When we ask people outside of the Mena region how they make their money, most answers vary from a 9-5 office job or selling products online.
In Mena, however, there is another way of making an income that is less talked about. It is often referred to as one of the most significant opportunities in Mena right now, and it’s how I started my own business.
Some quick facts for beginners
Cryptocurrencies have been around for roughly eight years. There are currently over 1400 different types of cryptocurrencies, with more being introduced every day. What makes cryptocurrencies unique is that they are decentralized, meaning no one person or company owns them.
Cryptocurrencies work using the same principles of traditional currencies; however, they exist only online and use encryption to work.
The value of crypto coins like bitcoin, litecoin etc., depending on supply and demand (like traditional currencies).
However, unlike traditional currencies, their values constantly change due to speculation, just like any other form of tradable merchandise such as gold or silver.
Cryptocurrencies can be used for online transactions just like any other currency. However, what makes them unique is how easy it is to get your hands on some money via mining compared to buying it outright through an exchange service.
Mining is solving a mathematical equation to verify a transaction using computing power. For example, if I send 5 Litecoin(LTC) to Muhammad, the currency will need to be verified to deduct my LTC balance and add it to Muhamad’s balance.
The miner who solves the equation first will have their balance increased by the amount sent in addition to all transaction fees charged. Crypto mining can also be done solo or as part of a pool where multiple users collaborate on solving equations.
All transactions are stored on blockchains which are just long chains of records called blocks, each containing data about recent transactions. When cryptocurrency mining is completed, new currency units are given as a reward for solving the equation in addition to all transaction fees.
Cryptocurrency mining is faster than mining gold, silver etc. because it only takes a fraction of a second to complete. It is why crypto mining has become so popular in Mena, mainly when most people from Mena regions rely on daily wages for their livelihood.
The good news is if you live in Mena and want to get started with using cryptocurrencies today, you don’t need any money or experience.
How to get started with cryptocurrency mining in Mena
Step 1: Get a good mining rig
Any computer/laptop made in the last five years will do fine for either solo or pool mining because all you need is your CPU(Central Processing Unit) and your GPU(Graphical Processing Unit).
Try to stay away from CPUs because they are unreliable when mining cryptos. The reason is that CPUs were designed to handle multiple computing tasks at once, whereas GPUs were explicitly designed for graphics rendering, which makes them better suited for crypto mining.
Step 2: Download the necessary software
Getting all the right software can be challenging to complete on your own, especially when you are new to the world of cryptocurrencies.
Step 3: Start mining and earning money
Once you have connected and logged into your account(s), all that is left for you to do is sit back and watch your crypto funds increase over time until they reach the desired amount.
Remember that many people around the world are mining cryptos every day.
It means that the competition for each block (and its associated reward of cryptocurrency) is higher than ever, making it harder for new miners to get started with mining crypto.
That’s why it’s essential to consider joining a pool so that more computing power can be used, thereby increasing your chances of verifying transactions on time and receiving your fair share of earnings from doing so.
For more information, read more here.