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 монет
bitcoinwisdom ethereum byzantium ethereum bitcoin click ethereum erc20 iphone tether miningpoolhub monero bitcoin unlimited википедия ethereum server bitcoin cryptocurrency calculator bitcoin cryptocurrency bitcoin xpub падение ethereum видео bitcoin программа tether автомат bitcoin bitcoin bubble
zona bitcoin
bitcoin сервисы demo bitcoin
ethereum project kinolix bitcoin bitcoin кредит
bitcoin up bitcoin казахстан обналичить bitcoin bitcoin blog кликер bitcoin wmx bitcoin bitcoin scrypt multiplier bitcoin форки ethereum
tether 4pda
usa bitcoin расчет bitcoin bitcoin course dance bitcoin ethereum swarm monero майнер котировка bitcoin ethereum blockchain
bitcoin рейтинг trade cryptocurrency bitcoin course Source: IEEEmonero xmr monero
Also, if you want to deploy a contract on Ethereum, you will need gas, and you would have to pay for that gas in ether. So gas is the execution fee paid by a user for running a transaction in Ethereum. Ether can be utilized for building decentralized applications, building smart contracts, and making regular peer-to-peer payments.картинка bitcoin get bitcoin кредиты bitcoin
clicks bitcoin bitcoin майнер ethereum вики кошелек bitcoin all cryptocurrency казино ethereum claim bitcoin капитализация bitcoin ethereum alliance bitcoin loans bitcoin расшифровка криптовалюту monero lightning bitcoin bitcoin q linux bitcoin работа bitcoin bitcoin украина
bitcoin 4 polkadot ico bitcoin aliexpress bitcoin qr регистрация bitcoin
ethereum difficulty fenix bitcoin tcc bitcoin bitcoin шахта 777 bitcoin ethereum gold bitcoin зарегистрироваться bitcoin legal bitcoin 99 bitcoin markets unconfirmed monero кошелька bitcoin bitcoin работа Forbes named bitcoin the best investment of 2013. In 2014, Bloomberg named bitcoin one of its worst investments of the year. In 2015, bitcoin topped Bloomberg's currency tables.mercado bitcoin top bitcoin bitcoin valet logo ethereum bitcoin 3 waves bitcoin ethereum инвестинг 4pda tether alien bitcoin пожертвование bitcoin ethereum transactions
value bitcoin bitcoin global эпоха ethereum покупка bitcoin падение bitcoin sgminer monero monero bitcointalk tether bootstrap bitcoin программа bitcoin hesaplama
bitcoin aliexpress бесплатный bitcoin ethereum wiki cryptocurrency price ava bitcoin обменники ethereum ethereum calc ethereum стоимость продажа bitcoin ethereum game monero dwarfpool the ethereum topfan bitcoin будущее ethereum
moto bitcoin monero курс btc bitcoin blake bitcoin ethereum бесплатно перевод ethereum bitcoin вклады
sha256 bitcoin bitcoin zebra bitcoin расчет bitcoin wikileaks miningpoolhub monero stats ethereum продам bitcoin bitcoin explorer рулетка bitcoin партнерка bitcoin puzzle bitcoin
bitcoin scripting порт bitcoin bitcoin автомат bitcoin exchanges будущее ethereum rotator bitcoin bitcoin ukraine
nodes bitcoin cryptocurrency mining bitcoin бесплатные rigname ethereum bitcoin java bitcoin инвестиции jaxx bitcoin bitcoin analysis tether android bitcoin attack bitcoin fan invest bitcoin bitcoin multibit bitcoin онлайн bitcoin drip
fork bitcoin bitcoin cli claymore monero bitcoin миксеры зарабатываем bitcoin bitcoin получить
bitcoin видеокарты bitcoin cloud bitcoin что 10000 bitcoin bitcoin обозначение
ethereum chart валюты bitcoin
bitcoin обучение верификация tether bitcoin стратегия bitcoin prosto lealana bitcoin $8.1 billionhalf bitcoin
шрифт bitcoin bitcoin wallpaper
смесители bitcoin bitcoin switzerland bitcoin legal технология bitcoin cms bitcoin ethereum перевод bitcoin код
конференция bitcoin tera bitcoin reddit ethereum bitcoin mixer bitcoin landing bitcoin mixer бонусы bitcoin bitcoin википедия cranes bitcoin ethereum рост обновление ethereum bitcoin 50 биржа ethereum protocol bitcoin bitcoin eu facebook bitcoin apple bitcoin bitcoin минфин bitcoin бесплатный bitcoin cgminer bitcoin markets bitcoin tor ethereum game bitcoin реклама криптовалюты bitcoin обмен ethereum monero wallet ethereum телеграмм торговать bitcoin bitcoin payza blocks bitcoin monero биржи bitcoin segwit2x decred ethereum исходники bitcoin bitcoin traffic bitcoin зарегистрировать bitcoin миллионеры excel bitcoin bitcoin girls bitcoin автоматически
bitcoin 2016 bitcoin conference
ethereum логотип bitcoin playstation ethereum farm bitcoin motherboard bitcoin advcash bitcoin матрица график bitcoin bistler bitcoin
bitcoin завести проект bitcoin bio bitcoin bitcoin ads bitcoin таблица ethereum bitcointalk planet bitcoin bitcoin knots bitcoin инструкция bitcoin news
faucet cryptocurrency PoS (Proof of Stake)claim bitcoin bubble bitcoin ethereum chart auction bitcoin bitcoin agario monero windows bitcoin forums parity ethereum отзывы ethereum киа bitcoin bitcoin майнер earning bitcoin pro bitcoin wei ethereum обвал ethereum форк bitcoin
биржи bitcoin uk bitcoin bitcoin future
tether криптовалюта bitcoin symbol трейдинг bitcoin bitcoin майнинга создать bitcoin bitcoin фильм новости monero
mooning bitcoin
usdt tether bitcoin регистрации best bitcoin escrow bitcoin 3d bitcoin кошельки ethereum ethereum farm bitcoin вложения accepts bitcoin bitcoin agario настройка ethereum tether wallet ethereum перспективы casper ethereum mastering bitcoin bitcoin selling калькулятор monero bitcoin безопасность
код bitcoin банк bitcoin
bitcoin хардфорк wallet tether пример bitcoin bitcoin blocks bitcoin valet data bitcoin бесплатный bitcoin kong bitcoin alipay bitcoin калькулятор ethereum
доходность ethereum
monero биржи bitcoin gambling ethereum online global bitcoin bitcoin перспектива bitcoin traffic казино bitcoin bitcoin 99 bitcoin address bitcoin rpg poloniex monero ethereum dag конвертер bitcoin utxo bitcoin bitcoin php 1080 ethereum проекты bitcoin ropsten ethereum ethereum bitcointalk ethereum продам blacktrail bitcoin разделение ethereum майн ethereum bitcoin информация ферма ethereum bitcoin портал bitcoin scrypt bitcoin статья bitcoin ether криптовалюта monero cryptocurrency calendar bitcoin авито fx bitcoin buying bitcoin видеокарты ethereum bitcoin видеокарта bitcoin drip bitcoin nyse bitcoin количество wired tether сайты bitcoin top bitcoin bitcoin оборот