The process of getting cryptocurrencies is called mining. Mining can't be compared with the usual printing of money because it has specific functions. Most importantly, almost everyone can do it.
How does it work? The minimum unit of cryptocurrencies is a coin. Each of them is a unique, well-protected code. Thanks to this level of security, cryptocurrencies are almost impossible to fake or steal. The task of the miner program is to create, extract a new block, and receive a reward in the form of coins.
Mining a new block is a very difficult task. You donate your computer's energy and computing power on a large scale, while the chance of receiving a reward doesn't depend on you. The higher your computer's computing ability, the greater the chance of getting digital currency.
We can classify mining according to the format and equipment used.
The main types are as follows:
Mining on computer processors (CPU)
Is inefficient for mining cryptocurrency. You can mine coins like Monero, but even powerful computers will not bring tangible income. It is relevant only for those who have access to many computers and free electricity.
Mining on video cards (GPU)
Is relevant for most crypto coins, including Ethereum, Dash, etc. It is effective when using powerful video cards from Radeon or GeForce. In stationary mode, it is only suitable for mining cryptocurrency, the cost of which can potentially increase many times over.
Mining on ASIC
Is an effective way to mine cryptocurrencies. ASIC processors are made with special features for mining. They have a high level of payback. Also, you can easily maintain them. Still, there are some cons. These are low liquidity in the secondary market and the rapid obsolescence of ASIC due to the growing complexity of the network.
How to Mine BNB
BNB cryptocurrency (Binance Coin) was created on the Ethereum blockchain for use within the Asian exchange Binance. Thus, the developers sought to attract investment to develop the exchange. Of course, Binance Coin can be used for trading and other transactions. Its functionality has been expanded since its inception. Those who have purchased the coins can use them to pay fees and trade in pairs with 57 currencies.
Many questions about BNB mining arise — how many coins are there, what equipment will be required for mining them, and how can I exchange Binance to FTM or some other coin? BNB mining in a standard way is not available because all tokens (200 million) have already been issued. At the same time, the emission of a new cryptocurrency, including through mining, is no longer planned.
There are very few ways to get a coin:
- Periodically, the Binance exchange itself holds draws. Prizes are issued in BNB.
- Acquire a coin on staking. Just keep it on the account and receive a small percentage. The Binance exchange itself provides this option. By and large, this is a kind of bank account. Your contribution and interest are expressed not in paper money but in BNB cryptocurrency.
- You can buy BNB or exchange BNB to Solana (or any other coin) on a crypto exchange. Fortunately, some platforms support trading this coin.
Binance Coin is an actively developing and very promising project deployed on one of the largest cryptocurrency exchanges in the world. So, this is a good investment option. But it's not worth it to rush to sell it. BNB will not be suitable for traders who are used to acting according to the "buy quickly, sell quickly" scheme. Investors who buy coins for the long term and are ready to hold assets for several years will receive the greatest profit.