Ocean Mining Crypto: All You Need to Know
Ocean mining crypto may require you to purchase a mining hardware setup. It is important to factor in the volatility of Ocean Protocol (OCEAN), the number of competing OCEAN miners, the cost and power of the mining rig (note: crypto mining consumes considerable energy, and profitability metrics before investing.
There are many hardware rig options on the market today. We have made it easy to choose one best suited to Ocean mining crypto and your requirements.
Ocean crypto options: mining hardware rigs
There are several Ocean mining crypto options, but before we explore them, let's revise some crypto mining basics. The power of a crypto hardware rig is determined in the form of hashrate.
The greater the hashrate, the more guesses your hardware setup can make to solve cryptographic puzzles (and earn cryptocurrency as a reward). When there are a large number of competing miners, mining difficulty increases, and it is beneficial to have a system with greater computational power.
If you are considering investing in a long-term crypto-mining option, we recommend purchasing an ASIC miner. An ASIC rig comprises a motherboard, ASIC chip, and cooling system. Here is a list of the best options for the same.
Avoid mining with a GPU setup, as they are more expensive than ASIC miners and generate less power. DO NOT mine with a CPU! It should be noted that earning a return on investment (ROI) may take a few months. Mining setups produce significant noise and heat and consume considerable electricity (as mentioned before). You may also have to invest in repair work, as these setups run 24/7 and are prone to wear and tear.
We have great news for you if you do not want to invest in hardware. The IQMining platform makes it possible to mine OCEAN without purchasing hardware equipment. Simply sign up, purchase a cloud mining contract, and withdraw your profit to a compatible digital wallet (more on this later).
The above chart displays the list of available cryptocurrencies, price in USD, hashrating algorithm, block number, and network H/S. Please study each of these concepts and make an informed investment decision.
IQMining makes it possible to mine hundreds of altcoins from the comfort of your home. The shortest available contract spans a duration of one year. You can avail yourself of a lifetime contract as well!
Everything you should know about OCEAN
The OCEAN utility token is an ERC-20 token that powers the Proof of Work (PoW) Ocean Protocol ecosystem - an ecosystem of next-gen tools to unlock data at a large scale. You can purchase the cryptocurrency at a number of popular cryptocurrency exchanges, including Binance, Kraken, Uniswap, and Crypto.com.
The digital asset can be stored in any wallet with ERC-20 compatibility. We recommend hardware wallet options, as they are the safest. Some wallets to choose from include Ledger, Trezor, and MetaMask. Once you have purchased/mined the digital token, you can earn additional rewards via staking.
The longer you stake OCEAN, the more staking and voting rewards you receive. If you stake OCEAN, you will receive veOCEAN tokens corresponding to the staking period.
For example, if you stake X OCEAN for one year, you will receive 0.25X veOCEAN. For a two-year staking period, you will receive 0.5X veOCEAN. For three and four-year staking durations, you will receive 0.75X and X veOCEAN, respectively. veOCEAN holders will receive rewards from Data Farming and community fees.
The price of the crypto asset at the time of writing is nearly $0.46, according to CoinMarketCap data. Do factor in the digital asset's price, the potential of the ecosystem in the long-term, and each of the listed metrics when making an Ocean mining crypto decision
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!