Cryptomining for Beginners

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June 7, 2018 by
Cryptomining for Beginners

How To Acquire Cryptocurrencies

You have probably heard of digital money like Bitcoin and Litecoin. These cryptocurrencies have the same value as real money. Some countries like Japan have even accepted them as a legal currency.  There are two ways to acquire cryptocurrencies. One is through buying and selling: you buy low and sell high and that’s how you can make money out of it. The other way to make money in this space is through mining. 

Bitcoin Mining

Years before, Bitcoin was mined through PC gaming. But as Bitcoin became increasingly popular, competition increased and more miners entered the marketplace. Nowadays, a software program with fast computing speed is required to successfully mine Bitcoin. These software programs will solve math problems made by mining computers every 10 minutes in order to make sure all new transactions within a “block” are legit transactions. As an incentive, miners will receive a small amount of cryptocurrency for verifying the block. It isn’t much but as that cryptocurrency becomes more valuable, it will eventually add up.

Today, due to increased competition, you would need a specialized hardware to mine Bitcoin on your computer called ASIC (application-specific integrated circuit). However, the setup for mining is quite simple, all you need is three things: a computer to do your mining, a Bitcoin wallet to store the mined Bitcoins, and a mining program. There are several platforms where you can get cryptocurrency wallets but I prefer Coinbase as it’s easy to use and set up.

Cryptomining Software

Nicehash is a windows-based mining program that’s relatively user-friendly. All you have to do is go through the initial set up and provide your Bitcoin wallet, and it takes care of everything else from there. Nicehash charges a 3% fee but is worth it considering it’s an entirely automated set up. It’s also smart enough to identify different algorithms based upon what will most likely be profitable. The best thing about this is, you can do mining whenever you want. If you want to play some online games, you can stop the program for a few minutes and then resume mining.

Mining cryptocurrencies is fun if you already have a gaming PC. Though it will be running your GPU at 100%, 24 hours a day, 7 days a week. It won’t break anything but it will reduce the lifespan of your GPU. What do you think of cryptomining?

 

 

Name Price
Bitcoin (BTC)
$5,425.85
Ethereum (ETH)
$162.71
Bitcoin Cash (BCH)
$270.76
XRP (XRP)
$0.298237
Litecoin (LTC)
$71.87
Cardano (ADA)
$0.069713
IOTA (MIOTA)
$0.283276
Dash (DASH)
$112.69
NEM (XEM)
$0.057725
Monero (XMR)
$65.16
Stellar (XLM)
$0.101756
EOS (EOS)
$4.66
TRON (TRX)
$0.023026
Bitcoin Gold (BTG)
$15.87
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