Cryptocurrency Mining For Dummies - FULL Explanation

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hey everyone welcome back to another mining  chamber video in today's video we are going  

to be talking about cryptocurrency mining in  detail so we're giving you an overview on it  

and how does it work different type of mining  rigs and what impacts your mining profits as  

well as giving you my opinion on the eighth 2.0  as well as the EIP-1599 so there will be a lot  

of information in this video I hope you guys  enjoy it and you get something useful out of it

in this video i do have a lot to talk  about and explain but the first thing i  

should cover is cryptocurrencies if you are  new to mining i would assume you're fairly  

new to the crypto world in general and came  across of it once the prices skyrocketed in  

the recent months as of january 2021 so let  me briefly run down what cryptocurrency is  

cryptocurrency is a digital asset just like your  dollars except that it runs fully digital it  

does not have a bank or any central entity that  controls it hence why it's called decentralized  

and that is one of the main pros of cryptocurrency  there are many cryptocurrencies that are newly  

released but generally as a miner we only focus  on the profitable ones i will touch more on that  

later on with cryptocurrency your money is your  own you keep your cryptos in a wallet that is made  

of a public and a private key imagine your public  key to be your email address and your private key  

is your password to receive or send money you  will be using the public address now that means  

if you lose your money or send it to the wrong  address you don't have a way back as for anonymity  

cryptocurrency is fairly anonymous but not hard to  track down the source of the transaction and the  

receiver there are some cryptocurrencies intended  for further privacy and such but to achieve nearly  

as full anonymity as possible you will definitely  need to do more work from burner phones to bitcoin  

atms one of the main things that you should know  is how to buy cryptocurrency and how to sell your