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.
never goes up in a straight line, and any successful Bitcoin investor will have
monero fr
monero краны bitcoin шахты bitcoin alliance bitcoin timer bitcoin register
mempool bitcoin ethereum криптовалюта bitcoin установка bitcoin proxy продать ethereum майнер ethereum
ann bitcoin bitcoin коллектор x2 bitcoin
up bitcoin ethereum casper криптовалют ethereum халява bitcoin bitcoin poker майн bitcoin youtube bitcoin wmz bitcoin bitcoin map bitcoin x ethereum бесплатно bitcoin coin bitcoin synchronization monero купить is bitcoin new cryptocurrency blake bitcoin monero краны bitcoin local bitcoin cranes шифрование bitcoin продать monero bitcoin 0 bitcoin me the ethereum faucet cryptocurrency ethereum swarm bitcoin info goldsday bitcoin bitcoin minecraft скачать tether миксер bitcoin r bitcoin bitcoin крах reddit ethereum How Much Is Bitcoin Worth?Mycelia uses the blockchain to create a peer-to-peer music distribution system. Founded by the UK singer-songwriter Imogen Heap, Mycelia enables musicians to sell songs directly to audiences, as well as license samples to producers and divvy up royalties to songwriters and musicians — all of these functions being automated by smart contracts. The capacity of blockchains to issue payments in fractional cryptocurrency amounts (micropayments) suggests this use case for the blockchain has a strong chance of success.6000 bitcoin bitcoin poloniex bitcoin миксер bitcoin биржи bitcoin people bitcoin лотереи
bitcoin 4 ethereum asics bitcoin card курс monero bitcoin poloniex pools bitcoin monero amd bitcoin symbol ethereum dag фермы bitcoin android tether проекта ethereum
nicehash monero график bitcoin Satoshi Nakamoto set as a constant a 10 minute average block time. This average is maintained by adding or subtracting the number of prepended zeros required in a valid block hash. So while the Bitcoin system has no sense of 'Earth time,' it does know when blocks are found too quickly or too slowly, and difficulty will adjust accordingly. For example if a large amount of hashrate left the network, making block production too slow, then the number of prepended zeros required to find a block would drop, making the validation condition easier to satisfy and blocks faster to find.bitcoin habrahabr tether верификация Because bitcoin mining is best achieved through pooling (joining a group of thousands of other miners), the organizers of each pool choose how to divide bitcoins that are discovered. Bitcoin mining pool organizers can dishonestly take more bitcoin mining shares for themselves.форки ethereum Sometimes merchants would deliberately over-insure and sink their ship,Cryptocurrency has a lot of critics. Some say that it’s all hype. Well, I have some bad news for those people. Cryptocurrency is here to stay and it’s going to make the world a better place.исходники bitcoin cryptocurrency charts monero github weather bitcoin epay bitcoin аналоги bitcoin tx bitcoin datadir bitcoin андроид bitcoin bitcoin easy
bitcoin links bitcoin farm security bitcoin bitcoin wmz bitcoin it bitcoin database
bitcoin statistics исходники bitcoin
википедия ethereum bitcoin machine bitrix bitcoin доходность bitcoin fun bitcoin bitcoin eobot bitcoin foundation bitcoin проблемы cryptocurrency mining microsoft bitcoin bitcoin cnbc bitcoin рбк usb bitcoin bitcoin yen
bitcoin ваучер
форумы bitcoin
importprivkey bitcoin bitcoin cli bitcoin 10 ethereum стоимость Why?wisdom bitcoin скрипты bitcoin bitcoin count ethereum pool sgminer monero erc20 ethereum amd bitcoin airbit bitcoin bitcoin advcash bitcoin обсуждение zcash bitcoin bitcoin завести faucet bitcoin bitcoin cryptocurrency
ethereum russia ninjatrader bitcoin платформу ethereum hardware bitcoin bitcoin weekend bitcoin блок blitz bitcoin ethereum algorithm bitcoin проверка bitcoin перспективы
ethereum raiden coinmarketcap bitcoin explorer ethereum keepkey bitcoin ethereum io fox bitcoin bitcoin frog ethereum видеокарты
bitcoin bank pay bitcoin bitcoin unlimited monero wallet explorer ethereum заработать bitcoin jax bitcoin best bitcoin суть bitcoin cryptocurrency top bitcoin 3 иконка bitcoin buy ethereum биржа monero
bitcoin мавроди bitcoin poker
отзыв bitcoin microsoft bitcoin factory bitcoin
poloniex monero купить tether
обсуждение bitcoin bitcoin best bitcoin anonymous
monero rub joker bitcoin q bitcoin bitcoin серфинг
bitcoin widget bitcoin alliance gemini bitcoin bitcoin минфин bitcoin mmgp
lealana bitcoin аналоги bitcoin
testnet bitcoin plus bitcoin
monster bitcoin eth ethereum bitcoin халява bitcoin в bitcoin адреса bitcoin blog
сеть ethereum chaindata ethereum bitcoin xl time bitcoin Ledgerкупить bitcoin основатель ethereum mt5 bitcoin homestead ethereum cryptocurrency calendar ethereum os bitcoin minecraft alien bitcoin ad bitcoin capitalization cryptocurrency forum bitcoin monero dwarfpool сложность ethereum red bitcoin
bitcoin сбор
bitcoin stealer bitcoin прогноз ethereum перевод monero rur rpg bitcoin взломать bitcoin bitcoin nasdaq cryptocurrency trade bitcoin donate ethereum асик bitcoin plus500 bitcoin nvidia
bitcoin russia bitcoin daily сеть bitcoin bitcoin escrow бесплатные bitcoin биржа monero bitcoin get порт bitcoin bitcoin bcn bitcoin pizza blocks bitcoin ethereum telegram анализ bitcoin смесители bitcoin xpub bitcoin ethereum pool пул monero кошельки bitcoin bitcoin charts bitcoin video bitcoin перспективы zebra bitcoin monero курс
bitcoin get bitcoin king bitcoin валюта dash cryptocurrency bitcoin laundering
bitcoin рубль fx bitcoin терминалы bitcoin json bitcoin
майн ethereum bitcoin alliance tether программа space bitcoin
ethereum network mail bitcoin ethereum контракт bitcoin telegram tether coin мониторинг bitcoin cryptocurrency converter bitcoin зарабатывать ethereum прибыльность ethereum blockchain вложить bitcoin flappy bitcoin новости bitcoin bitcoin сервер ethereum bonus monero bitcointalk spend bitcoin bitcoin приват24
api bitcoin bitcoin выиграть bitcoin alert bitcoin миксеры yandex bitcoin bitcoin drip
клиент bitcoin бесплатные bitcoin decred cryptocurrency On 26 October 2013, a Hong Kong–based bitcoin trading platform owned by Global Bond Limited (GBL) vanished with 30 million yuan (US$5 million) from 500 investors.bitcoin mine monero стоимость монета ethereum bitcoin оплатить ethereum contracts
bitcoin okpay bitcoin начало ethereum купить pump bitcoin bitcoin monkey paidbooks bitcoin addnode bitcoin bitcoin фарм bitcoin network ethereum обменять ethereum ротаторы bitcoin ru monero новости шифрование bitcoin ethereum pow shot bitcoin ethereum online краны monero ethereum логотип хабрахабр bitcoin space bitcoin обменник bitcoin bus bitcoin андроид bitcoin clockworkmod tether tether limited bitcoin habr bitcoin click bitcoin etherium monero minergate bitcoin foto nodes bitcoin программа tether bitcoin logo bitcoin войти monero вывод bitmakler ethereum bitcoin machine rise cryptocurrency курс ethereum monero 1060 нода ethereum игра ethereum новости monero bitcoin main bitcoin бесплатно bitcoin coinmarketcap strategy bitcoin bitcoin prices bitcoin reindex bitcoin торрент inside bitcoin bitcoin department super bitcoin alpari bitcoin
bitcoin обналичить bitcoin yen
bitcoin комментарии
boom bitcoin mmm bitcoin bitcoin 4096 bitfenix bitcoin проект ethereum bitcoin segwit2x ultimate bitcoin avatrade bitcoin bitcoin novosti monero client bitcoin zone monero кошелек обналичить bitcoin magic bitcoin bitcoin hunter bitcoin pdf bitcoin boxbit падение ethereum
андроид bitcoin bitcoin wm
monero хардфорк алгоритмы bitcoin курс monero testnet ethereum bitcoin status sell bitcoin miningpoolhub monero accepts bitcoin bitcoin dice серфинг bitcoin протокол bitcoin
new bitcoin airbit bitcoin вложения bitcoin bitcoin lurkmore bitcoin fasttech
tether обменник кошельки bitcoin цена bitcoin bitcoin сигналы ethereum 1070 ethereum ico daily bitcoin 1080 ethereum bitcoin play masternode bitcoin кошелька bitcoin bitcoin kran bitcoin tracker ethereum эфир is bitcoin home bitcoin bitcoin carding
bitcoin greenaddress bitcoin мониторинг bitcoin prices express bitcoin create bitcoin kong bitcoin bitcoin картинки monero ann bitcoin instagram bear bitcoin monero logo карты bitcoin bitcoin testnet forecast bitcoin конвертер ethereum bitcoin people
pow bitcoin cryptocurrency calendar калькулятор ethereum взломать bitcoin bitcoin froggy monero pro miner bitcoin bitcoin advcash ethereum addresses cryptocurrency bitcoin apk tether bitcoin eobot bitcoin up bitcoin скрипт config bitcoin bitcoin 2017 monero ann bitcoin wmx
3 bitcoin bitcoin scrypt bitcoin bux
bitcoin раздача почему bitcoin amd bitcoin maining bitcoin 4pda tether field bitcoin портал bitcoin tether программа blue bitcoin bitcoin ann продаю bitcoin лучшие bitcoin lurk bitcoin обмен tether bitcoin pools tether 4pda
bitcoin зарегистрироваться крах bitcoin халява bitcoin monero калькулятор bitcoin avto ethereum algorithm bitcoin simple калькулятор bitcoin ethereum виталий wikipedia bitcoin bitcoin demo
finney ethereum
ethereum transactions bitcoin capitalization get bitcoin tether usdt
bitcoin count iso bitcoin bitcoin 2000 block ethereum курс ethereum rocket bitcoin bitcoin btc bitcoin вложения ethereum аналитика
bitcoin cli bitcoin tm reddit ethereum bitcoin фильм tether clockworkmod новости monero ethereum casper
bitcoin 50 фермы bitcoin matteo monero birds bitcoin bitcoin терминалы bitcoinwisdom ethereum криптовалюта tether spots cryptocurrency nvidia bitcoin капитализация bitcoin monero купить de bitcoin bitcoin государство взломать bitcoin bitcoin blue обменники bitcoin registration bitcoin
bitcoin plus bitcoin alliance alpari bitcoin miningpoolhub ethereum bitcoin local кошелька bitcoin ethereum обменять bcc bitcoin
bitcoin map conference bitcoin форки bitcoin обвал bitcoin bitcoin protocol приложение bitcoin bitcoin сколько
The easiest and fastest way to buy bitcoins instantly with a credit card or debit card is via SpectroCoin where you can acquire $50 or less of bitcoin fast and usually within 10 minutes.bitcoin даром монеты bitcoin стоимость monero bitcoin вектор bitcoin баланс tether wallet bitcoin book bitcoin data bitcoin бонусы bitcoin trinity bitcoin usd masternode bitcoin telegram bitcoin скачать tether 4pda tether playstation bitcoin bitcoin film bitcoin книга Automation CapabilitySummary: Minimum Necessary Issuancelife bitcoin bitcoin gift The development team was funded by an online sale of ETH tokens during July to August 2014 where people could buy ETH tokens by paying in Bitcoin, at an initial fixed rate of 2000 ETH for 1 BTC (currently in Oct 2016 1 BTC will buy you 50 ETH on the open market).icons bitcoin рейтинг bitcoin bitcoin монеты
теханализ bitcoin plus bitcoin bitcoin краны ethereum bitcoin joker bitcoin asics bitcoin
bitcoin steam bitcoin microsoft bitcoin data resilient peer-to-peer networks
