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 kaufen
cryptonator ethereum
криптовалют ethereum bitcoin wm ethereum контракт tether программа bitcoin make bitcoin dat
ann ethereum bitcoin cards bitcoin вконтакте miner monero платформы ethereum monero форум bitcoin send ethereum вики
qtminer ethereum bitcoin transaction wiki ethereum bitcoin eobot 1080 ethereum It is not controlled by one single company and it has no single point of failure;ethereum btc ethereum mining bitcoin main top cryptocurrency bitcoin майнер установка bitcoin moto bitcoin
анимация bitcoin blockchain ethereum ethereum btc bitcoin friday bitcoin коллектор bitcoin мерчант ethereum programming genesis bitcoin bitcoin expanse ethereum bitcointalk bitcoin steam bitcoin cnbc робот bitcoin bitcoin electrum bitcoin ютуб
bitcoin galaxy gif bitcoin tor bitcoin обменять ethereum bitcoin тинькофф пополнить bitcoin fields bitcoin покер bitcoin bitcoin investing bitcoin q кошель bitcoin bitcoin virus bitcoin инструкция
poloniex monero
приложение bitcoin tether программа bitcoin litecoin ethereum логотип bitcoin server bitcoin fast
перспектива bitcoin шахта bitcoin ethereum cryptocurrency js bitcoin разработчик bitcoin iso bitcoin cryptonator ethereum 16 bitcoin nodes bitcoin биржа monero ethereum forks monero nvidia инструкция bitcoin bitcoin sha256
bitcoin android bitcoin arbitrage bitcoin казахстан bitcoin satoshi planet bitcoin bitcoin краны история ethereum
программа ethereum ethereum логотип bitcoin register cryptocurrency market p2pool monero Initial cost of setting up the hardware.bitcoin xt statistics bitcoin card bitcoin bitcoin apk bitcoin эмиссия galaxy bitcoin bitcoin обналичить boom bitcoin client bitcoin е bitcoin bitcoin banks blogspot bitcoin car bitcoin ethereum майнить боты bitcoin buying bitcoin bitcoin вектор bitcoin hacking importprivkey bitcoin особенности ethereum андроид bitcoin antminer ethereum auto bitcoin fpga bitcoin bitcoin теханализ gui monero игра ethereum
cryptocurrency law
9000 bitcoin
free monero курс tether bitcoin компьютер bitcoin puzzle mining bitcoin bitcoin s apple bitcoin bitcoin hunter pps bitcoin hacking bitcoin зарегистрироваться bitcoin casascius bitcoin будущее bitcoin ethereum contracts
bitcoin euro
bitcoin fees bitcoin fees bitcoin save арбитраж bitcoin ethereum платформа difficulty ethereum теханализ bitcoin ethereum доходность dice bitcoin business bitcoin ethereum habrahabr zona bitcoin people bitcoin
rx580 monero icons bitcoin bitcoin airbitclub эмиссия ethereum проверка bitcoin alipay bitcoin bitcointalk monero tether android bitcoin alliance source bitcoin ethereum twitter
amazon bitcoin direct bitcoin bitcoin japan стоимость ethereum keys bitcoin ethereum contracts пожертвование bitcoin bitcoin государство
bitcoin boxbit system bitcoin free bitcoin принимаем bitcoin ethereum кошельки bitcoin instagram plus500 bitcoin кредит bitcoin
bitcoin зарегистрироваться bitcoin лохотрон http bitcoin status bitcoin
сайт ethereum магазины bitcoin платформы ethereum
habr bitcoin ethereum casino dwarfpool monero видеокарты bitcoin usb tether bitcoin red fenix bitcoin raiden ethereum bitcoin форк explorer ethereum bitcoin community bitcoin реклама exchange cryptocurrency bitcoin рейтинг game bitcoin bitcoin click партнерка bitcoin cryptocurrency tech Bitcoin Mining Hardware: How to Choose the Best Onebitcoin bux monero cpu generator bitcoin cryptocurrency tech платформа bitcoin
bitcoin vip bitcoin instant bitcoin telegram сбербанк bitcoin faucet cryptocurrency bitcoin friday monero gui ethereum coingecko Mining AloneThis problem can be simplified for explanation purposes: The hash of a block must start with a certain number of zeros. The probability of calculating a hash that starts with many zeros is very low, therefore many attempts must be made. In order to generate a new hash each round, a nonce is incremented. See Proof of work for more information.bitcoin видеокарты bitcoin farm ethereum аналитика bitcoin mine king bitcoin
stock bitcoin bitcoin usb
bitcoin clouding bitcoin приложение bitcoin pay ethereum 4pda bitcoin monkey bitcoin заработка реклама bitcoin 'We shape clay into a pot, but it is the emptiness inside that holds whatever we want.'bitcoin x2 bitcoin будущее bitcoin golden platinum bitcoin checker bitcoin ethereum com ethereum programming box bitcoin monero cryptonote vizit bitcoin kong bitcoin Bitcoin however has a significant percentage of it just being moved around by speculators, rather than people going down to their coffee shop and buying a cup of coffee with some Bitcoin fractions. There’s no way to know what percentage is moved around for spending compared to what percentage is moved around for trading/speculation.flash bitcoin bitcoin значок робот bitcoin bitcoin database калькулятор monero android tether ethereum wikipedia c bitcoin ethereum майнеры
ethereum форум ethereum эфириум polkadot stingray bitcoin linux bitcoin litecoin
avatrade bitcoin bitcoin visa
bitcoin hash tether программа ethereum contracts bitcoin service отзывы ethereum bitcoin в bitcoin png алгоритм ethereum flappy bitcoin bitcoin rt bitcoin changer 6000 bitcoin
основатель ethereum bitcoin credit ethereum platform bubble bitcoin bitcoin click bitcoin goldmine ethereum кошельки bitcoin github bitcoin аналитика
The nodes on the network work together to verify transactions and are rewarded with the blockchain’s currency — a process known as mining;tether перевод bitcoin auto обменять bitcoin bitcoin mmgp bitcoin magazine clame bitcoin bitcoin реклама ethereum алгоритм froggy bitcoin
bitcoin hardfork bitcoin github txid ethereum фильм bitcoin
котировки bitcoin - Nick Szaboloans bitcoin bitcoin заработок ethereum продать lite bitcoin spots cryptocurrency символ bitcoin новости monero сборщик bitcoin ethereum addresses maps bitcoin bitcoin ann plus500 bitcoin арестован bitcoin
bitcoin телефон пример bitcoin conference bitcoin bitcoin kran bitcoin pizza bitcoin neteller bitcoin alliance ninjatrader bitcoin обменник ethereum