A Beginner's Guide to Cryptocoin Mining
Is it worth your time to mine for cryptocoins?
by Paul Gil
Updated on January 26, 2020
reviewed by
Christine Baker
Cryptocurrency mining takes patience and time.
Koron/Moment/Getty Images
Cryptocurrency
What Are Bitcoins?
Tweet
Share
Email
Mining cryptocoins is an arms race that rewards early adopters. Bitcoin, the first decentralized cryptocurrency, released in early 2009. Similar digital currencies have crept into the worldwide market since then, including a spin-off from Bitcoin called Bitcoin Cash.
Which Alt-Coins Should Be Mined?
Pile of litecoin coins on fabric
BTC Keychain / Flickr / CC by 2.0
If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now. At the same time, there are plenty of ways you could have lost money, too. Bitcoins are not a good choice for beginning miners who work on a small scale. The current up-front investment and maintenance costs—not to mention the sheer mathematical difficulty of the process—doesn't make it profitable for consumer-level hardware. Today, Bitcoin mining is reserved for large-scale operations only.
Litecoins, Dogecoins, and Feathercoins, on the other hand, are three Scrypt-based cryptocurrencies that are the best cost-benefit for beginners.
Dogecoins and Feathercoins would yield slightly less profit with the same mining hardware but are becoming more popular daily. Peercoins, too, can also be a reasonably decent return on your investment of time and energy.
As more people join the cryptocoin rush, your choice could get more difficult to mine because more expensive hardware will be required to discover coins. You will be forced to either invest heavily if you want to stay mining that coin, or you will want to take your earnings and switch to an easier cryptocoin. Understanding the top 3 bitcoin mining methods is probably where you need to begin; this article focuses on mining "scrypt" coins.
Also, be sure you are in a country where bitcoins and bitcoin mining is legal.
Is It Worth It to Mine Cryptocoins?
As a hobby venture, cryptocoin mining can generate a small income of perhaps a dollar or two per day. In particular, the digital currencies mentioned above are accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.
As a second income, cryptocoin mining is not a reliable way to make substantial money for most people. The profit from mining cryptocoins only becomes significant when someone is willing to invest $3000 to $5000 in up-front hardware costs, at which time you could potentially earn $50 per day or more.
Set Reasonable Expectations
If your objective is to earn substantial money as a second income, then you are better off purchasing cryptocoins with cash instead of mining them, and then tucking them away in the hopes that they will jump in value like gold or silver bullion. If your objective is to make a few digital bucks and spend them somehow, then you just might have a slow way to do that with mining.
Smart miners keep electricity costs to under $0.11 per kilowatt-hour; mining with 4 GPU video cards can net you around $8.00 to $10.00 per day (depending upon the cryptocurrency you choose), or around $250-$300 per month.
The two catches are:
The up-front investment in purchasing 4 ASIC processors or 4 AMD Radeon graphic processing units
The market value of cryptocoins
Now, there is a small chance that your chosen digital currency will jump in value alongside Bitcoin at some point. Then, possibly, you could find yourself sitting on thousands of dollars in cryptocoins. The emphasis here is on "small chance," with small meaning "slightly better than winning the lottery."
If you do decide to try cryptocoin mining, proceed as a hobby with a small income return. Think of it as "gathering gold dust" instead of collecting actual gold nuggets. And always, always, do your research to avoid a scam currency.
Along with anonymity, the mining process for Monero is based on an egalitarian concept. This is the principle that all people are equal and deserve equal opportunities. Its developers did not keep any stake for themselves when they launched Monero but they did bank on contributions and community support to further develop the virtual currency.1secp256k1 ethereum бесплатные bitcoin bitcoin core bitcoin wordpress bcc bitcoin яндекс bitcoin
bitcoin sec
bitcoin dark bitcoin protocol bitcoin linux bitcoin wsj bitcoin алгоритмы
cryptocurrency tech ethereum news mikrotik bitcoin bitcoin лучшие использование bitcoin
reward bitcoin форки ethereum bitcoin balance bitcoin eth bitcoin обменник earn bitcoin de bitcoin bitcoin проблемы ethereum проблемы иконка bitcoin monero bitcoin balance bitcoin ads фонд ethereum rpg bitcoin investment bitcoin сеть ethereum ethereum новости
bitcoin монета Beginningsreddit bitcoin генератор bitcoin блокчейн ethereum cryptocurrency charts zcash bitcoin testnet bitcoin майнинга bitcoin bitcoin sec блог bitcoin bitcoin scripting ethereum gold часы bitcoin clockworkmod tether auction bitcoin кошелек ethereum bitcoin список accepts bitcoin bounty bitcoin foto bitcoin addnode bitcoin
What is the cryptocurrency to the people of Syria? It’s hope. Thirty percent of UN Aid is lost to third-party corruption so UNICEF has been using Ethereum to raise money for the children of Syria.tether coinmarketcap bitcoin теория cpa bitcoin bitcoin приложение faucet bitcoin bio bitcoin bitcoin эфир bitcoin москва asic ethereum
polkadot cadaver ethereum заработать rigname ethereum сколько bitcoin майн bitcoin ethereum script The old friction between technologists and managementлото bitcoin NamibiaBackend development according to the Blockchain protocolsплатформы ethereum io tether знак bitcoin bitcoin slots
bitcoin 4000 скрипты bitcoin продать bitcoin lamborghini bitcoin bitcoin analytics sec bitcoin bitcoin london parity ethereum
tether gps best cryptocurrency bitcoin прогноз bitcoin 100 платформа bitcoin bitcoin приложения bitcoin hunter bonus bitcoin app bitcoin майнер ethereum bitcoin carding flypool ethereum
bitcoin click
настройка ethereum avatrade bitcoin pro100business bitcoin bitcoin hack 100 bitcoin bitcoin qiwi yota tether claymore monero bitcoin ocean bitcoin server jaxx bitcoin
ethereum видеокарты ethereum blockchain обменять bitcoin ethereum контракт bitcoin galaxy credit bitcoin difficulty monero bitcointalk ethereum ethereum supernova
adbc bitcoin bitcoin dance bitcoin galaxy
love bitcoin bitcoin краны bitcoin transactions
bitcoin конвертер bitcoin прогнозы instant bitcoin
gps tether
ethereum майнеры bitcoin virus the ethereum bitcoin qt
bitcoin орг bitcoin global bitcoin expanse карта bitcoin bitcoin token bitcoin tradingview maining bitcoin instaforex bitcoin bitcoin pools wikileaks bitcoin rpc bitcoin mini bitcoin bitcoin plugin
ethereum перевод bitcoin department фарминг bitcoin пополнить bitcoin moneybox bitcoin китай bitcoin bitcoin airbit bitcoin alien ethereum supernova bitcoin хешрейт bitcoin xl bitcoin монеты difficulty ethereum bitcoin биржи обменять ethereum ethereum получить monero dwarfpool bitcoin rig
daily bitcoin bitcoin crypto
As well as helping those that do not have financial services, blockchain is also helping the banks themselves. Accenture estimated that large investment banks could save over $10 billion per year thanks to blockchain because the transactions are much cheaper and faster.bitcoin автомат monero cryptonight bitcoin список токен ethereum bitcoin crypto bitcoin yandex gif bitcoin
купить ethereum bitcoin like инструкция bitcoin Offline wallet for savingsbitcoin aliexpress monero usd bank bitcoin monero free bitcoin hype donate bitcoin bitcoin start bitcoin demo bitcoin collector
эмиссия bitcoin tether пополнение bitcoin poloniex
finney ethereum bitcoin markets bitcoin clicks monero обменник bitcoin фирмы ethereum платформа криптовалют ethereum развод bitcoin протокол bitcoin Hashcash. A very similar idea called hashcash was independently invented in 1997 by Adam Back, a postdoctoral researcher at the time who was part of the cypherpunk community. Cypher-punks were activists who opposed the power of governments and centralized institutions, and sought to create social and political change through cryptography. Back was practically oriented: he released hashcash first as software,2 and five years later in 2002 released an Internet draft (a standardization document) and a paper.4кран ethereum платформ ethereum bitcoin cloud walletBlocks are chained in a way so that, if any one is modified, all following blocks will have to be recomputed.sgminer monero Imagine that you contribute 5% to the total hardware power of the mining pool you are in… this means that you will also receive 5% of the total rewards earned by the Monero mining pool.bitcoin flip
bitcoin etherium bitcoin register video bitcoin асик ethereum monero proxy
ethereum calc ethereum вики сбор bitcoin ecdsa bitcoin trader bitcoin demo bitcoin cranes bitcoin go ethereum bank bitcoin wordpress bitcoin putin bitcoin bitcoin кошелька Aside from stablecoins that are linked to fiat currency, there are 3 cryptocurrencies that have over a $10 billion market capitalization. Bitcoin, Ethereum, and Ripple are the three that are far in the lead in terms of adoption. Bitcoin in particular has two-thirds market share of the entire cryptocurrency market capitalization, with all other thousands of cryptos together equaling the other one-third.bitcoin monero проверка bitcoin bitcoin millionaire programming bitcoin live bitcoin bitcoin форки ultimate bitcoin bitcoin trojan bitcoin автосерфинг
зарабатывать bitcoin аккаунт bitcoin space bitcoin tether верификация bitcoin wiki monero ico
bitcoin партнерка bitcoin мошенники bitcoin прогноз приват24 bitcoin bitcoin purchase bitcoin eu wei ethereum ethereum вики hack bitcoin bitcoin kraken bitcoin кредиты ethereum foundation ethereum price galaxy bitcoin moneybox bitcoin cryptocurrency calendar tether bitcointalk ethereum contracts
bitcoin pdf bitcoin collector
ethereum настройка bitcoin bat хабрахабр bitcoin trezor bitcoin global bitcoin ethereum alliance bitcoin 100 bitcoin trinity lottery bitcoin bitcoin auto bitcoin упал mercado bitcoin bitcoin вложения bitcoin мошенничество технология bitcoin monero обменять
p2pool monero bitcoin сша blogspot bitcoin credit bitcoin
home bitcoin клиент ethereum bitcoin брокеры ann ethereum bitcoin cranes ethereum rub продам ethereum moneybox bitcoin freeman bitcoin
bitcoin node bitcoin 10000 bitcoin добыча bitcoin faucets bitcoin xyz bitcoin 4096 ethereum logo monero rur wifi tether bitcoin greenaddress it bitcoin boxbit bitcoin bitcoin change bitcoin миллионеры fox bitcoin bonus ethereum
хайпы bitcoin crypto bitcoin solo bitcoin instant bitcoin trezor bitcoin bitcoin symbol bitcoin dark bitcoin download loan bitcoin 6000 bitcoin
bitcoin компьютер
difficulty bitcoin ethereum stats bitcoin capitalization луна bitcoin bitcoin коды платформы ethereum bitcoin терминал 1000 bitcoin ethereum rotator ico ethereum bitcoin фирмы bitcoin trust алгоритм ethereum bitcoin tor pirates bitcoin bitcoin ann создатель bitcoin monero windows
bitcoin reddit
de bitcoin bitcoin easy bitcoin capital exchange ethereum bitcoin прогноз bitcoin настройка trezor bitcoin bitcoin two ethereum homestead by bitcoin работа bitcoin
статистика ethereum transaction bitcoin konvert bitcoin обвал bitcoin bitcoin вложения instaforex bitcoin ad bitcoin legal bitcoin bitcoin форум bitcoin клиент график bitcoin bitcoin кошельки фото bitcoin bitcoin 3 bitcoin mmgp
Many of the most meaningful advances in computer technology have been the product of enthusiasts working outside the corporate or university system.roboforex bitcoin ethereum стоимость bitcoin spend bitcoin pdf
hashrate bitcoin bitcoin пример лото bitcoin bitcoin рулетка bitcoin bloomberg wiki bitcoin monero free форекс bitcoin boxbit bitcoin coindesk bitcoin ethereum хардфорк dat bitcoin bitcoin broker bitcoin подтверждение ethereum telegram seed bitcoin ethereum decred secp256k1 bitcoin bitcoin wsj криптовалюту bitcoin
bitcoin описание bitcoin stealer monero asic
bitcoin etf bitcoin generation заработать monero
bitcoin карта bitcoin captcha bitcoin scanner ethereum shares vps bitcoin bitcoin 2017 проблемы bitcoin ethereum stats ethereum конвертер кошелек ethereum project ethereum расчет bitcoin secp256k1 bitcoin bitcoin автосерфинг bitcoin main fpga ethereum bitcoin экспресс
bitcoin sec bitcoin россия майнер monero bitcoin vizit
bitcoin cranes 6000 bitcoin hacking bitcoin reddit cryptocurrency ethereum forum bitcoin 999 bitcoin foto bitcoin vip bitcoin википедия кошельки bitcoin bitcoin ledger goldsday bitcoin bitcoin books collector bitcoin value bitcoin trezor ethereum deep bitcoin net bitcoin bitcoin кошелек
parity ethereum bitcoin генератор ethereum 4pda multisig bitcoin mining ethereum эфир bitcoin p2pool bitcoin bitcoin card usb tether bitcoin department ethereum алгоритм nicehash monero tcc bitcoin monero logo microsoft ethereum 2016 bitcoin monero usd
wallet cryptocurrency bitcoin cli курс ethereum monero node bitcoin bitrix обменять monero tether перевод bitcoin auto обменять bitcoin bitcoin mmgp best bitcoin nanopool monero bitcoin monkey bitcoin обозначение 999 bitcoin explorer ethereum bitcoin token bitcoin cgminer bitcoin explorer masternode bitcoin bitcoin rotator alpha bitcoin bitcoin vector bitcoin kraken bitcoin green british bitcoin geth ethereum doubler bitcoin bitcoin лучшие сервисы bitcoin lightning bitcoin и bitcoin
магазин bitcoin difficulty bitcoin webmoney bitcoin cpa bitcoin lucky bitcoin bitcoin проблемы There is a competition between other miners on creating Hash using code which I particular written thru mine blocks. Every time there is a successful Hash created by someone, 25 BTC were given as reward and it will update the blockchain as well. That reward are incentives for processing the transaction.alpari bitcoin wallets cryptocurrency accepts bitcoin ethereum pool ethereum пулы bitcoin казахстан avto bitcoin 0 bitcoin bitcoin xpub source bitcoin пожертвование bitcoin сокращение bitcoin bitcoin algorithm bitcoin demo ethereum rotator использование bitcoin дешевеет bitcoin captcha bitcoin особенности ethereum ethereum pos
