The reputation of cryptocurrencies is developing by the hour. The appearance of this digital money turnover dates lower back to 2009 and became created with the aid of the Japanese programmer Satoshi Nakamoto with a set of like-minded humans. Among all of the options, one of the maximum famous ways to make cash "out of skinny air" is bitcoin mining. To master this art, you want to apprehend what it is, how to use it and whether or not it's far profitable to get concerned with the sector of cryptocurrencies.
What is Bitcoin mining
Blockchain is a chain of transactions, where each subsequent link contains information about all the previous ones. Such chains were called bitcoins. The process of creating and extracting such virtual “connections” has been called mining, which requires good computer hardware and special software.
- support for transactions (deals);
- protection of the network from adding invalid information;
- the safety of bitcoins from various attacks;
- support for decentralization.
Important! In terms of profit, it is no longer cost-effective to mine bitcoins at home, since the power of standard computer equipment is not enough.
How to start mining bitcoins
Having understood the main essence and task of miners, you can proceed to the process itself, for the implementation of which you will need to choose:
- purchase local storage for accumulating funds on a PC;
- open an online wallet in any system.
Really successful manners choose the first option. It will require the cost of purchasing more powerful equipment or a separate server storage, but it has higher performance and only the owner is responsible for personal funds.
And the first thing a newbie should do, after creating a place to store virtual money, is to visit the official Bitcoin website, from where the official software for storing cryptocurrency is downloaded and installed.
When the program is launched for the first time, the process of downloading Bitcoin blocks starts. This takes some time, but you cannot pause the process. Wait for complete synchronization and move on.
Fork selection
Fork - the use of the code base of a software program challenge as a begin for some other. Each department can develop and exist independently of the other. The predominant criterion for deciding on a fork is profitability. And additionally it's miles worth listening to liquidity - the potential to switch digital money to all feasible "live" ones.
Bitcoin itself is based on SHA-256, and proprietors of large and high priced farms receive excessive profits. For example, Scrypt makes use of quite a few RAM, which makes it tough to construct ASIC processors and makes it feasible to use ordinary PCs for mining.
You can calculate the profitability on any on line mining calculator. This indicator depends at the video card and the speed of your PC, in addition to the change charge. If the laptop is not prepared with "hardy" components, then the common earnings according to day might be most effective 100-200 rubles.
Pool selection
A mining pool is a server that distributes subscription responsibilities among all related individuals. The contribution of each pool is assessed as Share, the better it's miles, the much more likely it's far to get an highly-priced signature. As quickly as such a "Ball" hits the target, the pool suggests the readiness of the block and distributes a reward.
Where Weblogin.Worker is the name of the worker and his password is Worker_passwor. To extract ether by the Ethminer miner, use the following command:
ethminer.exe -G -S eth-eu.coinmine.pl:4000 -FS eth-us.coinmine.pl:4000 -O VIPepol.1: 1
All options are spelled out in the documents in the pool, including for starting the earning process in the absence of a video card.
Withdrawal to your wallet
From the reputable website online of the fork, follow the hyperlinks furnished and create your pockets. It is vital to make an deal with in it so that you can acquire the earned cash. Then, switch the ensuing line to the phase of your account - "Payments".
You can placed the withdrawal straight away at the cryptocurrency change. And also take into account that you will pay commissions for every transaction, so you ought to no longer wager small payments.
Tip: if you have not found out at all a way to installation the miner, there are special packages that go through all the steps little by little for you. But you need to proportion with them. So, you supply the pool 1-1.5%, and software builders - 30-forty%.
Bitcoin mining software
To mine bitcoins, you want to install a cryptocurrency farm or software for your PC. Among the software program, there are several of the maximum appropriate and tested alternatives:
CGminer - Popular GPU / FPGA / ASIC Microprocessor Open supply photos type suitable for Windows, Linux, OS X. The software itself consists of overclocking, monitoring, fan manipulate and faraway interface capability.
BFGminer - Designed mainly for FPGAs and ASICs, but lacks a primary focus on GPUs. There are functions for dynamic timing, tracking and far flung display screen viewing.
BitMinter is the excellent software program in terms of connecting with users and ability clients. Simple and intuitive interface with easy installation of this system itself.
You need to additionally take note of BTCMiner, Poclbm, DiabloMiner.
Bitcoin mining wallets
On the technical side, the wallets themselves (BTC) are not stored anywhere - they are a digital code recorded in a database using Blockchain technology. There are 4 groups of such cryptocurrency storages:
- for computers;
- application on a smartphone;
- web wallets;
- in the form of gadgets.
Among the options for PC, the most reliable are Bitcoin Knots, Bitcoin Core, GreenAddress, ArcBit. Mobile versions are selected depending on the software of the gadget; there are options for Android, IOS, Windows. If you choose among virtual ones, then pay attention to Blockchain, Xapo, Coinapult.
The best Bitcoin mining hardware
To mine cryptocurrency that is not influenced by financial markets or regulatory centers, it is necessary to assemble an optimal set of computer hardware. It includes a processor, video cards and additional equipment.
Video cards
The video card must have enough memory and GPU frequency for the mining process to take place without any complications. Suitable models include:
- Radeon RX 470 and 480;
- Geforce GTX 1060, 1070,1080;
- AMD latest models.
The average payback period for such equipment varies from 200 to 360 days.
Processors
GPUs are the most important piece of hardware when working with a cryptographic system. Only powerful modern computers with enough RAM and a good video card are suitable for mining. The best options include:
- CyberPowerPC Gamer Ultra 2235 - 8GB RAM, 1TB hard drive, AMD RX 480 graphics card;
- Acer Aspire T AT3-715A-UR11 - AMD RX 480 graphics card, Intel Core i7-6700 processor;
- CybertronPC RHODIUM - 8 GB RAM, AMD RX 580 graphics card, good for Ethereum.
You can separately purchase an Intek G4400 class processor, which is suitable for mining, but will be cheaper than a whole computer.
Other equipment
Instead of processors and graphics cards, you can purchase Special Purpose Integrated Circuits (ASICs) or Gate Arrays (FPGAs), as well as standalone USB devices.
Among ASIC miners, the best are ANTMiner S7, S9, Avalon6, CoinTerra TerraMiner IV. If you choose from USB miners for bitcoins, you should take a closer look at AntMiner U2, BPMC Red Fury USB, Avalon Nano 3.
Pools
Pools differ in terms of interfaces, information content, capacity, types of currency, reward distribution system and commissions. There are the "Chinese four" of the most popular and reliable pools:
- F2Pool or "aquarium fish". About 20% of the hashrate is retained on the network. Withdrawal commission is only 4%. This system is the most widespread.
- BTC China with 10-12% online retention. They take 4th place in the overall ranking of pools.
- BW pool - 7-9% of capacity, there is a partial translation into Russian. The PPLNS accrual system works without commission.
- AntPool - mining capacity of about 18%, works on PPLNS without commission, there is a PPS option with a retention of 2.5%. Suitable for those who like to play solo.
Choose a pool for the most favorable conditions and simplicity of interfaces. For beginners, it is better to choose an easier option for mastering the basics of bitcoin mining.
System Requirements
Only little-known and new cryptocurrencies can be mined on a medium-sized home PC. Bitcoins require a minimum of 4GB of RAM and 2GB of video card memory.
OS
There are no requirements for the operating system; you can choose the appropriate version of the mining program for Windows 7, Lunix (it is most often chosen for cryptocurrencies).
The main thing is to buy powerful video cards and not even one, or install separate USB devices or ASIC miners.
Internet ping
Mining traffic depends on the number of connected devices, their performance and the complexity of solving mathematical problems. If the equipment is correctly configured and the pool is selected, 10 kb / s Internet speed is sufficient with a standard Dial-Up connection. It must be wired, without failures and breaks. Therefore, choose your traffic provider carefully.
If it is not possible to ensure a stable connection, you can buy 3G modems with unlimited traffic and use them in a good coverage area.
Cloud mining of bitcoins
Cloud mining uses special servers that you can work on without purchasing your own equipment for mining cryptocurrency. At the same time, a small commission will be charged for using the resource, which is cheaper than buying professional hardware for mining bitcoins.
Among the most reliable servers are:
Coinmix.biz is a new option with a minimum $ 1 deposit. The average return on investment is 50 to 100 days.
- Cloudmy - for registration they provide a bonus of $ 2 (20 GH / s). There is a system of levels of profitability from 0 to 9. Payback from 25 to 100 days.
- Apextop - $ 1 bonus, 10 yield levels. You can return funds in 25-50 days.
- Better options can be found depending on your investment.
Nuances and possible difficulties
To start mining bitcoins, you need to choose a mining method:
- solo - on personal equipment, where it is possible to spend more money on electricity and buying iron than to make a profit;
- the pool - using a remote server: the biggest difficulty is to choose it correctly with the most convenient interface and the minimum withdrawal fee;
- cloud servers - the whole process is about the number of investments you make and their payback period.
The best option with a lot of nuances, but a high probability of earning is a pool. To choose it correctly, look at the 3 main characteristics:
- the size of the commission is from 1 to 10%;
- withdrawal methods;
- convenience of the interface.
Beginners should not take on new cryptocurrencies, but it is quite possible to try their hand at a standard set of bitkin mining software.
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