Off Topic Published on May 4th, 2017 | by Soullessone21 When the mining craze of BTC and LTC started the Cryptocurrencies were few and the AMD GPU was a must to get mining.Shortly after this ASIC’s and the GTX 750 ti showed promise for Team Green and custom mining machines.As time went on AMD and NVIDIA were abandoned for dedicated mining hardware and hundreds of new currencies appeared.At this point it would seem GPU’s would never see the hum of 100% GPU usage and fan speeds again… untill now.With the birth of new currencies and mining applications gpu and even cpu mining has become profitable again, not only that it has also become dead simple.Today we will get you started with all the basics, nothing more, nothing less.A wallet for Cryptocurrencies is a must whether it be like a bank or like a literal wallet the ability to send and receive your coins somewhere is a must.Personally I recommend Copay, it is simple and has a application for almost every platform.You can get Copay here https://copay.io/#download From there it will walk you through the basic setup and unlike many other accounts this is not setup through a user name but a randomly generated phrase.

Save this phrase and never share it as it is your only way to get access to your wallet.Now you need to click the receive button, from there copy the random key to wherever your going to be mining or where you want your donations to go to, if you want to donate to use the addresses are right here.Now that you have the wallet you need to move onto the Hardware.With hardware the options are endless but normally a great place to look is somewhere with a BTC Calculator like Nicehash has here Profit Calculator This will show you with what hardware and power cost and you can make a estimated profit.Right now I still like using the 290x and GTX 1070 as these are cards I own but I was shocked to see personally cards like the 7970 and GTX 680 get great hash rates.To start many of you will have single GPU rigs or SLI/Xfire rigs.Mixing and matching gpus is no longer an issue at all so feel free to toss in what will fit and test it out as you will get results quickly to see if it’s profitable how you have it setup.

Now that you have the hardware lets get into Mining In the days of old tons of research, custom drivers, special applications and settings were required.bitcoin double spend attackThose days are no more, today we will look at Nicehash Miner found here: Nicehash Miner all you need to do now is install it, enter your wallet receive key and click benchmark and start after benchmark.belajar litecoinFrom there you can watch your miners have their fun.isk bitcoin exchangeAfter this point Daily, Weekly, Monthly BTC will be deposited in your wallet, this can happen each day all the way to once a month mattering how fast you mine.bitcoin projected worth

Now you can start and stop your miners at anytime and know heat is always a concern so make sure to watch temps that pop up in Nicehash Miner throughout your mining days.bitcoin private key leakNow what to do with all those BTC?litecoin applicationsWell in this day and age the options are endless, you could donate them all to RHR so Soul can paydown his CC he uses to pay for the site and giveaways, or you could horde them or the best option of all you can spend them.bitcoin davosUsing Copay you can spend your BTC on anything Amazon sells which is a good option or places like Newegg accept btc in place of cold hard cash or another option still is you can use many online banks or local BTC ATM’s to swap them for some of that green physical money.ako bitcoin

Truly the world is changing and the days of hard physical work are swapped for luck and using the assets you have at your disposal.bitcoin wallet libraryGood luck and make sure to share in the comments your experience and recommendations.this is in no way the best of the best it is a quick and dirty way to get started from there you can go anyway you want and learn even better ways to make that epic Cryptocurrencies.Donate and mine at: 1D7KcRyxunyjmN6mR8uMx6xQ1LoWmu24CQ Or visit our Patreon at: RHR PatreonWhy do folks ask this question?More often than not, the question pops up in times when Bitcoin’s price is rising, and they may see mining as the cheapest way to get their hands on some.“Why buy bitcoin at $1,000/BTC when I could just buy a graphics card and get some for free, right?”It is not as simple as this though, and in most cases not at all feasible.Here’s a breakdown of why that is, and of the very specific cases where mining may still be a feasible venture.The basic premise of mining is that persons from around the world can contribute their processing cycles (CPU or otherwise) to the bitcoin network.

In return they get paid for the number of cycles they contribute.These cycles are used to secure the entire Bitcoin network.Payment is made in proportion to the number of “effective CPUs” a person can contribute.These contributions are relative to the current size of the mining network.The payment, better known as the ‘block reward’, is the thing that we’re interested in looking at.Bitcoin’s original vision as laid out in its whitepaper was ‘one CPU one vote’.Persons would contribute their CPU cycles to vie for the chance to ‘add the next block of transactions to the network’.In turn they would be paid for each block that they get to add.In the early days folks did go the route of CPU mining as was the original design.This however, quickly accelerated through the ever evolving and creative use of more advanced pieces of hardware.The progression of mining in Bitcoin went as follows:It is important to note that the absolute rate at which bitcoin is paid out globally does not change based on the number of miners.

It is actually determined by a fixed supply schedule.In the early days it was 50 BTC every 10 mins and today it is 12.5 BTC every 10 mins.This equates to about 1800 BTC per day, and this is constant whether there is just 1 person mining or 10 million people mining.Today, the bitcoin network has grown to the equivalent of 2,460 PHash/s which is just shy of 1 billion effective GPUs (if you’re a gamer) or 17.6 billion effective CPUs (if you’ve built a high end desktop computer).For perspective on just how large these numbers are, let’s consider the odds of winning the US$149 million Powerball.Winning is roughly a 1 in 175 million chance.This translates into average payouts that look something like the following:I’ve seen this myself with a little mining rig that I set up just about a year ago.My rig was as powerful as using 2 of the highest end GPUs you could probably find today.Even then, daily payouts looked like what you see in the following image.That’s not to say mining is entirely dead though.

Instead, it has evolved into a global energy arbitrage game of sorts, where feasibility is determined by two factors:Fortunately for us in Trinidad, we have some of the lowest power costs in the world.A friend of mine and I have taken advantage of this and we’ve been experimenting with some Antminer ASICs to see just how feasible mining is locally.What we’ve found is that if you can access industrial rates (US$0.02 - $0.03 per kWh) and you can avoid having to liquidate the mined BTC regularly to meet daily costs, then mining may be feasible.This of course assumes that you’ve bought into the overall Bitcoin value proposition and expect its value to continue growing over time.With our own operation, and based on 200 days of data, we’ve found that we can expect to eventually come out with ~70% cheaper coins after 2.5 years than if we would have bought those coins outright.This is a very optimistic projection though, based on a number of uncertain assumptions.Mining with non-ASIC equipment may also be feasible if you get a little creative.

Altcoins (alternative blockchains) usually have much smaller mining networks and different mining algorithms.These properties make them far more attractive for CPU or GPU mining.One can also take the proceeds from mining on these alternative blockchains and convert them back to bitcoin on a regular basis.This is a more technical route though and the trick with this method is keeping a close eye on which altcoins to mine.This is so because the specific altcoin mining network sizes and exchange rates can fluctuate very rapidly.Fortunately, there are sites like the following that take the various factors into account and provide comprehensive tables on the altcoins that are worth mining at any point in time.To get back to the original question of ‘should I mine?’, people usually ask because they’re thinking of what’s the best way to get their hands on some bitcoin.In most cases the answer is usually that they should simply buy them outright on an exchange as this will afford you all the benefits of any future price increases without the headaches of having to manage a small mining operation.What you end up gaining by taking on this task of mining is a route to maybe marginally cheaper bitcoins.That being said, there are cases where mining does make sense even after taking the above factors into account.