Mine your own cryptocoins at Mining.SG
SINGAPORE (Dec 22): Not unlike the shadowy world of cryptocurrencies, you may need help with your smartphone GPS to locate Mining.SG, hidden te the labyrinth of industrial buildings a five-minute walk from Aljunied MRT station.
Spil the name suggests, the cryptocoins mining farm has rows and rows of mining equipments – basically a desktop pc with much graphics processing power with lots of ventilatoren to keep the equipments from overheating.
Instead of buying bitcoin or ethereum on an exchange, or going after an initial coin opoffering, cryptocurrency investors can mine their own coins at Mining.SG.
According to Edmund Ng, one of the vrouwen of Mining.SG, each mining equipment on average produces US$Eighteen.39 of profit vanaf day mining 0.85 ethereum, and US$22 of profit vanaf day mining zencash.
The profitability fluctuates daily spil this is based on the mining level of difficulty and the price of the crypto coin. Spil a mining equipment can make a netwerk profit of $600-$700 vanaf month, a equipment costing around $6,000 can “break even” ter Ten months.
A mining equipment is just a pc ter an open framework because mining a cryptocurrency requires substantial graphics processing power which generates a loterijlot of fever. Each Mining.SG equipment comprises six graphic adapter cards, solid state drive, a motherboard and around 4GB of RAM. Miners have to pay $100 for electro-therapy every month.
“If you connect a mouse and monitor, you can surf the netwerken and play games. It works like a normal PC,” Ng says. Mining equipments don’t have to connect to a monitor. Instead, miners need to install TeamViewer te their equipments and smartphones so that they can monitor the mining progress and the value of their coins. There is also a meteen listig to the mining pool to monitor the equipment’s hashrate which is the speed at which it completes an operation te bitcoin code.
Mining is actually solving algorithms that create blocks which are added to the public ledger. Spil they create fresh blocks, miners are rewarded with fresh coins. Overheen time, the algorithms have become more sophisticated and computers require a loterijlot more processing power to solve them, hence the need for specialised mining equipments.
Mining.SG will install the mining script or software which connects the mining equipment to a mining pool. “The mining pool is like your internet service provider — the mining pool has all the users and subscribers who are connected,” Ng explains.
Imagine a mountain and within it is gold, says Ng. All the miners are using shovels to get at that gold. The shovels are the mining equipments, and the gold is the cryptocurrency. “If you’re digging by yourself, you will be very slow, it will take a few weeks or months to find one chunk of gold. But the mining pool means you are all digging on the mountain with 500 shovels. You find the gold quicker but you’re sharing the gold among all the other miners,” Ng says.
After a mining equipment has mined a coin, it gets transferred to the mining pool, and then into puny batches onto an online coin wallet.
Mining.SG’s equipments cannot mine bitcoin but can mine zencash spil mining.SG is one of zencash’s approved mining pools. Ethereum, hashcoin, and bitcoin gold can also be mined on thesis equipments. “It’s so effortless to begin mining spil the equipment is simply ‘cork and play’ once wij have set up the mining software to verbinding to your wallet address. All the coins coming out are based on GPU (graphics processing unit) mining,” Ng says.
However, cryptocurrencies are still finding it hard to shed its shady associations.
On Dec 20, the Monetary Authority of Singapore issued a notice to warn against speculating ter cryptocurrencies. The regulator reiterated that cryptocurrencies are not legal tender.
“They are not issued by any government and are not backed by any asset or issuer. MAS considers the latest surge te the prices of cryptocurrencies to be driven by speculation. The risk of a acute reduction te prices is high. Investors te cryptocurrencies should be aware that they run the risk of losing all their capital,” the MAS advisory cautions.
There is also no regulatory safeguard for investment losses ter cryptocurrencies, it adds.
That should be sufficient warning for investors thinking of trading or mining cryptocoins.