrate with the dedicated mining OS of the platform.
As mentioned earlier, the mining software has other features that made it a management and monitoring software that offers automated solutions to professional crypto miners. Generally, the dashboard or interface of the software is easy to navigate, likewise the professional mining management system.
Because of these features listed and others not listed, Minerstat has been widely adopted by various kinds of miners.
- F2Pool
F2Pool is another option for prospective miners because it connects and aggregates users to a mining pool with balanced geographical distribution. Through the software, F2Pool brings different miners together and coordinates the mining operations, and also grants easy access to the required toolsets.
Though the mining software has more compatibility for miners using CPU Mobile hardware, since it is compatible with Android and the iOS operating system, there is third-party support for the GPU and ASIC miners.
With the above-mentioned drawback, this software option might not be the best option for professional miners, but it has a very high level of benefits for miners who are just starting because they can tap into a wide network of cryptocurrencies built on the proof-of-network consensus mechanism, including BTC.
Being launched in 2013, F2Pool is one of the oldest mining software, and its infrastructure is highly decentralized. Also, it is one of the mining software options that are most rewarding to starters.
- Nice Hash:
Nice Hash, compared to the F2Pool Software, is compatible with the ASIC, GPU, and CPU hardware options. However, its strength compared to other options is its brokerage service. This feature allows you to rent out your computational power (often called Hashing Power) to other miners.
In other words, users can earn bitcoin from this platform by just selling the idle computational power from their ASICs, GPUs, and CPUs to other miners who intend to put it to active use. By implication, the platform also serves as a marketplace where miners buy and sell hashing power through a sharing economy approach.
Another benefit for Nice Hash users is that they have access to third-party equipment that helps them switch between different algorithms automatically. This means that the software can either be operated automatically or manually through the “Manual Selection Tool.”
Some other laudable features in this software option include memory timing, automatic location switcher, Autotune, auto-recovery mode, and many others. In addition, the platform has a user-friendly website that allows for easy navigation, and the reward systems of the platform for beginners are mouth-watering, especially for miners that are focusing on BTC mining.
Last but not eh least of the cool features on this platform is the short-term payout system that allows users to withdraw their incentives every four hours, and it becomes more beneficial for miners intending to withdraw their profits every month.
- MinerGate:
MinerGate is a multi-currency mining pool that is used more by ASIC miners. It covers a wide range of minable assets, though BTC is missing on the list since it has been suspended for reasons some persons believed have to do with profit adjustments.
The total number of miners that adopted this space across the globe is recorded to be about 5.33 million, and this number has been attributed to the fact that the mining software is one of the easiest mining services that can be used to attain 99.7% uptime because of its palatable terms, especially for newbies.
The features of the mining software include the smart miner that allows the system to mine different cryptocurrencies automatically depending on the highest exchange rate in a given trading window. Also, the platform has a merged mining feature that allows you to mine two different coins that are built on the same CryptoNote algorithm simultaneously. And according to a release on the official website of the software, this feature represents the first of its kind in the mining industry.
Also, there is an affiliate program for the software where users can invite their friends to be a part of the mining pool and earn a commission of up to 65% of the profit they generated depending on their status as an affiliate (beginner, Intermediate, and Profi)
- GMiners:
GMiners is perhaps one of the fastest-growing mining software in the industry. Apart from the fact that the software offers a low barrier to entry for beginners, end-users are also provided with the most efficient tools for increasing their crypto earnings. Also, there are prominent assets that can be mined on the software including ETH, Grin, Ravecoin, Zelcash, Beam, and many others.
Compared with other options in the mining industry, GMiners has a cloud mining service and its pride is built on the fact that it is named the “best BTC Cloud mining platform.” This is because miners using this service don’t necessarily need to install a sophisticated mining rig to facilitate their mining activities.
Basically, what is expected from a miner using the GMiner mining software option is just three things. The first of them is to rent a miner in the remote Data Center. Also, they are required to purchase hash power and buy a mining subscription.
The minimum deposit fee for a mining contract on GMiner is $150 and by paying this fee, miners will receive cover for the hardware services, staff salaries, electricity bills, operating costs, and other miscellaneous costs that may be incurred in the process of mining.
Lastly, it has been said that miners on the GMiners software are disrupting the norms established in the mining industry for several years, with their intention to replace the resource-intensive crypto mining process with a cloud-based alternative.
- Shamining:
Shamming is another mining platform built with the next-generation cloud mining approach to eliminate the barriers attributed to the conventional approach to crypto mining which is resource-intensive.
The other side to this approach to crypto mining from Shamining is that it requires the use of complex computers and also versatile technical know-how for the mining facility operation. Most often, this approach is not always cost-effective and is not profitable for small-scale miners and beginners. But as a way to combat this issue, Shamining offers to perform the most tedious tasks for its end-users, while providing them with a high-quality and convenient mining experience and transparent tariff rates.
So technically speaking, Shamining has used its platform to unite the network of investors across the globe and also to facilitate mining activities by leveraging the collective computational power of the miners on the platform.
To this end, the end-users on the Shamining platform can enjoy four different categories of mining contracts. Two of these contracts are dedicated to miners using the GPU hardware, while the other two are meant to cater to the miners using the CPU and ASIC mining hardware. And for each contract category, there are different levels of profitability miners can enjoy, though proportional to their mining capacity.
- Awesome Miner:
Expert in the mining industry has named Awesome Miner the best option for miners operating on a mining farm or rig. The mining software is popular for its ability to handle different mining rigs simultaneously as well as miners’ pools with just a single and user-friendly dashboard.
The mining software was launched first in 2014 as a crypto mining management application for devices running the Windows OS. However, over the years, the functions of the software went beyond the initial purpose of its development. Beyond the centralized management format, the software is capable of managing pools of miners.
Awesome Miners has some outstanding features, which include the ability to help users minimize downtime and maximize profitability during mining activities. Moreover, the software also supports more than 50 options of mining hardware, and it is compatible with the prominent algorithms in the mining space, including Scrypt, Ethereum, X11, SHA-256, and so on.
Generally speaking, you can say the Awesome Miner software option is quite intimidating for newbies, but it is definitely an outstanding option for professionals.
- MultiMiner:
MultiMiner is a great option for advanced BTC mining. Though it is currently available for Linux, macOS, and Windows users only, the software remains one of the most advanced pieces of technology the mining industry has ever seen. It has one of the most user-friendly and easy-to-navigate interfaces. Also, the support it has for GUI – Graphical User Interface has made it the prime option for newbies as well as professional miners.
The onboarding process of the MultiMiner for newbies is very simple and it demonstrates how they can connect to a mining pool as well as where to enter the required information associated with the pool.
Also, even though the mining software is used for BTC mining primarily, it is compatible with any GPU, FPGA, or ASIC-supported hardware. In terms of cross-platform compatibility, MultiMiner supports different mining algorithms, including Scrypt and SHA-256.
Another feature considered outstanding is the ability of the software to grant remote access to mining farms and rigs, which enable users to further customize their own mining strategy. They can also automate their mining activities and permit the system to mine the most cost-effective crypto remotely every time.
- BFG Miner
BFG Miner is a mining software designed for advanced operations, and it is used more by the ASIC and FPGA miners. This mining software gives its end-users great flexibility in how everything is customized, and with that, advanced users have the opportunity to tweak almost every aspect of their mining processes by allowing them to leverage advanced features like monitoring, dynamic clocking, and a remote mining rig interface.
This software works with the Windows, Linux, and macOS operating system. However, though the BFG Miner was created originally as a support for the FPGA (Field Programmable Gate Array) miners running the GPU mining facilities, it has become a technology on its own.
Of all the features on the BFG Miner, the outstanding of them is the ability to facilitate multiple crypto mining simultaneously with different hashing algorithms.
- CG Miner
CG Miner is one of the best mining software on the list, and it happens to be one of the earlier software in the industry since its inception in 2011. For various reasons, experts approve of CG Miner mostly for its open-source framework and its ability to work on any computer, and different options of hardware.
The mining software is based on the Linux operating system, but it offers cross-platform compatibility that makes it operable on Windows and macOS devices. The software is also compatible with different hardware setups including GPUs, CPUs, ASICs, and FPGAs.
The beautiful part of the CG Miner is that end-users can operate mining rigs remotely, but the downside is the lack of GUI – graphical user interface, which makes it difficult for users without advanced experience in mining.
Conclusion
Different factors contribute to the profitability of a miner, and one of them is the selection of the right equipment and software to carry out the mining operation. While you have to pick your software based on the features it offers, you will still want to consider the cost-effectiveness of your option.
With the right decision and environment, crypto mining has been proved to be a lucrative engagement in the crypto space.
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