Lot of hype is there about investing in crypto. But not much about mining of these currencies are heard among Indians. Does mining happen in India? Actually I wanted to mine some coins rather than buying it.
Yes mining does happen in India, but it’s not easy to do.
You need to have a super computer that has a lot of computing power.
But remember there are a lot of miners. Your chances of solving the block is very less.
Pools like slush pool, ant pool, poolin will solve this in seconds. Also they pool in the resources. Individuals from all over the world register with them. The algorithm uses the computing power from literally all the computers.
This makes them more powerful.
Even if they solve the block, you’ll get a very tiny piece of it. It is divided based on computing power contribution. If you contribute very less power, then you’ll get very very little crypto (an award for solving the block). Also the pool organizers will take their share before sharing it with others.
There a lot of crazy miners all over the world.
As an individual success rate is close to 0. If you contribute less computing power then the pools will share you very little piece.
The award for solving a block is around 6.25 BTC,
“There is no free lunch in the market”
BTW, Slush pool is the oldest/first and reputed pool.
Most famous pools are
- F2 Pool
- Ant pool.
Slush pool is also in this list.