Thursday, 22 April 2021

[Book 61] Cryptocurrency Mining For Dummies by Tyler Bain and Peter Kent

Serial No.:- 61 

Cryptocurrency Mining For Dummies
Category:- Informative Book (9. Science , Computer & Technology)

Book:- Cryptocurrency Mining For Dummies

Author:- Tyler Bain and Peter Kent

Language:- English

Publisher:- For Dummies

Published on:- 1st edition (2 January 2020)

No. of Pages:- 368

My after reading review (April 22, 2021):-  Blockchain Technology is one of the most fascinating technologies ever invented in the early 21st century. It is going to change the world. I have been into Bitcoin, Cryptocurrency and Blockchain for almost over 2 to 3 years. However I have lost the early golden era of crypto mining back in those days when you were able to mine a decent amount of Bitcoin using your personal computer only. That time I didn’t know anything about Bitcoin. Nowadays you need costly and more powerful mining rigs to mine cryptocurrency. Though I am late to the party, I wanted to give a try in Bitcoin mining. But before I jumped into the field of crypto mining, I must first know the details about Bitcoin mining. So I started reading this book before I buy any rigs.

First of all this is a very helpful book. As usual dummies series books are great for beginners. If you are thinking about starting crypto mining, you must first be aware of what crypto mining is, how much initial capital is required, what is the electricity cost, is it still profitable or not.
To know all these types of stuff you must read a good book before you make any decision to invest. And this “Cryptocurrency Mining for Dummies” book is a great place to start. The book is divided into 5 main parts. Parts 1 is all about the basics of cryptocurrency. If you are new into that area, then this part is going to help you. In part 2 the evolution of cryptocurrency mining. Part 3 will educate you about how to start mining from the scratch and becoming a crypto miner. Pare 4 of the book is going to teach you about how to calculate the mining profitability. And last but not least, part 5 is full of valuable tips and tricks.

The book is a must read book for anyone who wants to start crypto mining. But after reading this book I find crypto mining is not so profitable anymore. Mining rigs are so costly that it may take years to get back your initial investment. Your profits are going to become minimal after subtracting electricity bills. If you decide to use solar energy then you have to invest another huge amount of money to install huge solar panels. Also it takes up a huge space. And the rigs are so noisy and generate huge amounts of heat. The profits are not sustainable as the value of cryptocurrencies are very volatile. Sometimes, it might run in a loss. So I decided not to mine. I didn’t find it much profitable, that doesn’t mean you also don’t find it profitable. And if you decide to start mining, then I highly suggest you read the book first.

Thanks for reading.