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Mining was relatively simple in 2009 when only a handful of people saw the potential of Bitcoin, and the entire operation cost less than a dollar. Moreover, one could easily mine from home, and getting a reward was almost instant.
But things haven’t been the same lately; ever since Bitcoin rose to USD 100 in 2013, the number of miners has multiplied, so much so that it takes months to reap a reward. In addition, mining now requires more computing muscle, far exceeding what any household computer can handle, making the activity energy-intensive. As a result, Crypto companies began repurposing old, coal-burning power plants to generate the electricity required for this operation.
But as more crypto and mining companies crop up, each has its mining principles and solutions. In that light, there are five fundamental approaches to mining cryptocurrency today.
#1: Cloud mining
With...
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