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Bitcoin mining reddit 2017
There are numerous guides online about bitcoin mining, equipment, mining pools etc but a lot of the information is one way.
The first question should be what do you want out of bitcoin? Techie You are comfortable with computers and want to get your hands dirty by investing in hardware, reading tech blogs and github articles on getting maximum performance from your gear. You want to be a real bitcoin miner! Cloud mining is increasing in popularity.
The benefits are numerous. It is not within the remit of this article to advise on which currencies are the most profitable to mine, but based on the mining power you buy you can use online mining calculators like the one at Coinwarz before you start out. Keep in mind that profitability can vary depending on the current level of difficulty and the number of coins already mined as well as market sentiment ofcourse. It can be fun and rewarding if you trade at the right times. Your dashboard will show you how many coins you have accumulated in real-time.
The site automatically mines Namecoins, Devcoins and IXcoins at the same time as bitcoins and you can also use your own mining hardware at their ghash. Litecoin, Dogecoin and Auroracoin mining are also either already running or in development. You can also buy Future Hashing Power at reduced rates to use at time triggered intervals.
They claim to mine the most profitable coins to maximise your return. They allow you to trade for KHS hashing power or simply deposit bitcoins to fund your account. If you want to mine SHA currencies like Bitcoin and Peercoin you are going to need some powerful gear.
Get in at the start of a new currency and these miners could still make you money. Many farms were established on these miners and multi-slot hubs supporting 7 or more miners could generate 2. They were similar in operation to the ASIC block eruptors but crucially each could mine at up to 2.
This shows how fast technology moves and how you need to be careful with your hardware investments. They can be picked up cheaply and you only need a suitable USB hub to attach to your computer to get started. If you are on a Mac you can download and get started with CG Miner here. The same page also has a GUI version of the software called Asteroid which is super simple to setup and use.
Windows users can head over to the github repository. The website and installation guide is super easy to use. You can possibly use your existing graphics card but your mining power will probably be small unless you have a high end gaming computer. For Bitcoin you can download the wallet from the official site here or use an online wallet at a site like Blockchain. This can sometimes take a few days so be patient. Make sure you encrypt your wallet and use strong passwords see our security guide here.
Solo mining is unlikely to be profitable unless you have a mining farm full of mega equipment, so the best policy is to join a mining pool. You point your mining equipment to your chosen pool using information supplied by the pool.
Each mining pool has full instructions for implementation. There are myriad mining pools. Dogechain pool for Dogecoins and of course CEX. For Litecoin pools check this list. Bitcoin prices are very volatile so short term gains and losses are very possible. Ripe for the canny investor. For a full list of Cryptocurrencies visit the Bitcoin Wiki. Please remember that the value of investments and the income derived from them can go down as well as up.
Exchange rate movements can also have a positive or negative impact on the value of Non-UK investments. Past performance is not a reliable indicator of future returns and you may not get back your original investment. You should weigh up factors such as the impact of any potential penalties and charges and the loss of possible benefits in circumstances where you may be considering cashing in or transferring an investment.
If in doubt seek professional Financial Advice. Your capital may be at risk. Great in depth article about getting started with Bitcoin. We should work together on some sort of project as I am trying to educate the masses here in the UK in a similar way to yourself. Want some Free Bitcoins? Check our guide to the best Bitcoin Faucets. Sorry, your blog cannot share posts by email.