{"id":39786,"date":"2018-02-27T21:50:12","date_gmt":"2018-02-27T20:50:12","guid":{"rendered":"https:\/\/www.coinpro.ch\/uncategorized\/what-is-mining\/"},"modified":"2026-03-27T23:30:07","modified_gmt":"2026-03-27T22:30:07","slug":"what-is-mining","status":"publish","type":"post","link":"https:\/\/www.coinpro.ch\/en\/knowledge\/what-is-mining\/","title":{"rendered":"What is Mining? Definition, Costs &amp; Examples"},"content":{"rendered":"<p><strong>What is Mining? Key Takeaways at a Glance<\/strong><\/p>\n<ul>\n<li aria-level=\"1\">Mining is the process by which new cryptocurrencies are created and transactions are confirmed.<\/li>\n<li aria-level=\"1\">In this process, computers solve complex computational tasks and secure the blockchain.<\/li>\n<li aria-level=\"1\">As a reward, so-called miners receive new coins.<\/li>\n<\/ul>\n<p>Mining is a central component of many cryptocurrencies like Bitcoin. It&#8217;s not just about &#8220;digging up&#8221; new coins, but primarily about verifying transactions and the security of the entire network. Without mining, many blockchains could not function reliably.<\/p>\n<p>Today, there are different types of mining. You can mine cryptocurrencies with your own hardware, but you can also rely on so-called cloud solutions where you can rent computing power.<\/p>\n<p>In this article, we use clear examples to explain how cryptocurrency mining works, what types exist, and what requirements are necessary for mining.<\/p>\n<h2><b>What is Cryptocurrency Mining? Simply explained<\/b><\/h2>\n<p>Mining refers to the process by which transactions within a <a href=\"https:\/\/www.coinpro.ch\/en\/knowledge\/what-is-a-blockchain-basics-and-functionality\/\">blockchain<\/a> are verified, confirmed, and permanently stored. At the same time, mining creates new coins of a <a href=\"https:\/\/www.coinpro.ch\/en\/knowledge\/what-are-cryptocurrencies-explanation-for-beginners\/\">cryptocurrency<\/a>. These new coins are part of the reward for the miners. Miners receive further compensation through the resulting transaction fees.<\/p>\n<p>For the mining process, miners provide computing power to solve complex mathematical tasks. The first participant to find the correct solution is allowed to add a new block to the blockchain and receives the reward for it.<\/p>\n<script type=\"text\/plain\" data-tcf=\"waiting-for-consent\" data-id=\"20572\" data-bid=\"1\" data-placement=\"33872\">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<\/script><h2><b>How Does Mining Work?<\/b><\/h2>\n<p>The mining process can be simplified as a competition or &#8220;race.&#8221; The first miner to find the correct solution is allowed to add a new block to the blockchain. First, transactions are collected and grouped into a block. Then, miners try to generate a matching hash value through repeated calculations. This hash must meet certain conditions specified by the network.<\/p>\n<p>As soon as a miner has found the correct solution, the new block is published to the network and verified by other participants. If everything is correct, the block is permanently added to the blockchain. As a reward, the successful miner receives new coins as well as transaction fees. This process repeats continuously and ensures that transactions are processed securely and new cryptocurrencies are brought into circulation.<\/p>\n<h3>Mining Example: How Mining Works in Practice<\/h3>\n<p>We use two simple examples to show how mining works in concrete terms. At its core, it&#8217;s about processing transactions, creating new blocks, and securing the network.<\/p>\n<h4>Mining Explained Simply: An Example<\/h4>\n<p>You can think of mining like a big sweepstakes: thousands of computers try to guess a certain number at the same time. Each attempt corresponds to a calculation.<\/p>\n<p>The more calculations a computer can perform per second, the higher the chance of finding the right solution. If successful, the miner is allowed to add a new block to the blockchain and receives a reward.<\/p>\n<p>This system ensures that transactions are processed securely and new coins are created at the same time.<\/p>\n<h4>Mining Using the Example of Bitcoin<\/h4>\n<p>In <a href=\"https:\/\/www.coinpro.ch\/en\/bitcoin-en\/bitcoin-explained-how-are-bitcoins-created\/\">Bitcoin mining<\/a>, transactions are collected and grouped into so-called blocks. Miners then try to find a valid hash value through repeated calculations. This hash must meet certain conditions specified by the network. As soon as a miner finds the correct solution, they are allowed to add the new block to the blockchain. This is verified by other participants and then permanently stored.<\/p>\n<p>As a reward, the successful miner receives newly created <a href=\"https:\/\/www.coinpro.ch\/en\/tag\/bitcoin-en\/\">Bitcoins<\/a> as well as transaction fees. For Bitcoin, the block reward is currently 3.125 BTC and is halved approximately every four years through the so-called <a href=\"https:\/\/www.coinpro.ch\/en\/bitcoin-en\/bitcoins-explained-what-is-bitcoin-halving\/\">Bitcoin halving<\/a>.<\/p>\n<p>On average, a new block is generated about every ten minutes. The difficulty automatically adjusts to the total computing power in the network, so this time interval remains largely constant.<\/p>\n<h2>What Types of Mining Are There?<\/h2>\n<p>In practice, various forms of mining have established themselves, which primarily differ in how computing power is provided and how rewards are distributed.<\/p>\n<h3>Solo Mining<\/h3>\n<p>With solo mining, you operate the mining independently and provide all the necessary hardware and computing power yourself. This means that you work independently of other participants and receive the full reward if successful. However, this variant is associated with high costs today. Powerful hardware, suitable software, and above all, electricity costs often make solo mining unattractive for many private individuals.<\/p>\n<h3>Pool Mining<\/h3>\n<p data-start=\"808\" data-end=\"971\">In pool mining, several miners join forces and bundle their computing power. This increases the probability of successfully finding a block. The reward is then divided among all participants according to their contributed power. Pool mining is the most common method today because it allows for more regular, albeit smaller, returns.<\/p>\n<h3>Cloud Mining<\/h3>\n<p data-start=\"1209\" data-end=\"1410\">With cloud mining, you rent computing power from a provider instead of operating hardware yourself. You invest a certain amount and in return receive proportional earnings from the mining. This variant is particularly interesting for beginners, as no technical infrastructure of your own is required. However, there is a certain risk, as you are dependent on the seriousness of the provider and the actual profitability is often difficult to estimate.<\/p>\n<h2><b>What Hardware is Needed for Mining?<\/b><\/h2>\n<p>To mine cryptocurrencies, you need special hardware that can solve complex computational tasks as quickly and efficiently as possible. Requirements differ significantly depending on the cryptocurrency and goal. However, the following hardware is essential for mining cryptocurrencies:<\/p>\n<ul>\n<li><strong>CPU (Processor)<\/strong>: In principle, mining can also be carried out with a normal CPU (main processor). However, this variant is hardly relevant today, as the computing power is not sufficient for large networks like Bitcoin.<\/li>\n<li><strong>GPU (Graphics Card)<\/strong>: Graphics cards (GPUs) are significantly more powerful than CPUs when it comes to parallel calculations. That&#8217;s why they were used for mining for a long time, especially for cryptocurrencies like <a href=\"https:\/\/www.coinpro.ch\/en\/tag\/ethereum-en\/\">Ethereum<\/a> (before the switch to Proof of Stake). For smaller coins or certain algorithms, GPU mining can still be useful.<\/li>\n<li><strong>ASIC Miner<\/strong>: ASICs (Application-Specific Integrated Circuits) are devices developed specifically for mining. They are extremely powerful and at the same time efficient in power consumption \u2013 at least compared to the computing power. For Bitcoin mining, ASICs are the standard today, as other hardware is no longer competitive. However, these devices are expensive and can only be used for one specific purpose.<\/li>\n<\/ul>\n<p>In addition to the actual hardware, you also need:<\/p>\n<ul>\n<li aria-level=\"1\">Mining software that controls the calculations<\/li>\n<li aria-level=\"1\">Cooling, as the devices generate a lot of heat<\/li>\n<li aria-level=\"1\">Reliable power supply, as mining runs around the clock and<\/li>\n<li aria-level=\"1\">A crypto wallet to store your coins<\/li>\n<\/ul>\n<h2>Mining Costs: How Expensive is it to Mine Cryptocurrencies?<\/h2>\n<p>In Bitcoin mining, costs primarily depend on hardware, electricity price, and fees. A modern ASIC miner like the Antminer S21 Pro (234 TH\/s, 3,510 watts) consumes around 84 kWh per day. With a <a href=\"https:\/\/www.swissgrid.ch\/en\/home\/about-us\/company\/electricity-price.html\">typical household electricity price of about 0.25 to 0.30 CHF per kWh<\/a>, this results in electricity costs of around 20 to 25 CHF daily \u2013 up to 750 CHF per month.<\/p>\n<p>In contrast, current earnings are about 7 to 8 CHF per day with this performance. Even with very cheap electricity costs of 0.05 CHF per kWh, only a few dollars of profit per day remain. Pool fees of about 1 to 3 percent and hardware costs of over 5,000 CHF are not yet included here.<\/p>\n<p>For private users, mining is therefore not profitable in most cases. It usually only becomes economical with very cheap electricity prices, efficient hardware, and a professional setup, even though mining efficiency has increased quite a bit in recent years, as data from the <a href=\"https:\/\/ccaf.io\/cbnsi\/cbeci\" target=\"_blank\" rel=\"nofollow noopener\">Cambridge Bitcoin Electricity Consumption Index<\/a> shows.<\/p>\n<h3>Pros and Cons of Mining<\/h3>\n<p>Mining brings both opportunities and risks. Whether it&#8217;s worth it for you depends heavily on your individual requirements and conditions.<\/p>\n<table>\n<thead>\n<tr>\n<th>Advantages<\/th>\n<th>Disadvantages<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Earn new coins: You receive new cryptocurrencies as a reward as well as transaction fees.<\/td>\n<td>High costs: Acquisition of hardware and ongoing electricity costs can be very high.<\/td>\n<\/tr>\n<tr>\n<td>Independence: You can participate in the network without being dependent on central authorities like banks.<\/td>\n<td>Strong competition: Large mining farms dominate the market and make entry difficult for private individuals.<\/td>\n<\/tr>\n<tr>\n<td>Network security: You actively contribute to the security and stability of the blockchain.<\/td>\n<td>High energy consumption: Mining requires a lot of electricity and is therefore often criticized.<\/td>\n<\/tr>\n<tr>\n<td>Potential with rising prices: If the value of a cryptocurrency increases, your profitability can also increase.<\/td>\n<td>Technical requirements: Operation and maintenance of the hardware require expertise.<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td>Uncertain profitability: Fluctuating prices and increasing <a href=\"https:\/\/www.coinpro.ch\/en\/glossary\/difficulty\/\">mining difficulty<\/a> can quickly reduce or prevent profits.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Mining in Switzerland: Costs, Risks, and Legal Classification<\/h2>\n<p>Mining is generally permitted in Switzerland, but is strongly influenced by economic and regulatory conditions. Above all, electricity costs, tax requirements, and legal classifications decide whether mining is worth it for you at all.<\/p>\n<h3>Costs for Mining in Switzerland<\/h3>\n<p>Switzerland is among the countries with comparatively high electricity prices. According to official data, average electricity prices for households are around 0.25 to 0.30 CHF per kWh (<a href=\"https:\/\/www.swissgrid.ch\/en\/home\/about-us\/company\/electricity-price.html\" target=\"_blank\" rel=\"nofollow noopener\">Source: Swissgrid<\/a>). Since mining is operated around the clock, energy costs are among the largest ongoing expenses and have the strongest influence on profitability.<\/p>\n<p>Added to this are investments in hardware, especially powerful ASIC miners. Devices like the Antminer S21 Pro cost several thousand euros and consume several kilowatts of power in continuous operation. Additionally, you should plan for expenses for cooling, maintenance, and possibly location costs such as data centers.<\/p>\n<p><strong>Conclusion:<\/strong> Without access to very cheap electricity, mining in Switzerland is not economical for private individuals in most cases. In our guide, you will find more information about <a href=\"https:\/\/www.coinpro.ch\/en\/knowledge\/is-mining-still-profitable-today\/\">whether mining is still worth it<\/a>.<\/p>\n<h3>Risks in Mining<\/h3>\n<ul>\n<li><strong>Volatile prices:<\/strong> Your earnings depend directly on the price of the mined cryptocurrency.<\/li>\n<li><strong>Increasing difficulty:<\/strong> Growing competition continuously increases mining difficulty.<\/li>\n<li><strong>High initial investments:<\/strong> Hardware costs can quickly amount to several thousand euros.<\/li>\n<li><strong>Technical risks:<\/strong> Failures, misconfigurations, or inefficient setups can cause losses.<\/li>\n<\/ul>\n<h3>Legal Classification in Switzerland<\/h3>\n<p>Mining is legal in Switzerland, but is assessed differently for tax and legal purposes.<\/p>\n<ul>\n<li><strong>Taxes:<\/strong> Earnings from mining are generally considered income and must be taxed.<\/li>\n<li><strong>Commercial activity:<\/strong> Regular mining can be classified as self-employed activity.<\/li>\n<li><strong>Documentation obligation:<\/strong> Income and expenses should be recorded without gaps.<\/li>\n<\/ul>\n<p>The exact tax treatment may vary depending on the canton. Individual tax advice is therefore sensible.<\/p>\n<h2>Conclusion: Mining as the Foundation of Many Cryptocurrencies<\/h2>\n<p>Mining is a central component of many cryptocurrencies and ensures that transactions are processed securely and new coins are generated. At the same time, it contributes significantly to the stability and decentralization of blockchain networks. As the article shows, mining is not just a technical process, but is also associated with economic and practical challenges. High hardware costs, increasing competition, and especially power consumption play a decisive role.<\/p>\n<div class=\"faqbox\">\n<h2>Frequently asked questions about crypto mining<\/h2>\n<section id='' \n                class='helpie-faq accordions faq-toggle' \n                data-collection='' \n                data-pagination='0' \n                data-search='0' \n                data-pagination-enabled='0'\n                role='region'\n                aria-label='FAQ Section'\n                aria-live='polite'><article class=\"accordion \"><div class='helpie-faq-row'><div class='helpie-faq-col helpie-faq-col-12' ><ul><li class=\"accordion__item \"><div class=\"accordion__header \" \r\n                id=\"accordion-header-post-42006\"\r\n                role=\"button\"\r\n                aria-expanded=\"false\"\r\n                aria-controls=\"accordion-content-post-42006\"\r\n                data-id=\"post-42006\" \r\n                data-item=\"hfaq-post-42006\" \r\n                style=\"background:transparent;\" \r\n                data-tags=\"\"\r\n                tabindex=\"0\"><div class=\"accordion__title\">How much money is needed for mining?<\/div><\/div><div id=\"accordion-content-post-42006\" \r\n                class=\"accordion__body\" \r\n                role=\"region\"\r\n                aria-labelledby=\"accordion-header-post-42006\"\r\n                style=\"background:transparent;\"><p>Entry costs heavily depend on the selected hardware and electricity costs. For serious mining, several thousand euros are typically required for devices such as ASIC miners. Additionally, there are ongoing costs for electricity and maintenance.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" \r\n                id=\"accordion-header-post-42003\"\r\n                role=\"button\"\r\n                aria-expanded=\"false\"\r\n                aria-controls=\"accordion-content-post-42003\"\r\n                data-id=\"post-42003\" \r\n                data-item=\"hfaq-post-42003\" \r\n                style=\"background:transparent;\" \r\n                data-tags=\"\"\r\n                tabindex=\"0\"><div class=\"accordion__title\">Is mining the only way to get cryptocurrencies?<\/div><\/div><div id=\"accordion-content-post-42003\" \r\n                class=\"accordion__body\" \r\n                role=\"region\"\r\n                aria-labelledby=\"accordion-header-post-42003\"\r\n                style=\"background:transparent;\"><p>No, mining is just one of several options. Cryptocurrencies can also be bought on exchanges, received as payment, or earned through other methods like staking.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" \r\n                id=\"accordion-header-post-42008\"\r\n                role=\"button\"\r\n                aria-expanded=\"false\"\r\n                aria-controls=\"accordion-content-post-42008\"\r\n                data-id=\"post-42008\" \r\n                data-item=\"hfaq-post-42008\" \r\n                style=\"background:transparent;\" \r\n                data-tags=\"\"\r\n                tabindex=\"0\"><div class=\"accordion__title\">What is a Mining Pool?<\/div><\/div><div id=\"accordion-content-post-42008\" \r\n                class=\"accordion__body\" \r\n                role=\"region\"\r\n                aria-labelledby=\"accordion-header-post-42008\"\r\n                style=\"background:transparent;\"><p>A mining pool is a group of miners who combine their computing power. This increases the probability of finding a block. The reward is then distributed among all participants according to their contribution.<\/p>\n<\/div><\/li><li class=\"accordion__item \"><div class=\"accordion__header \" \r\n                id=\"accordion-header-post-42004\"\r\n                role=\"button\"\r\n                aria-expanded=\"false\"\r\n                aria-controls=\"accordion-content-post-42004\"\r\n                data-id=\"post-42004\" \r\n                data-item=\"hfaq-post-42004\" \r\n                style=\"background:transparent;\" \r\n                data-tags=\"\"\r\n                tabindex=\"0\"><div class=\"accordion__title\">Which cryptocurrencies can you mine?<\/div><\/div><div id=\"accordion-content-post-42004\" \r\n                class=\"accordion__body\" \r\n                role=\"region\"\r\n                aria-labelledby=\"accordion-header-post-42004\"\r\n                style=\"background:transparent;\"><p>Mining is mainly possible with cryptocurrencies that are based on the so-called proof-of-work mechanism. These include Bitcoin and Litecoin, among others. Many newer cryptocurrencies, on the other hand, rely on alternative mechanisms such as proof of stake, where traditional mining is no longer required.<\/p>\n<\/div><\/li><\/ul><\/div><\/div><\/article><\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is Mining? Key Takeaways at a Glance Mining is the process by which new cryptocurrencies are created and transactions are confirmed. In this process, computers solve complex computational tasks and secure the blockchain. As a reward, so-called miners receive new coins. Mining is a central component of many cryptocurrencies like Bitcoin. It&#8217;s not just&#8230;<\/p>\n","protected":false},"author":6,"featured_media":34465,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17331],"tags":[],"class_list":["post-39786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Mining? Explained Simply: Types, Costs &amp; Example<\/title>\n<meta name=\"description\" content=\"What is Mining? 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