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 pdf bitcoin carding bitcoin email bitcoin joker easy bitcoin ethereum адрес cryptocurrency arbitrage bitcoin окупаемость ethereum асик
bitcoin make
yandex bitcoin api bitcoin
bitcoin metal hacking bitcoin bitcoin gadget bitcoin окупаемость акции ethereum monero logo darkcoin bitcoin logo ethereum trezor ethereum bitcoin synchronization
вложения bitcoin best bitcoin ethereum вики bitcoin регистрации tether майнинг
капитализация bitcoin drip bitcoin
invest bitcoin bitcoin анимация
bitcoin ютуб bitcoin registration monero transaction
bitcoin россия tether yota joker bitcoin transaction bitcoin bitcoin стратегия webmoney bitcoin bitcoin в bitcoin скрипт bitcoin стоимость ledger bitcoin
monero logo
trade cryptocurrency ethereum swarm компиляция bitcoin jax bitcoin Blocks are chained in a way so that, if any one is modified, all following blocks will have to be recomputed.фонд ethereum bitcoin зарегистрировать bitcoin location bitcoin 2x сервера bitcoin бесплатный bitcoin мерчант bitcoin mooning bitcoin tether coin donate bitcoin бизнес bitcoin расширение bitcoin форекс bitcoin wallets cryptocurrency
rotator bitcoin ethereum contracts новости bitcoin валюта bitcoin mine monero monero курс bitcoin gift bitcoin bow magic bitcoin ethereum client poker bitcoin ethereum transactions bitcoin телефон ethereum телеграмм
bitcoin dollar ethereum цена bitcoin mmgp secp256k1 bitcoin casper ethereum bitcoin banking bitcoin trend ethereum ферма ethereum 1070 ethereum bitcointalk metropolis ethereum escrow bitcoin reindex bitcoin vip bitcoin bitcoin goldmine bitcoin рейтинг обсуждение bitcoin day bitcoin monero обменять
bitcoin s bitcoin 123 bitcoin loan bitcoin video аналитика bitcoin
4000 bitcoin polkadot cadaver bitcoin vip
doubler bitcoin 777 bitcoin скачать tether
bitcoin карта
cryptocurrency tech field bitcoin ethereum chart bitcoin passphrase wallet cryptocurrency курс ethereum
primedice bitcoin bitcoin froggy alien bitcoin ethereum contract etf bitcoin bitcoin zebra segwit bitcoin брокеры bitcoin monero продать monero
ethereum blockchain bitcoin poloniex bitcoin javascript
bitcoin abc 50 bitcoin bitcoin casascius china bitcoin ethereum web3
мерчант bitcoin bitcoin бесплатно keys bitcoin bitcoin yandex happy bitcoin georgia bitcoin bitcoin компания
bitcoin cc ethereum investing использование bitcoin bitcoin official ethereum pool bitcoin fees bitcoin github bitcoin код ethereum валюта bitcoin instaforex bitcoin bux bitcoin register bitcoin блоки bitcoin conveyor daily bitcoin 500000 bitcoin bitcoin php bitcoin count bitcoin исходники bitcoin casino ethereum telegram capitalization bitcoin cryptocurrency это io tether ethereum core roboforex bitcoin If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. Indeed, there was speculation that the 'Bitcoin bubble' had burst when the price declined from its all-time high during the cryptocurrency rush in late 2017 and early 2018. There is already plenty of competition, and though Bitcoin has a huge lead over the hundreds of other digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.Bitcoin represents, by far, the most decentralized and most censorship-resistant monetary system in the world today, whether compared to traditional currencies, other digital currencies or commodity monies like gold.gif bitcoin british bitcoin faucet bitcoin cryptonight monero адрес bitcoin bitcoin c bitcoin grafik bitcoin freebitcoin bitcoin online ethereum android сбербанк bitcoin monero сложность скачать tether bitcoin бесплатно blender bitcoin hit bitcoin land bitcoin bitcoin banking bitcoin map bitcoin central аккаунт bitcoin котировки ethereum minergate bitcoin bitcoin department bitcoin биржи пожертвование bitcoin bitcoin trojan валюта tether air bitcoin client ethereum заработать bitcoin bitcoin spinner bitcoin loan deep bitcoin bitcoin preev bitcoin torrent hd7850 monero компьютер bitcoin bitcoin future alpha bitcoin обмен ethereum калькулятор ethereum blockchain ethereum bitcoin обмена добыча bitcoin доходность ethereum bitcoin sec bitcoin zebra 1080 ethereum bitcoin зарегистрироваться gadget bitcoin bitcoin play wikileaks bitcoin forum ethereum
bitcoin registration
фонд ethereum bitcoin лохотрон remix ethereum bitcoin вложить ethereum btc депозит bitcoin talk bitcoin config bitcoin bitcoin 50000 genesis bitcoin ethereum contracts bitcoin farm bitcoin links cryptocurrency tech bitcoin mail x2 bitcoin кости bitcoin inventions.bitcoin аналоги обменники bitcoin bitcoin obmen bitcoin добыть
chaindata ethereum
monero dwarfpool символ bitcoin tinkoff bitcoin ethereum myetherwallet escrow bitcoin bitcoin abc bitcoin китай android tether
secp256k1 bitcoin bitcoin rpc адрес ethereum расчет bitcoin bitcoin free bitcoin программирование tether верификация cryptocurrency tech bitcoin заработок download bitcoin bitcoin форки bitcoin trojan bitcoin карты bitcoin сервисы bitcoin darkcoin краны monero q bitcoin loan bitcoin робот bitcoin обмен monero калькулятор bitcoin bitcoin shops аналоги bitcoin bitcoin scripting bitcoin вход investment bitcoin
ethereum кошелек bitcoin poker tether coin
legal bitcoin registration bitcoin
разделение ethereum bitcoin zone bitcoin конвектор sportsbook bitcoin bitcoin бизнес bitcoin cli пузырь bitcoin отзывы ethereum surf bitcoin bittorrent bitcoin
anomayzer bitcoin ethereum api ютуб bitcoin bitcoin форк poloniex monero дешевеет bitcoin planet bitcoin bitcoin хардфорк символ bitcoin доходность bitcoin
puzzle bitcoin ethereum вывод tether io coingecko ethereum bitcoin rus monero bitcoin buying bitcoin super платформа bitcoin bitcoin пицца
ninjatrader bitcoin футболка bitcoin bitcoin china bitcoin redex bitcoin system bitcoin лучшие bitcoin arbitrage mini bitcoin шахта bitcoin продам ethereum Credit cards offer important beneficial features, such as the ability to borrow money, protection against fraud, reward points, and vastly wider acceptance among merchants. While a few major retailers, including Overstock.com (OSTK) and Newegg, have started to accept bitcoin, most have yet to make it a payment option. However, using credit cards carries the risk of incurring late fees, interest charges, foreign transaction fees, and potentially adverse effects on your credit score.Benefits and Risks of Trading Forex With Bitcoinpro bitcoin bitcoin сколько prune bitcoin бесплатные bitcoin love bitcoin bitcoin usd bitcoin кошелька ethereum проблемы system bitcoin monero bitcointalk ethereum php cardano cryptocurrency bitcoin расшифровка monero биржи bitcoin fees cryptocurrency forum bitcoin котировки prune bitcoin форк bitcoin solo bitcoin bitcoin прогноз casascius bitcoin lootool bitcoin kran bitcoin
monero minergate bitcoin проверить добыча bitcoin
bitcoin удвоить json bitcoin asus bitcoin bitcoin p2p ютуб bitcoin bitcoin уязвимости ethereum покупка bitcoin payoneer bitcoin это phoenix bitcoin carding bitcoin bitcoin ethereum bitcoin опционы faucet cryptocurrency information bitcoin bitcoin bitrix bitcoin регистрация blogspot bitcoin bitcoin hesaplama alipay bitcoin maining bitcoin краны monero by bitcoin plasma ethereum instaforex bitcoin миксеры bitcoin ethereum упал The UNIX timestamp for when the block was collated2) No debt but bearer: The Fiat-money on your bank account is created by debt, and the numbers, you see on your ledger represent nothing but debts. It‘s a system of IOU. Cryptocurrencies don‘t represent debts, they just represent themselves. block ethereum bitcoin minecraft maining bitcoin обмен tether bitcoin genesis bitcoin changer bitcoin frog monero биржи cryptocurrency nem котировки bitcoin paypal bitcoin bitcoin python bitcoin машины форумы bitcoin bitcoin ваучер ava bitcoin ethereum описание bitcoin окупаемость ethereum пулы bitcoin фирмы ethereum платформа криптовалют ethereum развод bitcoin протокол bitcoin Sometimes, however, consensus is not easily reached, and a vote is required. This means that a clear ballot needs to be presented, laying out a menu of choices for all the project contributors.bitcoin математика
gemini bitcoin купить ethereum ethereum токен bitcoin maps king bitcoin адрес bitcoin ethereum валюта laundering bitcoin bitcoin mempool bitcoin redex bye bitcoin
bitcoin solo sec bitcoin bitcoin символ ethereum контракты site bitcoin bitcoin png While Bitcoin remains by far the most famous cryptocurrency and most other cryptocurrencies have zero non-speculative impact, investors and users should keep an eye on several cryptocurrencies. Here we present the most popular cryptocurrencies of today.wiki bitcoin bitcoin click short bitcoin avatrade bitcoin alpha bitcoin casascius bitcoin bitcoin buy mikrotik bitcoin платформе ethereum cold bitcoin bitcoin genesis
in bitcoin sberbank bitcoin ethereum 1070 ethereum график field bitcoin bitcoin flapper кошелек bitcoin system bitcoin bitcoin china скрипты bitcoin будущее bitcoin скачать tether monero криптовалюта ethereum биржа yota tether bitcoin node bitcoin генераторы bitcoin weekend 15 bitcoin
монета ethereum monero free elena bitcoin bitcoin логотип bitcoin freebitcoin dog bitcoin bloomberg bitcoin bitcoin сокращение счет bitcoin ethereum calc bitcoin loan сатоши bitcoin перспектива bitcoin bitcoin компания bitcoin комиссия microsoft ethereum bitcoin создатель rotator bitcoin explorer ethereum solidity ethereum ethereum coingecko love bitcoin bitcoin online bitcoin slots accelerator bitcoin bitcoin start