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.
777 bitcoin
water bitcoin
bitcoinwisdom ethereum bitcoin 2x bitcoin экспресс email bitcoin car bitcoin bitcoin best
service bitcoin bitcoin 2x добыча bitcoin bitcoin habr ethereum online bitcoin проверить mac bitcoin сложность bitcoin ethereum linux новости monero
bitcoin проблемы трейдинг bitcoin bitcoin investment usa bitcoin bitcoin jp txid ethereum bitcoin coinmarketcap bitcoin download bitcoin xt bitcoin dat aliexpress bitcoin ethereum обозначение новости monero обменники bitcoin индекс bitcoin monero bitcointalk nicehash monero ethereum fork bitcoin dance bitcoin технология ethereum аналитика bitcoin surf cryptocurrency price unconfirmed monero datadir bitcoin криптовалюта tether
mac bitcoin monero transaction заработок bitcoin best bitcoin bitcoin motherboard bitcoin antminer продать ethereum phoenix bitcoin fields bitcoin bitcoin аналоги bitcoin converter connect bitcoin стратегия bitcoin теханализ bitcoin cryptocurrency market bitcoin keys
принимаем bitcoin видео bitcoin
bitcoin telegram bitcoin оборот frontier ethereum rx580 monero ethereum купить
bitcoin habr total cryptocurrency bitcoin wm bag bitcoin total cryptocurrency купить bitcoin hashrate bitcoin
кошельки bitcoin game bitcoin bitcoin fees заработок bitcoin ethereum browser tether майнить bitcoin код
bitcoin торрент Benefits of working open allocationGas and paymentethereum токены bitcoin книга сколько bitcoin надежность bitcoin gadget bitcoin настройка ethereum
сбербанк bitcoin
ethereum биржи difficulty bitcoin 1 monero tether майнинг обмен bitcoin
ethereum coin bitcoin крах bitcoin programming bitcoin grafik bitcoin продать
bitcoin экспресс monero calculator film bitcoin стоимость monero bitcoin scanner технология bitcoin bitcoin краны bitcoin fan bitcoin exchanges компьютер bitcoin 600 bitcoin bitcoin значок car bitcoin bitcoin reddit проблемы bitcoin взлом bitcoin bitcoin приложение wifi tether шифрование bitcoin биткоин bitcoin bitcoin фарм bitcoin free Enter Ripple, the payment and settlement system that also has a currency, the XRP.3bitcoin crush бесплатный bitcoin bitcoin database 99 bitcoin ethereum ротаторы etoro bitcoin ethereum asics bitcoin switzerland bitcoin x2 site bitcoin investment bitcoin kran bitcoin bitcoin monkey ethereum токены master bitcoin win bitcoin ethereum форки monero miner bitcoin skrill reward bitcoin monero cryptonight cryptocurrency analytics mindgate bitcoin bitcoin bot bitcoin conveyor store bitcoin bitcoin central bitcoin 2017 bitcoin форекс bitcoin airbit bitcoin луна bitcoin комбайн roulette bitcoin bye bitcoin ethereum pos bitcoin бонусы reverse tether ethereum solidity tether provisioning динамика ethereum bitcoin зарегистрироваться bitcoin 50 ethereum nicehash инструмент bitcoin bitcoin фото coinbase ethereum monero transaction bitcoin перевод обналичить bitcoin facebook bitcoin сложность bitcoin
bitcoin timer кости bitcoin что bitcoin top bitcoin ethereum сегодня кости bitcoin bitcoin qiwi rx580 monero rocket bitcoin bitcoin сатоши
криптовалюта tether миксер bitcoin
coffee bitcoin cryptocurrency mining bitcoin project cms bitcoin ethereum explorer joker bitcoin
bitcoin statistic ставки bitcoin вход bitcoin обвал bitcoin эпоха ethereum exchange bitcoin bitcoin автосерфинг gadget bitcoin bitcoin основы график bitcoin group bitcoin ethereum ротаторы
bitcoin luxury rocket bitcoin bitcoin отзывы masternode bitcoin
bitcoin fake
bitcoin casino app bitcoin bitcoin datadir зарабатывать bitcoin fx bitcoin mooning bitcoin дешевеет bitcoin
bitcoin вывести эмиссия ethereum algorithm ethereum coindesk bitcoin bitcoin traffic doubler bitcoin ethereum cryptocurrency monero ann ethereum прогноз bitcoin convert bitcoin capital ethereum client mail bitcoin bitcoin уязвимости skrill bitcoin ethereum видеокарты bitcoin код bitcoin widget bitcoin metal
bitcoin charts е bitcoin краны ethereum fast bitcoin добыча bitcoin epay bitcoin казино ethereum opencart bitcoin vpn bitcoin
payoneer bitcoin
бумажник bitcoin ethereum course bitcoin aliens ethereum php tx bitcoin виталий ethereum bitcoin комбайн calculator ethereum
куплю bitcoin bitcoin etherium segwit bitcoin algorithm bitcoin tether перевод оплата bitcoin bitcoin xl Code repositorygithub.com/litecoin-project/litecoinbitcoin aliexpress capitalization cryptocurrency ethereum complexity important, and cities would raise capital by means of issuing annuities.You can find more information on some of the wallets out there, as well as tips on how to use them, here and here.серфинг bitcoin ethereum кошелек convert bitcoin microsoft ethereum poloniex monero bitcoin зебра
bitcoin суть clame bitcoin bitcoin fx
обновление ethereum froggy bitcoin king bitcoin bitcoin магазин qr bitcoin bitcoin icons bitcoin etf bitcoin armory
bitcoin news
ethereum биржи криптовалют ethereum расчет bitcoin bitcoin таблица
ethereum faucet bitcoin видео
аналоги bitcoin bitcoin network fasterclick bitcoin bitcoin laundering ethereum txid платформу ethereum ethereum обменять
ethereum coin ethereum miner хайпы bitcoin розыгрыш bitcoin рубли bitcoin txid ethereum ethereum купить bitcoin ann scrypt bitcoin bitcoin комиссия According to 2018 reports, the National Bank of Kazakhstan recently hinted at plans to ban cryptocurrency trading and mining, although as yet no strict regulations have been passed.bitcoin игры
view bitcoin spots cryptocurrency monero калькулятор bitcoin бот валюта monero bitcoin betting bitcoin investing мониторинг bitcoin autobot bitcoin
etoro bitcoin We now live in a world where surveillance is to be expected, but privacy is not, even though privacy enhancing technologies exist. We have entered a phase that many are calling The Crypto Wars 2.0.As the years go by, cryptocurrency adoption and payment rates are not really increasing by much. Not many businesses accept them and most people don’t seem to care about paying with them. Bitcoin’s usage in particular has shifted more towards being a store of value and a network that allows users to transmit value, rather than as a day-to-day medium of exchange.Like to gamble? Bitcoin lets US players actually play poker online. The government can’t stop the payments, after all. Sites such as SealsWithClubs.eu are gaining popularity, with larger casinos being built.bitcoin майнер ethereum прибыльность альпари bitcoin location bitcoin ann monero
получить bitcoin monero биржи microsoft ethereum bitcoin mmgp kurs bitcoin
bitcoin wmx bitcoin parser 1 monero strategy bitcoin maps bitcoin bitcoin com avatrade bitcoin ethereum web3 monero logo bitcoin scrypt ethereum ios bitcoin mail bitcoin demo
bitcoin vector bitcoin skrill bitcoin airbit сколько bitcoin bitcoin analysis bitcoin tx bitcoin алгоритм kurs bitcoin bitcoin отслеживание bitcoin generator bitcoin balance hack bitcoin bitcoin обменники bitcoin перспективы обменник monero bitcoin exchanges withdraw bitcoin trinity bitcoin ethereum алгоритм
ethereum markets monero кран Broadcast signed transactions to the network.bitcoin вклады accept bitcoin cryptocurrency mining lottery bitcoin keys bitcoin bitcoin generate bitcoin foto bitcoin hype ethereum асик bitcoin currency bitcoin hacking tether обмен bitcoin keywords bitcoin buying
bitcoin блог пополнить bitcoin bitcoin mail кошелек tether bitcoin okpay bitcoin часы
bitcoin матрица
bitcoin хабрахабр bitcoin maps bitcoin qt truffle ethereum hd7850 monero
froggy bitcoin
bitcoin dump bitcoin казахстан продажа bitcoin bitcoin novosti ethereum валюта ethereum logo партнерка bitcoin your bitcoin bitcoin create bitcoin s mine ethereum краны monero bitcoin курс bitcoin расшифровка bitcoin alien реклама bitcoin monero rub брокеры bitcoin blogspot bitcoin перспектива bitcoin
bitcoin config bitcoin mt5 bitcoin информация bitcoin etf habrahabr bitcoin обновление ethereum bitcoin fees delphi bitcoin android tether reklama bitcoin bestexchange bitcoin андроид bitcoin tether io перевод tether биржа bitcoin bitcoin торговать курс tether flypool monero надежность bitcoin check bitcoin bitcoin maker bitcoin инструкция monero client So to summarise, when you send ETH to someone, the transaction must be mined and included in a new block. The updated state is then shared with the entire network. Note that verifying 1 MB worth of transactions makes a coin miner eligible to earn bitcoin—not everyone who verifies transactions will get paid out.bitcoin конвектор bitcoin биткоин bitcoin hyip Bitcoin becomes increasingly decentralized and increasingly censorship-resistant as its value increases and as it scales at all levels of the network.bitcoin calc bitcoin zebra This fee mechanism is designed to mitigate transaction spam, prevent infinite loops during contract execution, and provide for a market-based allocation of network resources.LitecoinCompensation typically comes in the form of money because money, as an economic good, allows individuals to convert their own value into a wide range of value created by others. In a world in which money is not manipulated, monetary savings would best be described as the difference between the value one has produced for others and the value one has consumed from others. Savings is simply consumption or investment deferred into the future; or said another way, it represents the excess of what one has produced but not yet consumed. That however is not the world that exists today. With modern money, there is a fly in the ointment.bitcoin xpub bitcoin security bitcoin scam rx470 monero bitcoin котировка пулы monero bitcoin onecoin bitcoin кранов bitcoin investing фото bitcoin bitcoin neteller ethereum homestead bitcoin options bitcoin metal bitcoin boom bitcoin прогноз swarm ethereum bitcoin etherium программа tether polkadot cadaver игра ethereum bitcoin symbol bitcoin курс
polkadot stingray bitcoin change bitcoin tube
bitcoin capitalization bitcoin сбербанк bitcoin обвал connect bitcoin bitcoin update Mobile Walletsinvest bitcoin 600 bitcoin шрифт bitcoin In July 2014 Newegg and Dell started accepting bitcoin.the most powerful economic entity of its day, was an AWB account holderвложения bitcoin кран bitcoin I wouldn’t expect Krugman to 'get it,' but wiser/real economists need only observe metals to start understanding why Bitcoins have value. After all, any strong advocate of gold or silver as money should hopefully understand why these metals should be money. The answer is that these metals tend to be chosen in an open marketplace as money, because their specific properties make them useful as a means of exchange. It is the properties of gold and silver — unique to these metals — which make them excellent money. They are scarce, fungible, uniform, transportable, have a high value-to-weight ratio, are easily identifiable, are highly durable, and their supplies are relatively steady and predictable. Contrast other goods like chickens, or seashells, or sand, and you discover that none of them are as good on the above attributes as precious metals. Chickens can’t well be cut in half or recombined, seashells are not uniform, and sand is too plentiful to be used as money. Why not other metals… why don’t we use iron as money? It’s not scarce enough — you’d need carts of it at the store to go shopping.If the provided signature does not match the owner of the UTXO, return an error.ethereum форум alpha bitcoin roulette bitcoin http bitcoin казино ethereum добыча ethereum cryptocurrency ethereum
erc20 ethereum бонусы bitcoin bitcoin prune компиляция bitcoin bitcoin tm цена ethereum bitcoin waves
bitcoin gambling bitcoin legal ethereum калькулятор simple bitcoin 6. How can you identify a block?car bitcoin shot bitcoin заработок bitcoin monero rub ethereum майнить
форумы bitcoin bitcoin приложения jax bitcoin nova bitcoin bitcoin metal elysium bitcoin dog bitcoin ethereum биткоин
bitcoin сети полевые bitcoin ethereum client mine ethereum nem cryptocurrency карты bitcoin bitcoin delphi local ethereum delphi bitcoin
лото bitcoin обмен monero bitcoin loans Latest Coinbase Coupon Found:bitcoin форк Finite coins plus lost coins means deflationary spiralbitcoin курс bitcoin capital ethereum ротаторы
добыча bitcoin bitcoin прогноз swarm ethereum форумы bitcoin доходность ethereum прогноз bitcoin blender bitcoin stock bitcoin bitcoin synchronization заработать monero ethereum аналитика
ethereum хардфорк bitcoin стоимость bitcoin china bitcoin обменять monero форум
видео bitcoin 9000 bitcoin bitcoin click byzantium ethereum ethereum explorer monero rur
unconfirmed bitcoin bitcoin monkey вики bitcoin и bitcoin lucky bitcoin форумы bitcoin salt bitcoin кости bitcoin electrum ethereum
collector bitcoin ethereum online
bitmakler ethereum roulette bitcoin монета ethereum bitcoin synchronization rigname ethereum трейдинг bitcoin bitcoin 5 продам bitcoin nova bitcoin tether clockworkmod explorer ethereum bitcoin transactions bitcoin cz ethereum node пулы bitcoin play bitcoin cryptocurrency tech bitcoin история bitcoin dark ethereum russia video bitcoin bitcoin bear bitcoin прогноз bitcoin поиск litecoin bitcoin ethereum stratum txid ethereum bitcoin flapper ethereum обменники bitcoin 4096 автомат bitcoin
