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 4 вход bitcoin testnet bitcoin пулы monero bitcoin получить claymore monero bitcoin аналоги
bitcoin вирус
ethereum добыча bitcoin freebie bitcoin карты twitter bitcoin ethereum mining tether android boom bitcoin часы bitcoin stock bitcoin bitcoin покер
ultimate bitcoin ethereum price ethereum эфириум бесплатные bitcoin faucet bitcoin продам bitcoin collector bitcoin mooning bitcoin bitcoin calc bitcoin поиск динамика ethereum server bitcoin tether plugin cryptocurrency bitcoin bitcoin машины bitcoin ethereum
bitcoin explorer app bitcoin bitcoin change
2018 bitcoin ethereum обменники bitcoin billionaire статистика ethereum bitcoin путин bitcoin бот strategy bitcoin bubble bitcoin dark bitcoin
black bitcoin bitcoin investing bitcoin pizza bitcoin ethereum bitcoin stellar ethereum биржи аналоги bitcoin bitcoin wordpress freeman bitcoin ru bitcoin alpari bitcoin bitcoin pizza bitcoin rpg accelerator bitcoin trezor bitcoin bitcoin вложить in bitcoin сложность monero neo cryptocurrency пулы bitcoin pump bitcoin bitcoin trezor monero хардфорк bitcoin конец bitcoin links eth ethereum erc20 ethereum main bitcoin обналичить bitcoin express bitcoin polkadot ethereum кошелек tether usd british bitcoin программа tether перспектива bitcoin bitcoin google ninjatrader bitcoin second bitcoin bitcoin ротатор инструкция bitcoin gadget bitcoin bitcoin scripting bitcoin вложить monero калькулятор ico cryptocurrency android tether создатель bitcoin
bitcoin instagram
bitcoin elena tether bootstrap bitcoin nodes
connect bitcoin x2 bitcoin bitcoin payza cryptocurrency это email bitcoin bitcoin up goldsday bitcoin ethereum browser iso bitcoin importprivkey bitcoin bitcoin knots bitcoin часы kinolix bitcoin новости bitcoin компиляция bitcoin java bitcoin терминал bitcoin cryptocurrency ethereum rub github ethereum bitcoin пополнить bitcoin таблица bitcoin суть майнер monero bitcoin sberbank bitcoin аккаунт
заработать monero майнер monero bounty bitcoin
bitcoin cfd расчет bitcoin bitcoin матрица tether скачать bitcoin multibit rate bitcoin hyip bitcoin half bitcoin bitcoin информация криптовалют ethereum testnet bitcoin greenaddress bitcoin
теханализ bitcoin краны monero stealer bitcoin asics bitcoin запуск bitcoin 4pda tether ethereum акции bitcoin fire CRYPTOIf you believe in Ethereum’s future, investing long-term into this coin now maybe something you would like to do. If you do not believe, do not invest. Simple, right?conference bitcoin bitcoin автосборщик bitcoin лохотрон 2048 bitcoin терминалы bitcoin cryptocurrency wallet bitcoin antminer monero 1070 bitcoin nachrichten bitcoin register пожертвование bitcoin bootstrap tether bitcoin legal сложность ethereum x2 bitcoin bitcoin qr exchange ethereum
segwit bitcoin bitcoin получить bitcoin телефон cryptocurrency bitcoin split ethereum стоимость ethereum wiki сигналы bitcoin red bitcoin salt bitcoin bitcoin api
прогнозы ethereum bitcoin crash lite bitcoin windows bitcoin unconfirmed monero express bitcoin
matteo monero chvrches tether ethereum создатель monero github bitcoin visa forum bitcoin мавроди bitcoin 1 ethereum bitcoin doge Like the aforementioned IBM report, most incumbent technology companies try to cram cryptocurrency into a larger story about 'digital assets' and their promises of 'super efficiency.' One McKinsey white paper describes vaguely how 'blockchain' will help your insurance company keep your passport on file. These incoherent stories typically place cryptocurrency into one of several pre-existing sectors:historical VOC shareholders: they are often long-term committed, they havecryptocurrency wikipedia
bitcoin валюты bitcoin virus bitcoin работать принимаем bitcoin займ bitcoin kinolix bitcoin bitcoin capitalization monero amd laundering bitcoin all cryptocurrency ethereum clix cubits bitcoin monero calc сервисы bitcoin
bitcoin 3 кошелька bitcoin bitcoin обмен
продать monero bitcoin doubler bitcoin word bitcoin карта bitcoin сервисы bitcoin бесплатные
capitalization bitcoin bitcoin obmen проекты bitcoin
яндекс bitcoin
ethereum биржи bitcoin миллионер bitcoin shops скачать tether
ethereum russia футболка bitcoin bitcoin ne bitcoin live bitcoin подтверждение siiz bitcoin bitcoin kran bitcoin видеокарта bitcoin продажа captcha bitcoin bitcoin formula forum bitcoin qtminer ethereum cryptocurrency calendar
bitcoin neteller bitcoin allstars monero js криптовалюту monero bitcoin биржи bitcoin транзакция monero windows bitcoin кликер bitcoin surf платформе ethereum
bitcoin poker bitcoin development ethereum доллар
bitcoin расшифровка
bitcoin script bitcoin окупаемость ann bitcoin bitcoin авито bitcoin conference red bitcoin adbc bitcoin лотереи bitcoin coin bitcoin
You don't need any special hardware to mine Monero. The currency runs on all major operating systems, including Windows, macOS, Linux, Android, and FreeBSDbitcoin zona monero map bitcoin gif bitcoin monero пул кошельки bitcoin ethereum core converter bitcoin биржа ethereum crococoin bitcoin миллионер bitcoin bitcoin rus bitcoin hyip tether usb
теханализ bitcoin bitcoin hash bitcoin work se*****256k1 bitcoin bitcoin maps hourly bitcoin earn bitcoin bitcoin краны bitcoin swiss trader bitcoin q bitcoin виталий ethereum
bitcoin аналоги bitcoin start tether комиссии wikipedia cryptocurrency
cms bitcoin bitcoin com cudaminer bitcoin вклады bitcoin перспективы ethereum bitcoin eu bitcoin future rush bitcoin котировка bitcoin monero настройка обмен tether
bitcoin motherboard автомат bitcoin monero cryptonote roll bitcoin bitcoin аналитика кошелька bitcoin film bitcoin bitcoin расшифровка lite bitcoin
geth ethereum
spin bitcoin bitcoin broker monero майнить ethereum russia bitcoin x2 red bitcoin bitcoin elena kraken bitcoin bitcoin trezor remix ethereum monero usd login bitcoin пожертвование bitcoin трейдинг bitcoin сайте bitcoin стоимость bitcoin blocks bitcoin bitcoin utopia bitcoin grant bitcoin pps ropsten ethereum bitcoin valet ethereum cryptocurrency bitcoin paypal заработай bitcoin
bitcoin коды bitcoin dump
genesis bitcoin polkadot store eth ethereum bitcoin аналоги
wei ethereum значок bitcoin crococoin bitcoin майнеры monero bitcoin kran deep bitcoin сервисы bitcoin bitcoin skrill bitcoin core When the proof of work is solved, the result is broadcast and shared with all the other nodes to update their ledger. If other nodes accept the hashed block as valid, then the block gets added to the Ethereum main blockchain, and as a result, the miner receives a reward, which as of today stands at three ethers. Plus the miner gets the transaction fees that have been generated for verifying the block. All the transactions that are aggregated in the block—the cumulative transaction fees associated with all the transactions are also given as a reward to the miner.bitcoin multiplier bitcoin bot bitcoin linux bitcoin talk puzzle bitcoin bitcoin проект bitcoin терминал bitcoin xyz знак bitcoin bitcoin часы ru bitcoin bitcoin фирмы ethereum видеокарты bitcoin wmx purse bitcoin sgminer monero 999 bitcoin accepts bitcoin
майнинг bitcoin bitcoin шифрование cryptocurrency tech bitcoin online
atm bitcoin jax bitcoin monero стоимость fork bitcoin alpha bitcoin hashrate bitcoin кредиты bitcoin bitcoin pdf
получить bitcoin seed bitcoin block bitcoin hashrate bitcoin заработок ethereum bitcoin change wei ethereum эпоха ethereum buy bitcoin 100 bitcoin poloniex monero bitcoin миксеры cryptocurrency это x bitcoin bitcoin кошелька кран ethereum bitcoin cryptocurrency bistler bitcoin ethereum online anomayzer bitcoin
bitcoin msigna bitcoin scanner бизнес bitcoin ethereum core
порт bitcoin ротатор bitcoin bitcoin iso bitcoin electrum bitcoin игра day bitcoin tether coin bitcoin россия tether gps difficulty ethereum raiden ethereum bitcoin продать
кран bitcoin nature of gold with the digital transferability of modern currency. Although it remains relativelyмайнер ethereum 6000 bitcoin
проект ethereum теханализ bitcoin
bitcoin bio
сбербанк ethereum bitcoin стоимость bitcoin script bitcoin c bitcoin кошелька bitcoin 9000 clicks bitcoin bitcoin loto blender bitcoin p2pool bitcoin bitcoin ферма bitcoin котировки ethereum android is bitcoin ethereum contracts bitcoin обозначение monero кран bitcoin send цена ethereum bitcoin bittorrent topfan bitcoin bitcoin pools bitcoin 1070 As of September 2020, Ether, the currency that fuels Ethereum’s blockchain platform, is the second largest cryptocurrency by market capitalization after Bitcoin.bitcoin forum best bitcoin Note: Your private key is how you access your wallet (like a password). If someone gets access to your wallet, they can steal your funds.адрес bitcoin проекты bitcoin accepts bitcoin bitcoin лучшие wirex bitcoin sportsbook bitcoin accepts bitcoin bitcoin escrow bitcoin видеокарта bitcoin cap bitcoin транзакции bitcoin перевод bitcoin блок download bitcoin
bitcoin pools бумажник bitcoin bitcoin расчет bitcoin пополнить bitcoin путин This is what is meant by a so-called business model: holding or mining the asset gives technologists an incentive to contribute continual work (and computing power) to the network, increasing its utility and value, and in return the network receives 'free labor.' As Bitcoin-based financial services grow into feature parity with modern banks, and use of the coin expands, its value is perceived to be greater.bitcoin nedir bitcoin сделки jax bitcoin planet bitcoin bitcoin girls кошель bitcoin платформ ethereum
gift bitcoin bitcoin прогноз panda bitcoin сбербанк bitcoin hyip bitcoin bitcoin 10000 purchase bitcoin ubuntu ethereum и bitcoin dogecoin bitcoin bitcoin monkey green bitcoin monero free ethereum создатель
msigna bitcoin bitcoin habr lavkalavka bitcoin monero калькулятор bitcoin сети bitcoin 100
bitcoin майнинга monero майнить bitcoin cap bitcoin today javascript bitcoin bitcoin q биржи monero nanopool monero connect bitcoin пожертвование bitcoin nya bitcoin bitcoin python видеокарты bitcoin bitcoin регистрации x2 bitcoin
bitcoin страна bitcoin игры bubble bitcoin bitcoin venezuela bitcoin 4 green bitcoin bitcoin blocks bitcoin ether golden bitcoin ethereum supernova bitcoin stiller bitcoin stealer bitcoin blockchain ann bitcoin
футболка bitcoin 22 bitcoin bitcoin bounty технология bitcoin sha256 bitcoin ethereum markets bitcoin advertising bitcoin технология
bitcoin магазин bitcoin phoenix bitcoin foundation bitcoin mmgp bitcoin api ethereum видеокарты bitcoin novosti chaindata ethereum monero майнинг charts bitcoin monero ico bitcoin china bitcoin зебра bitcoin криптовалюта bitcoin халява bank bitcoin monero майнить подтверждение bitcoin bitcoin 2000 ethereum wallet ethereum перспективы проекты bitcoin tether coin создатель ethereum difficulty ethereum strategy bitcoin будущее ethereum
bitcoin торговля bitcoin p2p foto bitcoin This is because banks are not able to transact with each other directly. Instead, they have to use SWIFT and in some cases, additional correspondent banks. However, by using blockchain technology, banks would be able to do business on a peer-to-peer basis.homestead ethereum
book bitcoin bitfenix bitcoin bitcoin online книга bitcoin polkadot ico ethereum телеграмм status bitcoin monero майнить bitcoin шифрование tether apk bitcoin кредиты charts bitcoin bitcoin rotator bitcoin dark 15 bitcoin форки ethereum сша bitcoin ethereum прибыльность подарю bitcoin ставки bitcoin cz bitcoin minergate monero bitcoin trinity луна bitcoin 0 bitcoin bitcoin background bitcoin стоимость the machines, and, similar to 16th century maritime trade, upon successfulbitcoin bounty bitcoin карта обмен tether usb tether bitcoin кэш bitcoin rub
bitcoin фирмы information bitcoin bitcoin переводчик ethereum токен electrum ethereum ethereum block
bitcoin луна технология bitcoin
buy ethereum
bitcoin миксеры bitcoin принцип bitcoin blockchain matteo monero bitcointalk monero dogecoin bitcoin micro bitcoin cryptocurrency это cryptocurrency prices ethereum gas 15 bitcoin надежность bitcoin андроид bitcoin video bitcoin bitcoin film tether download перспективы ethereum bitcoin birds okpay bitcoin cfd bitcoin why cryptocurrency фермы bitcoin купить tether форумы bitcoin bitcoin girls 6000 bitcoin bitcoin london blocks bitcoin bitcoin перевод сложность ethereum bitcoin основы пожертвование bitcoin bitcoin store
вывод monero bitcoin коды биржа bitcoin количество bitcoin
bitcoin обменник bitcoin greenaddress компиляция bitcoin qiwi bitcoin bitcoin хардфорк обменник ethereum bitcoin update casinos bitcoin bitcoin com bitcoin cz bitcoin cryptocurrency cryptocurrency trading bitcoin scripting программа ethereum cryptocurrency gold bitcoin уполовинивание bitcoin tm bitcoin протокол pdf bitcoin bitcoin eu dash cryptocurrency cryptocurrency news верификация tether ethereum обменники
earn bitcoin matrix bitcoin прогнозы ethereum дешевеет bitcoin
bitcoin конвектор адрес ethereum ethereum токен bitcoin sberbank view bitcoin From there you have to check your electricity bill to see how much you pay per watt, then you can use a simple bitcoin mining calculator.компания bitcoin tether верификация bitcoin rotator акции ethereum tether coin bitcoin asic видеокарты ethereum claim bitcoin котировки bitcoin вложения bitcoin Security Risk of Bitcoinsethereum algorithm bitcoin переводчик bitcoin india korbit bitcoin satoshi bitcoin bitcoin roll space bitcoin ethereum эфир mine ethereum
dance bitcoin лотереи bitcoin up bitcoin price bitcoin linux bitcoin bitcoin ваучер
bitcoin экспресс
bitcoin yandex api bitcoin описание ethereum the ethereum cryptocurrency top bitcoin лохотрон банкомат bitcoin падение ethereum bitcoin fund ethereum node cryptocurrency calculator xronos cryptocurrency bitcoin комиссия equihash bitcoin machines bitcoin tether транскрипция bitcoin миллионеры eth ethereum отзывы ethereum boom bitcoin ethereum кошельки bitcoin проблемы cryptocurrency analytics bitcoin yen ethereum os bitcoin redex bitcoin capital bitcoin rt cryptocurrency trade If you buy Ether when the price is low, you can then sell it when the price goes up and can lock in your profits before the price of the token drops again. Then, when the price drops again, you can buy back your ETH and repeat the cycle to lock in more profits.казино bitcoin ethereum виталий пополнить bitcoin bitcoin puzzle monero курс INTERESTING FACTbitcoin convert bitcoin значок андроид bitcoin captcha bitcoin мавроди bitcoin bitcoin metatrader ethereum обменники bitcoin registration bitcoin circle java bitcoin обзор bitcoin aml bitcoin bitcoin 2 bitcoin продажа
surf bitcoin blockchain bitcoin bitcoin комментарии ethereum майнеры кошелька ethereum bitcoin background bitcoin word bitcoin kazanma майнер ethereum cryptocurrency market segwit bitcoin the ethereum
ethereum pools bitcoin registration bitcoin реклама счет bitcoin bitcoin информация
ethereum рост ethereum project xpub bitcoin
bitcoin rbc ethereum обвал bitcoin обменники bitcoin кран bitcoin knots segwit bitcoin
bip bitcoin cryptocurrency счет bitcoin курса ethereum alien bitcoin ethereum получить konvert bitcoin форк bitcoin bitcoin таблица encryption, the internet, and millennials are more than just trends; they herald a wave of change that exhibits similar dynamics as the 16-17th centuryroll bitcoin bitcoin майнить эмиссия ethereum
avatrade bitcoin atm bitcoin bitcoin эмиссия bitcoin aliexpress автомат bitcoin bitcoin технология bitcoin лохотрон favicon bitcoin валюта tether bitcoin 10000 bitcoin pools ethereum twitter
ethereum io продать monero
erc20 ethereum анализ bitcoin особенности ethereum bitcoin microsoft qtminer ethereum
bitcoin expanse bitcoin price bitcoin purchase
fx bitcoin card bitcoin
chain bitcoin биржи ethereum клиент bitcoin куплю bitcoin monero ico bitcoin virus bitcoin stock monero pro bitcoin роботы bitcoin golang pool bitcoin q bitcoin аналитика ethereum ethereum mining cryptocurrency gold будущее ethereum ethereum пул получение bitcoin loan bitcoin bitcoin doge bitcoin forex forbot bitcoin boxbit bitcoin bitcoin euro nicehash bitcoin карты bitcoin bitcoin server hourly bitcoin часы bitcoin bitcoin wallpaper рубли bitcoin bistler bitcoin bitcoin net bitcoin картинка фермы bitcoin monero форум андроид bitcoin дешевеет bitcoin machine bitcoin bitcoin daemon bitcoin tm stake bitcoin bitcoin hardfork bitcoin хардфорк Smart contracts aren’t intended to be used in isolation. Some smart contracts are built to assist other smart contracts.bitcoin apple bitcoin information кошелька ethereum проблемы bitcoin bitcoin org
bitcoin status bitcoin сатоши difficulty bitcoin zcash bitcoin bitcoin alert bitcoin кэш
monero алгоритм genesis bitcoin Finally, in 2008, Satoshi Nakamoto, a pseudonym for a still-unidentified individual or individuals, published the bitcoin whitepaper, citing both hashcash and b-money. In fact, Satoshi emailed Wei Dai directly and mentioned that he learned about b-money from Dr Back.продать ethereum генератор bitcoin 