In case you have decided to try your luck out with cryptocurrencies, chances are that you have already done your fair share of research on this whole topic. Yet, as you might already know, not every crypto is mined the same way, meaning that you will probably need to do some more specific research on this part of the topic, because there’s no way that you can just wing it. It takes a lot of knowledge and skills to be successful at mining these assets and I suggest you find out more about it before starting the process.
In case you are new to this world, you will definitely have a lot of learning to do. If, however, you have some experience in this area, but you have just discovered PKT Cash and want to use it to your advantage, then you most likely know a few things about this process already. Still, brushing up on this knowledge is never a bad idea, which is why I’ll go over the basics as well.
I’ll take PKT Cash and use it as a specific example and to you comprehend just what it is that you should do in order to mine it, as well as some similar cryptocurrencies. As mentioned above, I’ll start with the basics, i.e. by telling you what it is that you will need in order to be able to do this in the first place. So, let us get started.
What You Need
First and foremost, you will need a wallet in order to store, buy and sell PKT Cash. I suppose you understand that you won’t be able to do absolutely anything with your assets without owning a wallet, which is why you should check out your options and find the one that will work for you first. There are various different options that you will be able to choose from, so take your time to make this decision.
When it comes to PKT Cash in particular, you will have to get acquainted with something called PacketCrypt. This is an open source algorithm and what you need to know is that it requires a lot of bandwidth in order to mine. PacketCrypt mining is done in pools, which further means that you will need to become a member of one of those mining pools in order to get started. In case you don’t know what this means, let me quickly explain it.
Basically, miners need to collaborate with one another and they do that by sending those small messages that are called announcements. Those miners that collaborate with one another need to be a part of the same pools. There are a few different pools, such as Pkteer, Flufpool, Pktminers and similar ones. Before joining one of these, you should check them out in more details, so that you can decide which one could work best for you.
Mining Stages
So, you need a wallet, you need to join a mining pool and you need to collaborate with other people in order to be able to mine PacketCrypt in the first place. Now, the actual process is split in two different stages when talking about PKT Cash. The first stage is called “announcement” and it basically consists of using your CPU to send those announcements that I have mentioned above.
The second stage is called block mining and it consists of collecting those announcements from other announcement miners and then using them to mine blocks. While the first stage can be done from anywhere, the second one is limited to the pool’s data center. This is the process for PKT Cash, but as mentioned earlier, if you are planning to go for something else than PacketCrypt, you should learn the whole process in more details regarding the specific cryptocurrency.
Here’s more about crypto mining: https://www.thebalance.com/how-does-bitcoin-mining-work-5088328
As you can see from the explanations above, mining PKT Cash might not be as simple as you could have expected it to be. Yet, when you do some reading and learn a few important things on how this is actually done, you will be able to go through the whole process successfully. Simply said, it can be quite difficult in the beginning, but you’ll quickly get the hang of it.
Also Read: Want A Successful Cryptocurrency Blog? Focus On These 3 Things
