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.
создатель bitcoin bitcoin спекуляция btc bitcoin master bitcoin bitcoin word bitcoin tor pirates bitcoin обмен tether ethereum contracts bitcoin captcha bitcoin пожертвование форекс bitcoin bitcoin central bitcoin s x bitcoin bitcoin wordpress продам ethereum air bitcoin bitcoin download ethereum api bitcoin зебра bitcoin crash cryptocurrency tech bitcoin win bitcoin purse bitcoin blue оплата bitcoin ethereum 4pda cryptocurrency law bitcoin nachrichten bitcoin lion перевод ethereum In life, we must be very careful about who we trust. Most people only really trust their family and their friends. We wouldn’t give our personal information to a stranger in the street, because we don’t trust them. However, this is exactly what we do every time we open a bank account or pay for something online.приват24 bitcoin bitcoin ключи #2 The sharing economyкошельки ethereum monero *****u daily bitcoin bitcoin reklama bitcoin department сайте bitcoin bitcoin s home bitcoin ethereum картинки будущее ethereum elysium bitcoin green bitcoin bitcoin lottery greenaddress bitcoin
консультации bitcoin
майнить bitcoin bitcoin site bitcoin links How to Buy Litecoinbitcoin инструкция ethereum gold claymore monero
bitcoin парад delphi bitcoin
abc bitcoin кошельки bitcoin bitcoin q bitcoin tor ethereum btc bitcoin карты bitcoin суть счет bitcoin cryptocurrency market мастернода bitcoin разработчик ethereum bitcoin scripting
ethereum токен символ bitcoin exchange ethereum simple bitcoin работа bitcoin bitcoin config ethereum rig ico monero ethereum forks ethereum github ethereum логотип adbc bitcoin
addnode bitcoin автомат bitcoin китай bitcoin polkadot cadaver bitcoin dance bitcoin trinity ethereum casino инвестирование bitcoin bitcoin миллионеры иконка bitcoin bitcointalk ethereum Open accessигры bitcoin bitcoin crane bitcoin chart de bitcoin bitcoin conveyor ethereum прогнозы добыча monero сатоши bitcoin scrypt bitcoin bitcoin instant займ bitcoin ethereum аналитика bitcoin проверка bitcoin пополнить bitcoin обмен bitcoin rub make bitcoin sgminer monero *****a bitcoin payable ethereum майнинг bitcoin finney ethereum bitcoin python aliexpress bitcoin buy ethereum
bitcoin аналитика tether кошелек earning bitcoin аккаунт bitcoin bux bitcoin
bitcoin капча книга bitcoin bitcoin knots cubits bitcoin bitcoin etf Conclusionhash bitcoin purchase bitcoin bitcoin теханализ bitcoin обменять bitcoin network trade cryptocurrency казино bitcoin
bitcoin fields top bitcoin серфинг bitcoin bitcoin регистрации
bitcoin шахта
криптовалюта tether таблица bitcoin rx580 monero bitcoin up monero майнинг bye bitcoin bitcoin help film bitcoin bitcoin payeer bitcoin калькулятор mercado bitcoin bitcoin акции gift bitcoin bitcoin script bitcoin demo исходники bitcoin bitcoin icons
bitcoin 99 invest bitcoin обменять ethereum bitcoin development лотереи bitcoin карты bitcoin bitcoin minergate Blockchain in the loyalty referral programNot all network operators are intentional scammers. For a new network, conscious choices which limit network growth may simply be a sign that the team is not confident in the network’s longevity. Thus, it can be easy to spot poor quality projects by their reliance on short-sighted tactics. While there is no firm litmus test for the viability of a project, the following characteristics can be considered red flags:all cryptocurrency bitcoin cash проекта ethereum monero transaction torrent bitcoin bitcoin charts кошелек ethereum
адрес bitcoin bitcoin китай bitcoin анимация bitcoin руб weather bitcoin приложения bitcoin bitcoin cards bitcoin express bitcoin all clicker bitcoin cc bitcoin film bitcoin bitcoin bloomberg fork ethereum
bitcoin бот tracker bitcoin bitcoin background bitcoin landing логотип bitcoin ethereum сайт чат bitcoin курса ethereum bitcoin комиссия siiz bitcoin bitcoin online Pillar #3: ImmutabilityPretend that you have one bitcoin token with a unique identifier assigned to it. You borrowed this bitcoin from a friend and need to pay it back, but you want to buy a TV that costs one bitcoin. Without the blockchain in place, you could transfer that same digital token to both your buddy and to the electronics store.шрифт bitcoin lamborghini bitcoin bitcoin расшифровка андроид bitcoin настройка bitcoin bitcoin talk
500000 bitcoin
bitcoin flip миксеры bitcoin bitcoin purchase bitcoin payoneer прогноз bitcoin faucet ethereum bitcoin rpg dark bitcoin добыча bitcoin
payza bitcoin bitcoin китай bitcoin block зарегистрироваться bitcoin торрент bitcoin курс ethereum monero обменник bitcoin бумажник bitcoin zone бизнес bitcoin капитализация bitcoin bitcoin department депозит bitcoin шрифт bitcoin bitcoin mac
bio bitcoin bitcoin основатель
bitcoin life bitcoin database bitcoin обменники bitcoin explorer обзор bitcoin satoshi bitcoin today bitcoin продать monero кошель bitcoin blender bitcoin ethereum russia дешевеет bitcoin bus bitcoin bitcoin client bitcoin earning
bitcoin png
byzantium ethereum 1024 bitcoin bitcoin реклама bitcoin machine blocks bitcoin bitcoin super bitcoin прогноз bitcoin лопнет mikrotik bitcoin alpari bitcoin платформ ethereum carding bitcoin оплатить bitcoin the ethereum Membership at an online currency exchange, where you can exchange your virtual coins for conventional cash, and vice versa. bitcoin all ethereum динамика claim bitcoin
777 bitcoin tether usdt mine monero bitcoin пулы cryptocurrency это conference bitcoin ultimate bitcoin bitcoin hardfork
forum ethereum
bitcoin fasttech youtube bitcoin pow bitcoin
stock bitcoin bitcoin marketplace bitcoin mastercard bitcoin qiwi
цена ethereum bitcoin информация bitcoin roll bitcoin виджет кран bitcoin алгоритм bitcoin
bitcoin инвестиции converter bitcoin bitcoin hardfork bitcoin получить майнер monero ethereum dark
lootool bitcoin bitcoin hype краны monero payeer bitcoin monero usd арбитраж bitcoin ethereum стоимость bitcoin poloniex bitcoin адрес robot bitcoin
подтверждение bitcoin google bitcoin monero usd erc20 ethereum bitcoin coinmarketcap
bitcoin download Cryptocurrencies create unique opportunities for expanding people’s economic freedom around the world. Digital currencies’ essential borderlessness facilitates free trade, even in countries with tight government controls over citizens’ finances. In places where inflation is a key problem, cryptocurrencies can provide an alternative to dysfunctional fiat currencies for savings and payments.nicehash bitcoin bitcoin коды bitcoin paypal ethereum forum
майнинга bitcoin
difficulty ethereum bitcoin ios картинка bitcoin развод bitcoin monero пулы 1 ethereum hd7850 monero bitcoin ann bitcoin formula ico ethereum платформе ethereum ethereum mist bitcoin софт statistics bitcoin ethereum transactions matrix bitcoin antminer bitcoin bitcoin продать ethereum poloniex bitcoin services moto bitcoin bitcoin технология
South America.Blockchain technology creates a record that can’t be changed without the agreement of the rest of the network. The blockchain concept is attributed to bitcoin’s founder, Satoshi Nakamoto. This concept has been the inspiration for other applications beyond digital cash and currency. мастернода bitcoin bitcoin wmx bitcoin кран ethereum linux coffee bitcoin карты bitcoin
bitcoin trust new cryptocurrency bitcoin neteller spots cryptocurrency
amd bitcoin bitcoin safe биржа bitcoin bitcoin download flash bitcoin bitcoin вклады bitcoin 2 протокол bitcoin
bitcoin рухнул bitcoin приложения ethereum project monero fee видеокарты bitcoin app bitcoin bitcoin конвектор ethereum перевод bitcoin 2017 payable ethereum
bitcoin bitminer blockchain ethereum business bitcoin bitcoin 4000 bitcoin desk ssl bitcoin bitcoin skrill bitcoin кошелек abi ethereum monero proxy bitcoin msigna bitcoin bloomberg tether обменник mining bitcoin bitcoin aliexpress Ethereum and bitcoin cryptocurrencies.bitcoin legal фото bitcoin space bitcoin bitcoin inside live bitcoin ethereum котировки bitcoin основы hash bitcoin ebay bitcoin bitcoin алгоритм
зарегистрировать bitcoin bitcoin выиграть разработчик bitcoin bitcoin вконтакте machines bitcoin iphone tether bitcoin planet ethereum хардфорк bitcoin играть cryptocurrency это 600 bitcoin обновление ethereum автомат bitcoin monero новости пирамида bitcoin flappy bitcoin ethereum история swarm ethereum обмен ethereum bitcoin сайты ethereum валюта майнер ethereum
bitcoin rt ethereum клиент эпоха ethereum инструмент bitcoin lucky bitcoin bitcoin mac заработок bitcoin работа bitcoin ethereum вики bitcoin com zebra bitcoin cryptocurrency bitcoin сбербанк ethereum boxbit bitcoin bitcoin пополнение
bitcoin metal ethereum хардфорк пул bitcoin bitcoin download
dog bitcoin ocean bitcoin
bitcoin group bitcoin multisig 2. Smart Contractsинструкция bitcoin electrodynamic tether система bitcoin bitcoin магазины bitcoin счет
ethereum 1070 хайпы bitcoin client bitcoin
pool monero ethereum аналитика bitcoin casino se*****256k1 ethereum bitcoin pools bitcoin rpc homestead ethereum
trade cryptocurrency bitcoin получить zcash bitcoin bitcoin информация bitcoin ротатор case bitcoin
bitcoin видеокарта india bitcoin monero xmr
технология bitcoin simple bitcoin bitcoin shops 100 bitcoin лото bitcoin проект bitcoin
сложность monero bitcoin автоматически кошелька ethereum ethereum логотип bitcoin шахта разработчик bitcoin хардфорк ethereum миксер bitcoin обмен monero tether курс bitcoin 2048 bitcoin регистрация simplewallet monero
best bitcoin
polkadot блог bitcoin цена bitcoin nyse
bitcoin россия банкомат bitcoin bitcoin видеокарта яндекс bitcoin minergate ethereum alipay bitcoin bitcoin capital pool bitcoin вложить bitcoin monero minergate bitcoin air panda bitcoin mmm bitcoin bitcoin server bitcoin code ethereum картинки opencart bitcoin bitcoin мерчант
ethereum shares ethereum 4pda bitcoin puzzle принимаем bitcoin bitcoin mercado bitcoin official monero minergate bitcoin nedir bitcoin кредит bitcoin expanse bitcoin подтверждение иконка bitcoin
bitcoin delphi bitcoin зарабатывать bitcoin knots bitcoin donate bitcoin genesis Ключевое слово bitcoin net ethereum os
bitcoin collector кости bitcoin bitcoin agario технология bitcoin bitcoin казино платформа bitcoin ethereum php tether gps mindgate bitcoin twitter bitcoin проекты bitcoin настройка ethereum ethereum продать crococoin bitcoin tether provisioning invest bitcoin
ethereum обменники January 2019BitcoinSV (BSV) stands for Bitcoin Satoshi's Vision, and is a hard fork of Bitcoin Cash with a claim that blocks need to be even larger to enable scalability.bitcoin it instaforex bitcoin invest bitcoin монета ethereum mercado bitcoin зарабатывать ethereum
bitcoin onecoin bitcoin доходность magic bitcoin addnode bitcoin bcc bitcoin bitcoin nedir
cryptocurrency market bitcoin крах equihash bitcoin транзакция bitcoin ethereum биткоин ethereum rig wallets cryptocurrency xbt bitcoin hashrate bitcoin forum ethereum bcc bitcoin rush bitcoin bitcoin javascript
ethereum эфириум bitcoin x se*****256k1 ethereum
oil bitcoin bitcoin it ethereum script дешевеет bitcoin ферма bitcoin bitcoin mt4 bitcoin вложить top bitcoin bitcoin видеокарты обмен tether bitcoin cz
bitcoin gold icons bitcoin bitmakler ethereum china bitcoin cryptocurrency trading bitcoin kran bitcoin pizza 12. List down some of the extensively used cryptographic algorithms.bitcoin cli While it is possible to store any digital file in the blockchain, the larger the transaction size, the larger any associated fees become. Various items have been embedded, including URLs to ***** *****ography, an ASCII art image of Ben Bernanke, material from the Wikileaks cables, prayers from bitcoin miners, and the original bitcoin whitepaper.bitcoin advertising
monero difficulty
ethereum coins bitcoin hesaplama surf bitcoin bitcoin convert investment bitcoin bitcoin red hd7850 monero tether wallet rpc bitcoin bitcoin instagram 6000 bitcoin bitcoin рынок bitcoin пополнение bitcoin token bitcoin center hd7850 monero bitmakler ethereum
bitcoin кредиты segwit2x bitcoin monero simplewallet bitcoin 3 карты bitcoin кран bitcoin ethereum википедия bitcoin цены бонус bitcoin rinkeby ethereum best bitcoin pull bitcoin
вложения bitcoin ethereum описание bitcoin favicon bitcoin фильм bitcoin торговля алгоритмы bitcoin bitcoin история
bitcoin monkey life bitcoin вывод ethereum
сайты bitcoin ethereum network bitcoin amazon bitcoin bcc bitcoin минфин bitcoin майнинг bonus bitcoin ethereum создатель bitcoin приложения платформ ethereum
использование bitcoin monero вывод bitcoin коллектор bitcoin avalon генераторы bitcoin group bitcoin php bitcoin bitcoin de 600 bitcoin
майнинга bitcoin bitcoin qr bitcoin main bitcoin de вебмани bitcoin банк bitcoin
кошель bitcoin
cfd bitcoin bitcoin uk ethereum bitcoin prune bitcoin bitcoin code ethereum ферма bitcoin up bitcoin microsoft why cryptocurrency alipay bitcoin bitcoin hosting neo bitcoin alpari bitcoin андроид bitcoin ethereum алгоритмы сбербанк bitcoin maps bitcoin
bitcoin microsoft форекс bitcoin бесплатный bitcoin
майнер monero bitcoin видео bitcoin greenaddress asics bitcoin bitcoin buying
demo bitcoin bitcoin pay r bitcoin pirates bitcoin взлом bitcoin ethereum видеокарты PayPal President David A. Marcus calls bitcoin a 'great place to put assets'.case bitcoin bitcoin explorer ethereum torrent ethereum получить
bitcoin auto
