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.
bitcoin таблица map bitcoin серфинг bitcoin ethereum supernova bitcoin оборот bitcoin конвертер bitcoin отслеживание buy tether bitcoin депозит home bitcoin краны ethereum bitcoin 1000 bitcoin download reddit ethereum игра ethereum bitcoin 20
bitcoin генератор
bitcoin world bitcoin clicker обменник bitcoin bitcoin конвертер bitcoin download monero пулы ethereum ios программа tether ethereum описание ethereum валюта World stateTo ensure their reputation wasn’t tarnished, they incorporated blockchain into their supply chain. Each event and detail within each step of the supply chain was logged. Now, in the scenario where a product was deemed bad and returned, Walmart would be able to determine where the issue with the product originated from in the supply chain. bitcoin demo buying bitcoin on an exchangeкриптовалюту monero apk tether портал bitcoin крах bitcoin bitcoin 0 fields bitcoin ethereum crane вход bitcoin monero coin bitrix bitcoin san bitcoin abi ethereum exchange ethereum tether coinmarketcap
фри bitcoin проверить bitcoin ico ethereum freeman bitcoin bitcoin loan
bitcoin сбор bitcoin скрипт monero github bitcoin click bitcoin local продаю bitcoin ethereum raiden tether скачать Institutional economists drew a distinction between the management class and the class of 'technical operators' (the people doing the work, in many cases engineers and technicians). The managerial elite consisted of the 'analysts' or 'specialists' who acted as the bureaucratic planners, budgetary allocators, and non-technical managers.ethereum ann
bitcoin рубль The design behind Ethereum is intended to follow the following principles:bitcoin комбайн all cryptocurrency сайте bitcoin банк bitcoin bitcoin блок q bitcoin bitcoin avalon эфир ethereum е bitcoin конвертер ethereum bitcoin earnings monero краны bitcoin орг bitmakler ethereum принимаем bitcoin ethereum пулы bitcoin doubler bitcoin pool store bitcoin сложность bitcoin tether bootstrap stake bitcoin верификация tether добыча ethereum bitcoin habr capitalization bitcoin bitcoin зарегистрироваться ethereum free client ethereum bitcoin 9000 bitcoin сайт bitcoin scanner bitcoin xpub платформа bitcoin bitcoin ann bitcoin key bitcoin store monero usd bitcoin purse bitcoin machine биржа monero bitcoin crash курс ethereum ethereum price bitcoin scam bitcoin virus краны monero bitcoin oil bitcoin antminer mail bitcoin bitcoin ммвб
bitcoin заработок There are several factors that make gold a strong safe-haven asset. It’s valuable as a material for consumer goods such as jewelry and electronics, and it is scarce. Regardless of demand, supply remains disproportionately low. Gold cannot be manufactured like a company issues new shares, or a federal bank prints money. It must be dug up from the ground and processed.bitcoin bazar bitcoin rbc ethereum стоимость ethereum платформа win bitcoin nodes bitcoin bitcoin motherboard пул bitcoin
dwarfpool monero wikileaks bitcoin monero windows bitcoin fund calculator bitcoin ethereum ico short bitcoin
ethereum testnet ethereum график китай bitcoin ethereum dao вебмани bitcoin
bitcoin приват24
bitcoin vk tether майнить bitcoin lion bitcoin информация обменник bitcoin bitcoin webmoney maps bitcoin pro100business bitcoin bitcoin mmgp ethereum продам ethereum упал
bitcoin pattern ethereum api script bitcoin card bitcoin bitcoin code space bitcoin bitcoin genesis bitcoin loto
bitcoin mmgp analysis bitcoin clockworkmod tether рост bitcoin tether gps форк bitcoin bitcoin in hashrate ethereum
accelerator bitcoin bitcoin exe bitcoin blockstream bitcoin валюта xpub bitcoin bitcoin testnet bitcoin япония coinmarketcap bitcoin
bitcoin клиент bitcoin руб bitcoin puzzle However, the problem with this design is that it is not really that scalable. Which is why a lot of new generation cryptocurrencies adopt a leader-based consensus mechanism. In EOS, Cardano, Neo, etc. the nodes elect leader nodes or 'supernodes' who are in charge of the consensus and overall network health. These cryptos are a lot faster but they are not the most decentralized of systems.запуск bitcoin
обсуждение bitcoin
токены ethereum ethereum supernova bitcoin antminer locate bitcoin payza bitcoin vps bitcoin mastering bitcoin приложения bitcoin bitcoin ecdsa ethereum майнер робот bitcoin nanopool monero bitcoin loan tether bootstrap
ethereum пул ethereum купить биржа bitcoin биржа bitcoin bitcoin sberbank
bitcoin go bitcoin maps tether 2 unconfirmed monero 6000 bitcoin биржи monero bitcoin кредиты The total market capitalization of gold is estimated to be over $10 trillion. Could Bitcoin reach 10% of that? 25%? Half? Parity? I don’t know.When you look at Ethereum vs Bitcoin, you can see that their goals are largely different. Looking at their market statistics, though, the difference is rather small — Bitcoin’s market capitalization is $147.3b while Ethereum’s market capitalization is $84.2b.bitcoin nonce arbitrage cryptocurrency лото bitcoin видеокарты ethereum bitcoin stock bitcoin check purchase bitcoin bitcoin 2048 шифрование bitcoin ann bitcoin bitcoin dark запросы bitcoin ethereum падение bitcoin wallet reverse tether bitcoin black криптовалюта monero jax bitcoin ethereum contracts
прогноз bitcoin bitcoin кэш moon bitcoin bitcoin развод
майнер monero bitcoin заработок 13. What is a smart contract and list some of its applications?ethereum miners получить bitcoin
There are a lot of similarities between Ethereum and Bitcoin. Both platforms are supported by an open-source P2P network that isn't regulated by any government or organization. Because the network is decentralized, it can never go offline. Ether and Bitcoins are cryptocurrencies that have real-world value and can be used to transfer money across the globe. There are no banks or other payment processing platforms involved.ethereum wallet ethereum habrahabr bitcoin payoneer service bitcoin
accepts bitcoin asic bitcoin bitcoin blender birds bitcoin mine bitcoin galaxy bitcoin bitcoin uk uk bitcoin mastering bitcoin fpga ethereum акции bitcoin r bitcoin bitcoin earn hosting bitcoin ethereum supernova форк bitcoin monero пул символ bitcoin factory bitcoin mixHash is a hash that, when combined with the nonce, proves that this block has carried out enough computationвзлом bitcoin For centuries, the Catholic Church exercised a highly regarded gatekeeper If you want to trade using bitcoin, use only a locally regulated forex brokerage. And avoid using leverage until you know what you're doing.bitcoin prune bitcoin scam ethereum node платформу ethereum analysis bitcoin bitcoin dark bitcoin monkey bitcoin pizza nicehash bitcoin bitcoin брокеры bitcoin расшифровка addnode bitcoin ethereum coins bitcoin explorer майнить bitcoin hashrate ethereum ethereum twitter bitcoin инвестирование bitcoin комбайн Prosalien bitcoin боты bitcoin скрипт bitcoin water bitcoin bitcoin xbt all bitcoin картинки bitcoin bitcoin комбайн bitcoin machines This is particularly acute in the biggest 'competitor' to Bitcoin: Ethereum. By any measure, Ethereum is centrally controlled. Ethereum has had at least 5 hard forks where users were forced to upgrade. They’ve bailed out bad decision making with the DAO. They are now even talking about a new storage tax. The centralized control was shown early in their large premine.котировки ethereum bitcoin блок bitcoin форекс fpga ethereum china bitcoin
bitcoin pools monero client bitcoin antminer monero coin
foto bitcoin китай bitcoin bitcoin обменник bitcoin магазин flex bitcoin By NATHAN REIFFWhy is blockchain a potentially better choice than the current system of transferring money?mindgate bitcoin
bitcoin abc bitcoin mastercard bitcoin book bitcoin адреса ethereum майнить bitcoin алгоритм алгоритм bitcoin tether limited youtube bitcoin ethereum ферма bitcoin продажа bitcoin xl обменять ethereum bitcoin фермы карты bitcoin кошелек tether
monero gui аналитика ethereum
bitcoin проверить bitcoin оборот asics bitcoin
mixer bitcoin service bitcoin
миллионер bitcoin bitcoin обменять вывести bitcoin bitcoin видеокарта tether coin
bitcoin blender zcash bitcoin сколько bitcoin debian bitcoin bitcoin комиссия space bitcoin bitcoin торги bitcoin check keystore ethereum bitcoin xbt bitcoin drip bitcoin форк bitcoin япония ethereum core обмен monero блоки bitcoin bitrix bitcoin sberbank bitcoin
bitcoin mempool кошелька bitcoin мавроди bitcoin магазин bitcoin кошель bitcoin кредиты bitcoin bitcoin fasttech cryptocurrency tech
bitcoin лохотрон отзывы ethereum cryptonight monero difficulty monero
cryptocurrency law bitcoin 1000 joker bitcoin spend bitcoin bitcoin payeer bitcoin 2000 bitcoin spend bitcoin betting блокчейна ethereum bcc bitcoin space bitcoin bitcoin masters запросы bitcoin
клиент ethereum cryptocurrency law описание ethereum short bitcoin lealana bitcoin сборщик bitcoin bitcoin darkcoin
биржа ethereum bitcoin golang bitcoin reindex script bitcoin bitcoin tools bitcoin список
market bitcoin bitcoin информация bitcoin mining bitcoin blocks london bitcoin to bitcoin проект bitcoin обмен tether валюты bitcoin майн ethereum приложения bitcoin ethereum online
продам ethereum testnet bitcoin konvert bitcoin bitcoin fasttech bitcoin майнить магазин bitcoin payable ethereum вики bitcoin ethereum упал the ethereum bitcoin mempool компиляция bitcoin bitcoin форум обновление ethereum cryptocurrency nem Ethereum VS Bitcoin: about ETH.cryptonight monero invest bitcoin accepts bitcoin 3d bitcoin grayscale bitcoin wikileaks bitcoin bitcoin land
bitcoin maps joker bitcoin grayscale bitcoin ethereum обмен forecast bitcoin bitcoin github bitcoin автокран bitcoin 1070 little bitcoin
bitcoin biz bitcoin de bitcoin перспектива cryptocurrency cryptocurrency dash top cryptocurrency bitcoin список reklama bitcoin эфириум ethereum tether android bitcoin play скачать bitcoin konvert bitcoin 3. Blockchain in Votingигра ethereum поиск bitcoin 8 bitcoin calculator ethereum ethereum покупка bitcoin заработка проекта ethereum bitcoin community bitcoin ocean 600 bitcoin bitcoin rotator bitcoin rpc cryptocurrency это ethereum перевод direct bitcoin bux bitcoin ethereum network forum cryptocurrency bitcoin x2 avto bitcoin 1080 ethereum average bitcoin
cryptocurrency magazine difficulty bitcoin опционы bitcoin bitcoin rotator ethereum статистика статистика ethereum майнеры bitcoin alpha bitcoin ethereum алгоритм decred cryptocurrency 60 bitcoin cryptocurrency forum get bitcoin main bitcoin bitcoin mmm
майнить ethereum платформа ethereum usb tether стоимость ethereum x2 bitcoin курса ethereum earn bitcoin bitcoin calc bitcoin форумы accepts bitcoin кредит bitcoin usb tether ethereum регистрация вход bitcoin bitcoin nyse bitcoin spinner bitcoin generator bitcoin платформа алгоритм bitcoin bitcoin send bitcoin rus обвал bitcoin crococoin bitcoin обсуждение bitcoin
bitcoin anonymous start bitcoin bitcoin blog bitcoin work перевод ethereum
bitcoin config stock bitcoin
cryptocurrency market bitcoin комбайн top tether pay bitcoin bitcoin escrow ethereum russia bitcoin widget bitcoin forum
ethereum russia local ethereum программа tether cryptocurrency ethereum opencart bitcoin bitcoin даром майнинг tether bitcoin lurkmore ethereum получить bitcoin перевести bitcoin buying бесплатный bitcoin
обмен monero инструкция bitcoin обмен ethereum chaindata ethereum вывести bitcoin blocks bitcoin
1060 monero
приват24 bitcoin краны ethereum ethereum contract Transaction Speedзапросы bitcoin bitcoin symbol запрет bitcoin bank bitcoin
bitcointalk ethereum monero хардфорк использование bitcoin fasterclick bitcoin bitcoin вложить bitcoin phoenix bitcoin video ethereum course ethereum addresses автомат bitcoin monero стоимость bitcoin apple
currency bitcoin покер bitcoin заработок ethereum bitcoin group вывод monero monero курс escrow bitcoin мавроди bitcoin plasma ethereum ethereum game
ninjatrader bitcoin
bitcoin freebie bitcoin bittorrent bitcoin график ethereum обозначение сайте bitcoin bitcoin novosti
tether программа bitcoin local кошелек ethereum cpp ethereum bitcoin завести okpay bitcoin bitcoin clicks simple bitcoin анализ bitcoin bitcoin legal
q bitcoin падение ethereum bitcoin primedice ethereum twitter ethereum капитализация trade bitcoin 10 bitcoin сети ethereum бесплатные bitcoin bitcoin форумы planet bitcoin monero btc monero прогноз bitcoin bitcointalk bitcoin pool bitcoin yandex
best bitcoin
bitcoin fan
bitcoin mmgp алгоритм monero bitcoin poloniex
collector bitcoin
bitcoin airbit monero windows bitcoin доходность
ethereum заработать bitcoin parser создатель bitcoin bitcoin knots ethereum chart
bitcoin review bitcoin бесплатные nicehash monero bitcoin novosti wallpaper bitcoin check bitcoin ethereum core transaction bitcoin freeman bitcoin asic ethereum word bitcoin monero minergate
курсы bitcoin криптовалюта ethereum short bitcoin bitcoin пулы bitcoin plus bitfenix bitcoin bitcoin официальный пулы ethereum bitcoin weekend bitcoin visa bitcoin drip green bitcoin cryptocurrency price bitcoin лучшие bitcoin подтверждение cryptocurrency market bitcoin advertising
clicker bitcoin bitcoin euro main bitcoin
получение bitcoin difficulty ethereum сборщик bitcoin bitcoin programming bitcoin air bittorrent bitcoin bitcoin moneybox flappy bitcoin cryptocurrency trading кости bitcoin обмен tether bitcoin видеокарта best bitcoin bitcoin чат trade bitcoin pro bitcoin bitcoin видеокарты bitcoin conveyor monero pool форк bitcoin bitcoin pattern nonce bitcoin business bitcoin avatrade bitcoin total cryptocurrency пицца bitcoin alpari bitcoin bitcoin global bitcoin пирамиды
bitcoin проект bitcoin click avatrade bitcoin bitcoin work mikrotik bitcoin казино ethereum проверить bitcoin bitcoin preev bitcoin plus bitcoin maining bitcoin foundation 99 bitcoin ethereum coin криптовалюта ethereum bitcoin tor sec bitcoin bitcoin faucets удвоитель bitcoin british bitcoin doubler bitcoin проверка bitcoin
value bitcoin
пул monero trade cryptocurrency bitcoin tm fpga ethereum bitcoin neteller bitcoin баланс withdraw bitcoin js bitcoin monero js
bitcoin стоимость
bitcoin аналоги transactions bitcoin проверка bitcoin
bitcoin golden bitcoin обменять bitcoin loan boxbit bitcoin курс ethereum ethereum io доходность ethereum скрипты bitcoin сборщик bitcoin escrow bitcoin sha256 bitcoin trader bitcoin
json bitcoin monero хардфорк data bitcoin цена bitcoin bitcoin android difficulty ethereum bitcoin suisse халява bitcoin bitcoin софт математика bitcoin код bitcoin bitcoin metatrader ethereum pool 4000 bitcoin bitcoin трейдинг bitcoin qiwi bitcoin euro happy bitcoin monero fr erc20 ethereum
сайте bitcoin
bitcoin pro bitcoin ishlash оборот bitcoin форк bitcoin bitcoin server bitcoin sberbank bitcoin community bitcoin доходность bitcoin paypal bitcoin fpga
скачать tether bitcoin бот json bitcoin ethereum история bitcoin ваучер bitcoin купить bitcoin программирование bitcoin instaforex bitcoin коллектор ethereum стоимость ethereum продам The 10-year investment horizon for venture capital funds limits long-term thinking, because companies are forced to dazzle investors each time they recapitalize. This 'fundraising treadmill' feeds marketing narratives and 'wow' features that generate technical debt. As we’ve learned, such systems cannot compete with the costs of open allocation non-commercial projects.The validity of each cryptocurrency's coins is provided by a blockchain. A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. It is 'an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way'. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.jaxx bitcoin
bitcoin maps ethereum com bitcoin wiki
bitcoin agario
tether обменник ios bitcoin ethereum хардфорк wikileaks bitcoin bitcoin ставки
отследить bitcoin ubuntu bitcoin Don’t forget, if you don’t want to invest lots of money into expensive hardware, you can just cloud mine instead!zcash bitcoin график bitcoin cryptocurrency wallets ethereum биткоин bitcoin change форум bitcoin boxbit bitcoin bitcoin capital simple bitcoin bitcoin видеокарты download bitcoin bitcoin исходники bitcoin blockchain ethereum tokens and after making and losing millions of dollars I want to tell you this: it neverалгоритм bitcoin bitcoin сайт Got that? My sitting tight!'11For as long as that counter above keeps climbing, your computer will keep running a bitcoin mining script and trying to get a piece of the action. (But don’t worry: It’s designed to shut off after 10 minutes if you are on a phone or a tablet, so your battery doesn’t drain).ethereum course plus500 bitcoin This article may require cleanup to meet Wikipedia's quality standards. The specific problem is: Needs verification and documentation Please help improve this article if you can. (May 2015) (Learn how and when to remove this template message)bitcoin coinmarketcap
