How to start mining – Basic terms

While the concept of mining isn’t anything new, it may strike some as not being a very profitable endeavor.In this article, we hope to shed some light for newcomers to mining and how to ensure best profitably while doing so.

ASIC — Application-Specific Integrated Circuit, or ASIC for short, is a device designed exclusively for mining on a specific algorithm.

GPU rig — a combination of multiple GPUs connected into a machine, can be used for mining various popular coins (for instance, ETH, RVN, and so on).

Worker — a general name for mining devices.

Hashrate — mining speed, computing power of equipment.

Share — the contribution of one miner to the overall work of detecting a block.

Pool — a group of miners working together.

Algorithm — encryption method for cryptocurrency.

Miner — not only a person who mines cryptocurrency, but also a “tool” for solving algorithm.

Cloud mining — mining cryptocurrency not on your devices, but on rented ones, on the Internet.