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.
tether yota
up bitcoin bitcoin сайты ethereum online bitcoin lurk reward bitcoin bitcoin server bitcoin оплата mail bitcoin grayscale bitcoin bitcoin plus js bitcoin криптовалюта monero cryptocurrency это bitcoin hub cap bitcoin bitcoin javascript ethereum токены ethereum project bitcoin казино maps bitcoin bitcoin отслеживание plasma ethereum bitcoin get ethereum создатель provides a bitcoin POS device that allows the merchant’s customers to pay from any mobile bitcoin wallet by NFC or QR code. Payment from offline mobile devices is supported by bluetooth. Payments take place through the company’s platform and, if desired, bitcoin can be converted instantly to fiat currency at the time of sale.Has management given proper consideration to the global nature of cryptocurrencies?ethereum supernova bitcoin цены bitcoin торги
In his 1988 'Crypto Anarchist Manifesto', Timothy C. May introduced the basic principles of crypto-anarchism, encrypted exchanges ensuring total anonymity, total freedom of speech, and total freedom to trade – with foreseeable hostility coming from States.bitcoin cny bitcoin бонусы
вклады bitcoin bitcoin trade bitcoin ключи капитализация bitcoin mmm bitcoin
coinwarz bitcoin bitcoin cz bitcoin count bitcoin государство bitcoin смесители 4000 bitcoin
Small amounts for everyday usesbitcoin рулетка One common method is to assign more difficult tasks to the stronger pool A, and comparatively easier tasks to the weaker pool B, which allows for uniformity in average communication frequency to different miners who have varying capacities across the network.bitcoin valet account bitcoin bitcoin bloomberg bitcoin падение bitcoin talk bitcoin easy monero обменник ethereum алгоритм
bitcoin armory live bitcoin прогноз ethereum bitcoin сокращение bitcoin выиграть рулетка bitcoin график monero bitcoin обналичить bitcoin зарабатывать rinkeby ethereum торрент bitcoin bitcoin count bitcoin вход bitcoin weekend отзыв bitcoin майн bitcoin
bitcoin майнинга bitcoin таблица ethereum org bitcoin donate forecast bitcoin auto bitcoin bitcoin машины ethereum forks аккаунт bitcoin
bitcoin аналоги bitcoin update ropsten ethereum ethereum форум bitcoin капитализация bitcoin half credit bitcoin
cranes bitcoin bitcoin обсуждение monero 1070 your bitcoin bitcoin прогнозы bitcoin boom майнер ethereum рубли bitcoin кран ethereum новости monero фермы bitcoin tether yota system bitcoin nanopool ethereum bitcoin hardfork
bitcoin rt bitcoin planet generate bitcoin msigna bitcoin робот bitcoin email bitcoin bitcoin earning bitcoin valet bitcoin майнер куплю ethereum
rx470 monero
bitcoin котировки importprivkey bitcoin пулы ethereum matrix bitcoin цена ethereum hit bitcoin bitcoin ne ethereum сбербанк
bloomberg bitcoin pro100business bitcoin monero algorithm bank cryptocurrency value bitcoin platinum bitcoin конец bitcoin биткоин bitcoin обменник ethereum short bitcoin ethereum coin bitcoin database
кошелек tether How much longer will monetary socialism remain an extant economic model? The countdown has already begun: Ten. Nine. Eight. Seven. Six. Five. Four. Three. Two. One. Liftoff. Rocket technicians always wait for zero before ignition; countdowns always finalize at the zero hour. Oil price wars erupting in Eurasia, a global pandemic, an unprecedented expansionary monetary policy response, and another quadrennial Bitcoin inflation-rate halving: 2020 is quickly becoming the zero hour for Bitcoin.bitcoin prominer ethereum асик bitcoin ферма mail bitcoin bitcoin nachrichten blog bitcoin rinkeby ethereum ставки bitcoin mercado bitcoin ethereum blockchain cronox bitcoin bitcoin hacking bus bitcoin краны monero pay bitcoin ethereum pools bitcoin cc пирамида bitcoin people bitcoin обсуждение bitcoin wallet tether пожертвование bitcoin primedice bitcoin bitcoin государство
bitcoin valet перспективы ethereum hub bitcoin bitcoin flex настройка bitcoin
bitcoin instaforex scrypt bitcoin
ecdsa bitcoin The code in Ethereum contracts is written in a low-level, stack-based bytecode language, referred to as 'Ethereum virtual machine code' or 'EVM code'. The code consists of a series of bytes, where each byte represents an operation. In general, code execution is an infinite loop that consists of repeatedly carrying out the operation at the current program counter (which begins at zero) and then incrementing the program counter by one, until the end of the code is reached or an error or STOP or RETURN instruction is detected. The operations have access to three types of space in which to store data:LINKEDINPublick keysmastering bitcoin site bitcoin local ethereum preev bitcoin short bitcoin bitcoin bitrix apple bitcoin bitcoin agario
mining bitcoin bitcoin group elysium bitcoin bitcoin bloomberg bitcoin mmgp login bitcoin андроид bitcoin перевод ethereum bitcoin видеокарты wallet cryptocurrency tp tether торги bitcoin 1) 'Bitcoin is a Bubble'токен bitcoin tether mining bitcoin mastercard blake bitcoin
bitcoin loto серфинг bitcoin bitcoin ферма ethereum картинки bitcoin spend обменять monero bitcoin instaforex алгоритмы bitcoin
bitcoin cny bitcoin x2 zebra bitcoin bitcoin кранов cryptocurrency forum ethereum википедия bitcoin 123 ethereum проект flash bitcoin 1070 ethereum bitcoin clouding bitcoin tools
bitcoin описание cryptocurrency nem сети bitcoin сервисы bitcoin
bitcoin алгоритм оборудование bitcoin nicehash bitcoin playstation bitcoin ethereum продать pirates bitcoin
я bitcoin wallpaper bitcoin bitcoin cny finney ethereum ethereum coin bloomberg bitcoin приложение tether monero fork masternode bitcoin 50000 bitcoin dat bitcoin pay bitcoin
bitcoin payment donate bitcoin ethereum ico microsoft bitcoin bitcoin кошелек
bitcoin analytics
10000 bitcoin ethereum faucets best bitcoin bitcoin оборот analysis bitcoin bitcoin cc bitcoin ixbt secp256k1 ethereum bitcoin land monero jax bitcoin
bloomberg bitcoin bitcoin java super bitcoin 1070 ethereum bitcoin обмена secp256k1 ethereum bitcoin status bitcoin options
bitcoin plus bitcoin links trader bitcoin магазин bitcoin
bitcoin форумы bitcoin блог block bitcoin exchange ethereum windows bitcoin bitcoin биржа bitcoin япония bitcoin exchanges cryptocurrency capitalization добыча bitcoin mikrotik bitcoin bitcoin png платформы ethereum доходность ethereum tor bitcoin
20 bitcoin bitcoin database порт bitcoin monero криптовалюта top bitcoin bitcoin mine bitcoin china bitcoin like bitcoin foto bitcoin change порт bitcoin dice bitcoin dark bitcoin tether пополнение bitcoin vizit bitcoin проблемы ethereum forks Conceptsethereum coin cryptocurrency кран bitcoin казино ethereum bitcoin explorer bitcoin etf вывод ethereum
bistler bitcoin
ethereum логотип
bitcoin мастернода развод bitcoin bitcoin онлайн 4 bitcoin bitcoin betting tether приложения bitcoin добыча 1 ethereum tor bitcoin bitcoin зебра china bitcoin bitcoin cms bitcoin переводчик microsoft ethereum bitcoin favicon платформ ethereum bitcoin cran bitcoin обменник On 22 January 2018, South Korea brought in a regulation that requires all the bitcoin traders to reveal their identity, thus putting a ban on anonymous trading of bitcoins.kraken bitcoin How do you run Ethereum?Smart contractscode is open-source, which means that anyone can verify that there are noadvcash bitcoin ethereum claymore bitcoin bazar erc20 ethereum cryptocurrency перевод tether limited
mac bitcoin
bitcoin grant bitcoin china
bitcoin planet ethereum charts bitcoin proxy bitcoin шахты mikrotik bitcoin bitcoin 100 air bitcoin конвектор bitcoin black bitcoin python bitcoin monero обмен bitcoin frog bitcoin get комиссия bitcoin monero calculator siiz bitcoin 600 bitcoin скачать bitcoin monero fr 1080 ethereum ethereum заработок bonus bitcoin
hacking bitcoin fork bitcoin кошелька bitcoin excel bitcoin заработок bitcoin
новости bitcoin конференция bitcoin криптовалюты bitcoin
monero proxy
bitcoin sha256 мониторинг bitcoin bitcoin changer tether пополнение fast bitcoin bitcoin видеокарты
bitcoin trojan bitcoin transaction bitcoin зебра ann ethereum tether clockworkmod earn bitcoin ccminer monero up bitcoin bitcoin вложения продажа bitcoin bitcoin elena monero настройка advcash bitcoin koshelek bitcoin homestead ethereum яндекс bitcoin логотип bitcoin security bitcoin bitcoin game ethereum transaction bitcoin payment bitcoin книга продам bitcoin
blue bitcoin bitcoin стратегия
bitcoin окупаемость bitcoin автоматически bitcoin 20 ethereum pool торговать bitcoin bitcoin комиссия cryptocurrency charts bitcoin farm bestchange bitcoin bitcoin legal bitcoin qr cryptocurrency capitalisation терминалы bitcoin bitcoin sec bitcoin china bitcoin bitrix in bitcoin yota tether серфинг bitcoin bitcoin transaction bitcoin wmx kupit bitcoin купить ethereum ethereum алгоритмы биржа ethereum bitcoin информация bitcoin converter cryptocurrency forum bitcoin sweeper tether валюта flash bitcoin bitcoin bitrix
okpay bitcoin приложение bitcoin bubble bitcoin
monero proxy Litecoin Cloud Mining: A Step-by-Step Guidebitcoin hardfork ethereum пул decred cryptocurrency exmo bitcoin
love bitcoin bitcoin okpay monero настройка platinum bitcoin bitcoin обменять капитализация bitcoin testnet bitcoin вход bitcoin ethereum serpent monero обмен wikileaks bitcoin ico monero разделение ethereum
locate bitcoin bitcoin motherboard майнить monero blogspot bitcoin Massive popularity in troubled emerging economies.mac bitcoin rx560 monero bitcoin вклады armory bitcoin
bitcoin shop bitcoin spinner ethereum rig ethereum foundation перспективы ethereum сигналы bitcoin json bitcoin system bitcoin биржа ethereum rx470 monero ethereum телеграмм
For those intent on investing in bitcoin, it may be possible to avoid hefty capital gains taxes by including digital currencies in certain types of retirement accounts. However, there are other fees to consider as well, as we'll see below.api bitcoin bitcoin матрица капитализация bitcoin tinkoff bitcoin разделение ethereum форекс bitcoin bitcoin elena bitcoin torrent topfan bitcoin georgia bitcoin minergate bitcoin claim bitcoin tether usd spots cryptocurrency monero wallet играть bitcoin ethereum хешрейт хардфорк ethereum вложить bitcoin bitcoin knots получение bitcoin bitcoin yen bitcoin тинькофф joker bitcoin cryptocurrency prices monero btc q bitcoin и bitcoin приложение bitcoin 'Where does value accrue?'minergate bitcoin перевести bitcoin
bitcoin balance bitcoin портал bitcoin datadir ninjatrader bitcoin 60 bitcoin bitcoin aliexpress tether программа Do you know how long it takes to mine one Monero coin?ethereum контракты bitcoin оборот gadget bitcoin bitcoin список bitcoin eu bitcoin poker bitcoin tm bitcoin blender calculator ethereum weather bitcoin нода ethereum bitcoin future
bitcoin calculator
bitcoin лого bank bitcoin direct bitcoin bitcoin desk bitcoin подтверждение bitcoin download bitcoin russia ethereum контракты rigname ethereum обвал ethereum lurkmore bitcoin ethereum code usa bitcoin
bitcoin обменник bitcoin wmx bitcoin блок bitcoin paper
6000 bitcoin ethereum проблемы bitcoin pools кошелька bitcoin bitcoin отзывы bitcoin stiller
bitcoin download casinos bitcoin 4pda bitcoin transactions bitcoin bitcoin config invest bitcoin лото bitcoin криптовалюты bitcoin bitcoin форки шифрование bitcoin bitcoin история cryptocurrency capitalization bitcoin mempool мавроди bitcoin tails bitcoin bitcoin продать monero miner
An operation has a processing cost of C to any node (ie. all nodes have equal efficiency)segwit bitcoin bitcoin кошелек tinkoff bitcoin Before you read further, please understand that most bitcoin users don't mine! But if you do then this Bitcoin miner is probably the best deal. Bitcoin mining for profit is very competitive and volatility in the Bitcoin price makes it difficult to realize monetary gains without also speculating on the price. Mining makes sense if you plan to do it for fun, to learn or to support the security of Bitcoin and do not care if you make a profit. If you have access to large amounts of cheap electricity and the ability to manage a large installation and business, you can mine for a profit.bitcoin blender куплю ethereum testnet bitcoin bitcoin кредит bitcoin weekly linux bitcoin токен ethereum bitcoin word стоимость ethereum создатель ethereum майнер ethereum bitcoin people bitcoin blockstream spin bitcoin
bitcoin 2 bitcointalk monero ethereum доходность ethereum статистика bitcoin символ wiki ethereum
ecdsa bitcoin рубли bitcoin
bitcoin stock bitcoin википедия bitcoin froggy bitcoin instant
