Most Americans believe that investing in cryptocurrency is the key to becoming rich. With volatile prices, crypto has garnered a high rate of demand and supply among investors across the world. However, you need to understand that buying crypto does equate to becoming rich overnight. In fact, it may take years for the prices to stabilize so you could reap what you sow! So, if you are looking forward to crypto mining, then first, you should know how it works and its basic requirements, besides stable internet speeds.
Crypto Mining 101
Cryptocurrencies, such as Bitcoin are a type of decentralized currency, as they do not require a third party to allow transactions. So, when you send or receive a payment in Bitcoins, no banks are involved as intermediaries. In fact, your transactions are validated and recorded by the blockchain.
When it comes to crypto mining, it is essential to have an internet connection that offers uninterrupted speeds. For example, Windstream Kinetic offers blazing fast speeds for a smooth mining experience. With a private home network, your privacy will remain protected to avoid all the security risks associated with mining. However, the more you mine, the tougher it gets to solve the mathematical problem. In addition, the cost of mining increases over time as it requires you to incorporate the latest technology for solving the problem. Instead of using a Graphics Processing Unit, you will need an ASIC mining machine for crypto mining.
How Much Internet Speeds Do You Need to Mine Bitcoin
Advanced computers are much more suitable for mining crypto as they are equipped with high levels of computational power. Besides hardware, Bitcoin mining comes with a set of network requirements. While your internet speeds do not affect your mining activity, we recommend you meet the minimum internet speed requirements for a safer experience.
An internet speed as low as 2-3 Mbps is sufficient for data syncing and running several crypto mining rigs. But, in some cases, you may need higher speeds, which will not go beyond 15 Mbps.
On the other hand, your internet provider’s ping rate determines the time taken to build a blockchain with the pool servers and transfer files online. Therefore, you should look for an internet connection that provides little to no ping. If you are not sure about your internet’s ping rate, reach out to Windstream customer service to know if your internet connection is suitable for crypto mining or not.
However, if you want to know exactly how much speed you will need for crypto mining while the rest of your roommates or family members are connected to the same network, here are the speed ranges based on your online activities:
Browsing the web
Running smart devices and home appliances
Scrolling through the social media news feed
Playing multi-player video games
|Streaming videos in Standard Definition (SD)
Uploading and downloading files from cloud services
|Streaming videos in High Definition (HD) on Amazon Prime, Netflix, and Disney
Tips for Choosing an Internet Connection for Crypto Mining
Before you sign up for an internet plan, you need to check its speeds and bandwidth to determine if it fits your crypto mining needs or not. Here are some of the factors you should keep in mind while choosing an internet connection:
Instead of going for an internet plan that delivers hundreds of Mbps, know that you can carry out crypto mining with much lower bandwidth. While many people prefer using as high as 15 Mbps for faster mining, you should focus on getting a system that performs well enough to support mining.
Many internet service providers (ISPs) advertise speeds that are much faster than what they deliver in reality. Make sure you don’t fall for such internet plans. Choose the one that provides the speeds it advertises.
Similarly, your upload and download speeds determine how long it takes to transfer data from your system to the network. Instead of subscribing to a symmetrical internet plan, you should look for internet service with fast upload and download speeds, even if the download speed is much higher than the upload speed.
Things You Need to Have Before Starting Crypto Mining
The process of crypto mining calls for computers that are specifically designed to perform technically advanced functions, such as cryptographic mathematic equations. A few years back, simple computers were used to mine Bitcoin; however, with time, simple CPU chips have proven to be incompatible for carrying out such a complicated process.
Over the years, the requirements for crypto mining have changed. An application-specific integrated circuit (ASIC) miner or a specialized GPU is suitable for performing this process. Besides, you must ensure that the GPU has access to a stable internet connection. In addition, your online crypto mining pool should include every crypto miner as its member.
All in All
Whether you have invested in crypto or you are an aspiring crypto miner, you must keep up with its technological requirements, as stated above. Once you have gathered the rig, including GPU, CPU, cloud mining, or an ASIC miner, make sure you have access to electric power consumption and a stable internet connection. Your internet speeds should be around 15 Mbps for a smooth mining process. In addition, your ping rates should be very minimal to avoid unexpected internet slowdowns while mining cryptocurrencies.