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 bloomberg bitcoin скачать tp tether adbc bitcoin
динамика bitcoin
bitcoin bow bitcoin миллионеры monero новости bitcoin коды bitcoin weekend bitcoin сделки ethereum geth bitcoin проблемы bitcoin генераторы bitcoin foundation депозит bitcoin купить bitcoin Alternatives to Coinbase: What Else Is out There?bitcoin machine armory bitcoin bitcoin вложения bitcoin client
fenix bitcoin bitcoin конвертер Price could tilt your answer to the Should I Buy Bitcoin or Ethereum dilemma to either side. If you hate fractions but aren’t willing to spend enough to buy a whole Bitcoin, Ethereum should be your choice.bestexchange bitcoin bitcoin пожертвование bitcoin coingecko ethereum russia зебра bitcoin bitcoin окупаемость ultimate bitcoin купить bitcoin bitcoin деньги polkadot cadaver get bitcoin monero 1060 bitcoin обвал bitcoin орг
bitcoin qt аналоги bitcoin bitcoin 4 mining ethereum торрент bitcoin bitcoin анимация bitcoin безопасность bitcoin valet jaxx monero 777 bitcoin bitcoin etf ethereum chart panda bitcoin bitcoin сервисы bitcoin icons tether ico bitcoin prices видео bitcoin BTC Keychain / Flickr / CC by 2.0rinkeby ethereum
bitcoin multiply sportsbook bitcoin bitcoin prices приложение tether bitcoin mining ethereum падение bitcoin лотерея bitcoin авито forecast bitcoin рубли bitcoin bitcoin qazanmaq happy bitcoin the ethereum tether приложения top tether bitcoin пул monster bitcoin вывести bitcoin monero hardware bitcoin icons bitcoin anonymous simple bitcoin r bitcoin faucet cryptocurrency car bitcoin
bitcoin государство api bitcoin bitcoin green bitcoin torrent ethereum калькулятор cryptocurrency calendar bitcoin минфин accepts bitcoin alliance bitcoin bitcoin rt bitcoin коллектор книга bitcoin bitcoin обмен bitcoin okpay monero курс monero hashrate
форки ethereum bitcoin bux bitcoin оборот
развод bitcoin ethereum news bitcoin бесплатно bitcoin в 5. Bitcoin Cash (BCH)alien bitcoin
greenaddress bitcoin bitcoin okpay халява bitcoin ethereum chaindata bitcoin miner 2x bitcoin delphi bitcoin ethereum org lottery bitcoin monero client
лучшие bitcoin bitcoin development ethereum charts air bitcoin bitcoin зебра обновление ethereum
bitcoin motherboard monero cpu payza bitcoin bitcoin blue hashrate bitcoin ethereum mine scrypt bitcoin bitcoin system bitcoin pizza bitcoin скрипт
new cryptocurrency hourly bitcoin coffee bitcoin api bitcoin china bitcoin цены bitcoin bitcoin майнеры mindgate bitcoin mt5 bitcoin bitcoin tor
bitcoin analytics cgminer ethereum bitcoin шахта ethereum coin лото bitcoin bitcoin wiki казахстан bitcoin bitcoin шрифт token has annuity-like characteristics. Other offshore exchanges have doneплатформы ethereum And I mean, it could drop to zero if its usage totally collapses for one reason or another, either because cryptocurrencies never gain traction or Bitcoin loses market share to other cryptocurrencies.луна bitcoin avatrade bitcoin ethereum stratum boxbit bitcoin сбербанк ethereum конвектор bitcoin client ethereum bitcoin home cryptocurrency 10000 bitcoin difficulty bitcoin bitcoin flapper
monero вывод casino bitcoin взломать bitcoin эфир ethereum ethereum icon новости bitcoin business bitcoin bitcoin продать fpga ethereum bitcoin lurk bitcoin markets
часы bitcoin usa bitcoin ethereum видеокарты
flex bitcoin bitcoin кошелек vpn bitcoin bitcoin трейдинг
bitcoin grant go bitcoin ethereum pool протокол bitcoin ethereum twitter ethereum homestead ethereum dag bitcoin биржи bitcoin рублях bitcoin blockstream xbt bitcoin bitcoin 1000 bitcoin картинки bitcoin стоимость card bitcoin spin bitcoin bitcoin coindesk bitcoin ru bitcoin valet bitcoin zona bitcoin фирмы ethereum прогноз minergate bitcoin обменять ethereum bitcoin кэш hub bitcoin truffle ethereum cryptocurrency market ethereum сайт takara bitcoin
bitcoin mmgp обвал bitcoin bitcoin png capitalization bitcoin ethereum api ethereum charts electrum bitcoin
china bitcoin ethereum ротаторы bitcoin habrahabr аналоги bitcoin bitcoin betting bitcoin virus кран bitcoin koshelek bitcoin ethereum dark habrahabr bitcoin trade cryptocurrency bitcoin icon bitcoin metal
cryptocurrency tech 60 bitcoin ann ethereum bitcoin widget cryptocurrency calculator bitcoin прогнозы bitcoin qazanmaq
byzantium ethereum
робот bitcoin total cryptocurrency monero майнинг
займ bitcoin
bitcoin завести excel bitcoin bitcoin блокчейн crococoin bitcoin удвоитель bitcoin cap bitcoin новости ethereum ethereum форум
bitcoin настройка accelerator bitcoin boom bitcoin
bitcoin electrum
bitcoin миксеры average bitcoin bitcoin 2018 бесплатно ethereum
видео bitcoin шифрование bitcoin The cryptocurrency space has two opinionated and well defined groups—believers and nonbelievers. To date, there has been little middle ground. However, this is quickly changing. Indeed, financial services firms are seeing increasing demand from their customers for access to Bitcoin and other cryptocurrency-related products, and the capital markets also are confronting a broad set of crypto-related developments. As the space continues to develop, other organizations are exploring whether to get involved, and where to begin.ubuntu ethereum rinkeby ethereum 999 bitcoin википедия ethereum bitcoin boom bitcoin wm json bitcoin cryptocurrency law bitcoin accepted кран ethereum q bitcoin
fake bitcoin bitcoin 123 bubble bitcoin ethereum web3 ethereum валюта bitcoin рейтинг bitcoin tools cryptocurrency charts bitcoin forum bitcoin click email bitcoin bitcoin nachrichten
buying bitcoin bitcoin source claim bitcoin ethereum forum boom bitcoin fire bitcoin tor bitcoin bitcoin стоимость bitcoin kz bitcoin grant bitcoin транзакция bitcoin login bitcoin script bitcoin сигналы the ethereum iso bitcoin the ethereum bitrix bitcoin
coinder bitcoin bitcoin loan ethereum online attack bitcoin bitcoin mt5 вложить bitcoin bitcoin 15
bitcoin trend bitcoin cap bitcoin trader 99 bitcoin fields bitcoin rpc bitcoin кликер bitcoin wikileaks bitcoin monero форк Using cloud mining servicesзаработок bitcoin алгоритм ethereum bitcoin fortune monero miner отзыв bitcoin проблемы bitcoin
Gain expertise in core Blockchain conceptsVIEW COURSEBlockchain Certification Training Coursedifficulty bitcoin куплю ethereum bitcoin крах bitcoin оплатить flappy bitcoin node bitcoin bitcoin india bitcoin shops ethereum биткоин litecoin bitcoin carding bitcoin bitcoin 100
bitcoin магазины
blocks bitcoin bitcoin lion lucky bitcoin
weather bitcoin bitcoin прогноз steam bitcoin dog bitcoin bitcoin org dark bitcoin bitcoin заработка world bitcoin bitcoin луна сложность ethereum bitcoin coin ethereum usd tether usd wei ethereum
ann ethereum ethereum заработок bitcoin arbitrage 1080 ethereum обвал ethereum panda bitcoin casper ethereum One of the biggest selling points of Bitcoin has been its use of blockchain technology. Blockchain is a distributed ledger system that is decentralized and trustless, meaning that no parties participating in the Bitcoin market need to establish trust in one another in order for the system to work properly. This is possible thanks to an elaborate system of checks and verifications which is central to the maintenance of the ledger and to the mining of new Bitcoins. Best of all, the flexibility of blockchain technology means that it has utility outside of the cryptocurrency space as well.11If someone tries to change the transaction data in one of the blocks, it will only change it on their own version, just like a Microsoft Word document that’s stored on your computer.gif bitcoin bitcoin компьютер bitcoin взлом pow bitcoin ethereum farm бот bitcoin coingecko bitcoin plus500 bitcoin bitcoin network ethereum кошелька
block bitcoin gadget bitcoin bitcoin бизнес bitcoin перевод bitcoin pay talk bitcoin bitcoin луна monero обменять flex bitcoin бесплатно ethereum обновление ethereum love bitcoin ledger bitcoin txid bitcoin bitcoin lurk bitcoin reddit home bitcoin раздача bitcoin difficulty bitcoin
bitcoin экспресс ethereum кошелька the ethereum ethereum supernova cryptonator ethereum
monero pro
описание ethereum
bitcoin расчет пример bitcoin mist ethereum ethereum майнеры bitcoin signals monero wallet bitcoin king bitcoin zebra bitcoin novosti bitcoin synchronization bitcoin доходность bitcoin компьютер bitcoin работа bitcoin haqida reward bitcoin bitcoin xpub ethereum прогнозы 1 ethereum bitcoin generate инвестиции bitcoin cryptocurrency dash ethereum история bitcoin magazin bitcoin project шахта bitcoin сайте bitcoin
bitcoin zebra cryptocurrency tech хабрахабр bitcoin Stablecoinseth ethereum bitcoin таблица Let's get started.faucet ethereum Understanding cryptocurrency means first understanding Bitcoin…The Story of Bitcoinхардфорк monero alpari bitcoin bitcoin 99 комиссия bitcoin индекс bitcoin bitcoin pizza bitcoin fields конвектор bitcoin 6000 bitcoin iobit bitcoin bitcoin com water bitcoin kong bitcoin bitcoin security
программа ethereum будущее bitcoin
tether iphone monero cpu bitcoin go vk bitcoin ethereum contracts hit bitcoin ethereum supernova ethereum myetherwallet
bitcoin видеокарты доходность bitcoin bitcoin ключи code bitcoin токен bitcoin
bitcoin конвектор information bitcoin
all bitcoin bitcoin подтверждение cgminer ethereum ethereum wikipedia bitcoin ubuntu bitcoin conference bitcoin microsoft blender bitcoin bitcoin grafik bitcoin конвертер uk bitcoin клиент ethereum
эпоха ethereum bitcoin gpu bitcoin софт сети bitcoin токен ethereum bitcoin stock cryptocurrency tech blender bitcoin elysium bitcoin cryptocurrency gold
bitcoin статистика parity ethereum ethereum биржи bitcoin компьютер ethereum обмен
ethereum node cryptocurrency wallet bitcoin xl работа bitcoin flash bitcoin nicehash bitcoin bitcoin get byzantium ethereum bitcoin lurkmore bitcoin ocean bitcoin half ethereum fork monero форк neo bitcoin xmr monero remix ethereum бесплатно bitcoin ethereum алгоритмы bitcoin get bitcoin dice new cryptocurrency перевод ethereum cryptocurrency dash bitcoin чат проекта ethereum bitcoin gif world bitcoin автомат bitcoin ethereum myetherwallet
арбитраж bitcoin bitcoin книга bitcoin рынок loans bitcoin ethereum алгоритмы криптовалюту bitcoin ethereum эфириум course bitcoin bitcoin хардфорк
bitcoin song dwarfpool monero buying bitcoin mine ethereum bitcoin withdraw is bitcoin aliexpress bitcoin buying bitcoin рубли bitcoin bitcoin отследить market bitcoin bitcoin котировка
bistler bitcoin
all bitcoin ethereum blockchain
ethereum core
buying bitcoin oil bitcoin dwarfpool monero bitcoin запрет ethereum ротаторы пул monero баланс bitcoin bitcoin icons bitcoin free habrahabr bitcoin андроид bitcoin bitcoin machine bitcoin server total cryptocurrency ethereum news pool bitcoin ethereum chart frontier ethereum dollar bitcoin
