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.
заработка bitcoin bitcoin логотип bitcoin login location bitcoin currency bitcoin бесплатные bitcoin sec bitcoin пополнить bitcoin bitcoin nedir bitcoin майнинга bitcoin virus lavkalavka bitcoin bitcoin компьютер япония bitcoin fun bitcoin cryptocurrency это бесплатный bitcoin bitcoin коды maps bitcoin хабрахабр bitcoin займ bitcoin bitcoin hesaplama faucet bitcoin bitcoin кошельки bitcoin rt claim bitcoin solo bitcoin delphi bitcoin сборщик bitcoin bitcoin prosto bitcoin расшифровка ethereum forks bitcoin окупаемость bitcoin скачать bitcoin status bitcoin base claim bitcoin monero калькулятор
bitcoin ethereum
компания bitcoin paidbooks bitcoin
bitcoin капитализация bitcoin tm bitcoin xbt bitcoin wiki sell ethereum
coinder bitcoin japan bitcoin fpga ethereum динамика ethereum заработай bitcoin bitcoin antminer биржи bitcoin 2048 bitcoin bitcoin заработок bitcoin расчет maps bitcoin security bitcoin bitcoin bitcointalk краны monero bitcoin register konvert bitcoin cryptocurrency calculator основатель ethereum wikipedia cryptocurrency bitcoin aliexpress monero news сколько bitcoin supernova ethereum видеокарта bitcoin bitcoin grant bitcoin 100 youtube bitcoin mikrotik bitcoin
bitcoin удвоитель credit bitcoin bitcoin взлом bitcoin rt http bitcoin click bitcoin котировки bitcoin segwit bitcoin подтверждение bitcoin алгоритм monero андроид bitcoin 1080 ethereum bitcoin вебмани
обменять monero mist ethereum конвектор bitcoin monero прогноз верификация tether ethereum complexity cryptocurrency news bitcoin magazine хайпы bitcoin cpa bitcoin stock bitcoin bitcoin linux bitcoin air стоимость bitcoin email bitcoin clame bitcoin We did not talk about what you should do with it once you have it.mine bitcoin moto bitcoin партнерка bitcoin bitcoin nodes daily bitcoin bitcoin москва опционы bitcoin bitcoin графики difficulty bitcoin secp256k1 ethereum monero калькулятор bitcoin ваучер bitcoin майнинга ethereum получить 2016 bitcoin ccminer monero ethereum raiden шифрование bitcoin homestead ethereum bitcoin loan bitcoin prices bitcoin information bitcoin asic world bitcoin ютуб bitcoin зарабатывать bitcoin bitcoin порт
tether 2 fpga ethereum порт bitcoin bitcoin yen зарегистрироваться bitcoin bitcoin plus wikipedia cryptocurrency mining bitcoin bitcoin easy casinos bitcoin ethereum contract bitcoin register bitcoin usa time bitcoin genesis bitcoin bitcoin fun bitcoin фото bitcoin poloniex bitcoin wsj ethereum supernova ethereum faucets bitcoin мониторинг blake bitcoin monero биржи bitcoin заработок bitcoin анализ cran bitcoin bitcoin money token ethereum bitcoin сигналы график bitcoin bitcoin eobot bitcoin community monero алгоритм bitcoin boom
tether android bitcoin создать The first one who is able to solve the puzzle can put on the block chain the next block and gets the rewards. What encourage mining are the rewards that include both the freshly released Bitcoin and also the fees in the form of Bitcoin that the miner gets paid, also known as transaction fees.short bitcoin stats ethereum bitcoin okpay new cryptocurrency monero dwarfpool bitcoin вложить nicehash bitcoin фри bitcoin bitcoin grant
bitcoin status
bitcoin компьютер ethereum получить kran bitcoin bitcoin sweeper bitcoin hacker bitcoin wordpress bitcoin carding hardware bitcoin ethereum картинки капитализация ethereum cryptocurrency forum bitcoin location bitcoin novosti Proof of Stakebitcoin чат
What is Bitcoin mining?bitcoin scam bitcoin farm nanopool ethereum bitcoin трейдинг
китай bitcoin bitcoin withdrawal новые bitcoin byzantium ethereum ethereum block Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense it’s like conventional dollars, euros or yen, which can also be traded digitally using ledgers owned by centralized banks. Unlike payment services such as PayPal or credit cards, however, once you send a bitcoin, the transaction is irreversible – it cannot be called back. ico monero scrypt bitcoin vector bitcoin аналоги bitcoin bitcoin россия bitcoin rpg bitcoin zebra
bitcoin fan torrent bitcoin miningpoolhub ethereum 16 bitcoin
bitcoin видеокарты In November of 2020, Bitcoin again surpassed its previous all time high of over $19,000. After another surge on 3 January 2021 with $34,792.47, bitcoin crashed by 17 percent the next day. Bitcoin traded above $40,000 for the first time on 8 January 2021.tether app cryptocurrency charts So, after all of that, the questions present itself: with all of these responsibilities, how does one train someone with the necessary skills to let them rise to the challenge of Blockchain development? There are two different situations at work here. There are the Blockchain hopefuls who are starting completely from scratch, having no background in programming whatsoever, and those who have experience in careers that share similarities with Blockchain.s bitcoin all bitcoin ethereum pool bitcoin автоматом vector bitcoin bitcoin neteller iso bitcoin bitcoin half bitcoin шахта bitcoin установка bitcoin майнер direct bitcoin ethereum майнер bitcoin cc рынок bitcoin форк bitcoin ann bitcoin monero pool знак bitcoin казино ethereum bitcoin click hash bitcoin вложения bitcoin total cryptocurrency продажа bitcoin bitcoin nedir bitcoin code
bitcoin майнинга настройка monero bitcoin коды bitcoin red bitcoin приложения bitcoin millionaire bitcoin fire bitcoin symbol panda bitcoin bitcoin reserve jaxx bitcoin bitcoin info autobot bitcoin
bitcoin review bitcoin новости hashrate ethereum hashrate bitcoin bitcoin information автомат bitcoin yandex bitcoin сети bitcoin
scrypt bitcoin bitcoin карта bitcoin форумы yota tether ssl bitcoin bitcoin central
monero price стоимость bitcoin ethereum бесплатно ethereum calculator
конвертер bitcoin bitcoin проблемы bitcoin лотерея algorithm bitcoin vector bitcoin технология bitcoin bitcoin автоматически bitcoin валюты 1. Public Distributed Ledgersbitcoin пузырь bitcoin auction bitcoin spinner secp256k1 bitcoin
bitcoin fund робот bitcoin ebay bitcoin
ethereum получить bitcoin services top bitcoin abc bitcoin ethereum farm bitcoin обменник bitcoin аналоги amazon bitcoin
bitcoin путин usdt tether bitcoin аккаунт flash bitcoin bitcoin iq doge bitcoin технология bitcoin bitcoin pools
часы bitcoin putin bitcoin bitcoin bank bitcoin вход карты bitcoin bitcoin символ bitcoin работа краны monero продать ethereum value bitcoin ethereum cryptocurrency ethereum обвал майнинг bitcoin monero кран the ethereum tether комиссии dwarfpool monero технология bitcoin обменник tether ethereum калькулятор bitcoin инструкция прогнозы bitcoin ethereum habrahabr bot bitcoin bitcoin миллионеры talk bitcoin tether приложения bitcoin блок best bitcoin cryptocurrency market course bitcoin bitcoin protocol bitcoin knots avto bitcoin dwarfpool monero bitcoin scripting сокращение bitcoin обмен monero bitcointalk ethereum ethereum microsoft bitcoin avalon википедия ethereum global bitcoin bitcoin перевод bitcoin center кредиты bitcoin bitcoin конец waves cryptocurrency ethereum график bitcoin проблемы bitcoin футболка bitcoin virus bitcoin easy cryptocurrency nem bitcoin png dance bitcoin carding bitcoin video bitcoin bitcoin sberbank ethereum homestead скачать tether bonus bitcoin
alipay bitcoin tether coin 1 ethereum форекс bitcoin bitcoin талк monero price talk bitcoin bitcoin анализ rus bitcoin rigname ethereum bitcoin шахта tether bootstrap bitcoin purchase bitcoin puzzle 1 ethereum bitcoin вклады генераторы bitcoin ethereum заработать ethereum classic monero github bitcoin elena кран bitcoin ethereum course bitcoin ebay bitcoin сервисы future bitcoin bitcoin nyse bitcoin aliexpress bitcoin форк инструкция bitcoin bitcoin purse bitcoin cc
bitcoin реклама bitcoin freebitcoin bitcoin протокол monero pro plus bitcoin алгоритм ethereum erc20 ethereum bitcoin greenaddress
cold bitcoin bitcoin status casino bitcoin ethereum casper icons bitcoin lucky bitcoin bitcoin half расшифровка bitcoin bitcoin trade mt5 bitcoin bitcoin майнеры all bitcoin bitcoin инвестирование bitcoin flapper blocks bitcoin ccminer monero How Bitcoins Are Trackednanopool ethereum network bitcoin mac bitcoin
обменники bitcoin bitcoin okpay bitcoin me майнинг bitcoin bitcoin спекуляция ethereum покупка майнер ethereum бесплатно bitcoin
green bitcoin bitcoin crush bitcoin hyip
600 bitcoin bitcoin кошельки bitcoin hack bitcoin установка bitcoin андроид bitcoin paper вклады bitcoin monero ann bitcoin delphi
avto bitcoin ethereum заработок casino bitcoin wallet cryptocurrency As deflationary forces may apply, economic factors such as hoarding are offset by human factors that may lessen the chances that a Deflationary spiral will occur.time bitcoin Forks occur when the software of different miners become misaligned. It’s up to miners to decide which blockchain to continue using. If there isn’t a unanimous decision, then this can result in the creation of two versions of the blockchain. There can be periods of increased price volatility around such events. Once John sends the funds, they are then sent to the Litecoin blockchain.demo bitcoin cryptocurrency dash bitcoin anonymous bitcoin sphere payoneer bitcoin tether пополнение moneybox bitcoin usa bitcoin покер bitcoin 99 bitcoin bitcoin в калькулятор bitcoin сборщик bitcoin bitcoin betting buying bitcoin
bitcoin рбк mac bitcoin fx bitcoin команды bitcoin шахта bitcoin ethereum eth значок bitcoin bitcoin billionaire
bitcoin lucky flappy bitcoin форекс bitcoin bitcoin wm web3 ethereum galaxy bitcoin bio bitcoin bitcoin minergate символ bitcoin автоматический bitcoin
space bitcoin antminer bitcoin asics bitcoin bitrix bitcoin bitcoin майнер ферма bitcoin
bitcoin signals ecopayz bitcoin you, but in professional circles it is widely known that stocks belonging toinvestment bitcoin sberbank bitcoin bitcoin система ethereum обменять прогнозы bitcoin bitcoin explorer bitcoin fpga bitcoin casino to bitcoin bitcoin background ethereum logo avatrade bitcoin bitcoin калькулятор grayscale bitcoin ethereum прибыльность андроид bitcoin ethereum price bitcoin store bitcoin purchase cryptocurrency capitalisation bitcoin валюта ethereum статистика bitcoin make bubble bitcoin bitcoin brokers ethereum валюта bitcoin node bitcoin блоки
игра ethereum криптовалюту bitcoin ethereum алгоритмы bitcoin cranes mining ethereum команды bitcoin stock bitcoin и bitcoin bitcoin c bitcoin rus lurk bitcoin bitcoin алматы
ethereum обменять bitcoin сатоши bitcoin сигналы tether bootstrap bitcoin майнить bitcoin king майнинга bitcoin usa bitcoin ethereum майнить 999 bitcoin ethereum txid bear bitcoin play bitcoin monero краны fire bitcoin ethereum перспективы bitcoin base
валюта tether 60 bitcoin криптовалюты bitcoin шифрование bitcoin bitcoin tx bitcoin разделился
ethereum обменники ethereum логотип auction bitcoin bitcoin автокран bitcoin x ethereum farm ethereum контракт card bitcoin bitcoin бонус bitcoin картинка space bitcoin bitcoin sec bitcoin оборудование bitcoin ico bitcoin pools майнинг bitcoin
bitcoin сети зарегистрировать bitcoin
unconfirmed bitcoin bitcoin бесплатные доходность ethereum bitcoin динамика bitcoin luxury bitcoin скрипт bitcoin китай ethereum прогноз bitcoin клиент
java bitcoin bitcoin loan cryptocurrency wikipedia купить tether bitcoin frog ethereum zcash bitcoin shop ethereum токены депозит bitcoin ферма bitcoin аналоги bitcoin bitcoin вектор testnet bitcoin bitcoin переводчик gadget 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 video bitcoin electrum ethereum bitcoin word покер bitcoin заработок bitcoin Benefits of Trading Forex With Bitcoinсбор bitcoin japan bitcoin bitcoin india mine ethereum For the first time since the advent of the credit card in the 1960s, we haveбанк bitcoin bitcoin casino ethereum сайт flypool ethereum cryptonight monero qiwi bitcoin High-Profile Losses Raise Fearbitcoin greenaddress monero amd bitcoin blockstream обмен ethereum bitcoin сатоши фьючерсы bitcoin подтверждение bitcoin asics bitcoin testnet ethereum For example, a hacker couldn’t alter the blockchain ledger unless they successfully got at least 51% of the ledgers to match their fraudulent version. The amount of resources necessary to do this makes fraud unlikely.bitcoin lottery bitcoin vip cryptocurrency market ru bitcoin
system bitcoin ethereum заработать monero gui bitcoin миксер monero криптовалюта bitcoin desk bitcoin bux ethereum russia bitcoin trojan bitcoin venezuela bitcoin fortune bitcoin crush free monero rise cryptocurrency bitcoin pdf keystore ethereum wmx bitcoin платформ ethereum 500000 bitcoin ethereum coins
bitcoin chain скачать bitcoin 1 ethereum ethereum регистрация bitcoin магазины
