What is mining and how does it work?

In a nutshell, mining is running complicated calculations in the search for a specific number. Whether it’s an ASIC miner or a GPU mining rig, mining hardware must run through many calculations before finding that number.

What is an ASIC miner?

Today, whether you’re mining Bitcoin, Litecoin, DASH, or a host of other cryptocurrencies, the most effective way to do so is with dedicated hardware known as an ASIC miner. And even then, it’s only really for professionals with masses of capital to invest upfront. What makes an ASIC miner better? How much does an ASIC miner actually cost?

How much does a bitcoin miner cost?

The Bitcoin Miner S10 Pro mines at 110TH/s and costs about $5,900. 2 From that point, miners are more than $10,000 with the Bitcoin Miner S19 XP Hyd. going for more than $19,800—but it has a hash rate of 255 TH/s. 3 You can build a computer capable of mining cryptocurrency, but you'll need specific hardware.

How does NiceHash Miner work?

When running, NiceHash Miner is connected to NiceHash platform and NiceHash open hashing power marketplace. Buyers select the algorithm and the speed while users or miners running the NiceHash Miner software fulfil that order by mining (hashing) - providing computing power to the network and get paid in Bitcoins.