Bitcoin mining involves technical processes that can be too intimidating for beginners and average users.But never let this be a reason to pass up on the opportunity to get involved in mining cryptocurrencies.Let this mining guide help you prepare all the requirements to begin mining Bitcoin.Determine how you want to mine This is the most basic step that will launch your future in Bitcoin mining.Back in the beginning, there are only two options to consider: do you want to mine alone or would you rather join a mining pool?As technology in this field evolves, you’re now provided with another option, which is to buy Bitcoin cloud mining contracts.Solo mining and pool mining are technically different in concept but similar in the hardware needed.Cloud mining, however, only requires miners to purchase mining contracts online, without having to buy a mining rig.Granted that solo mining and pool mining belong to the same classification, they have major differences from Bitcoin cloud mining.

You don’t need to worry about power consumption and getting the latest mining hardware if you opt to buy cloud mining contracts.However, you’re exposed to more risk with the latter since there can be instances when the mining company turns out to be a scam.Mining alone or in a pool also lets you be in control of the rig and the software and stay on top of the operation.Weighing in on the advantages and disadvantages of these two kinds of mining is imperative early on.Of course, if you prefer to invest in contracts instead, then there’s no need to buy a mining rig.Otherwise, this should be your next focus.ASIC chips are your best bet when mining Bitcoin.It offers performance that registers up to 100x the power of the older systems like CPU, GPU, and FPGA.This is the reason getting mining hardware that has the latest technology is the smarter move.Yes, this will cost a bit more, but the payoff is the less power consumption during the mining operation.Resorting to cheaper but less capable hardware will end up with a surge in your electricity bill.

You’re practically surrounded by different types of Bitcoin wallets that each come with distinct features.bitcoin set for fresh attack from chinaWhichever will be your chosen wallet, remember to take note of your wallet address, which is a string of letters and numbers.hmrc bitcoin taxIn case you’re using a software wallet, make sure to copy the wallet.dat.file to a back-up device like a USB stick or to print out a copy for yourself.bitcoin phoenix azIn the unfortunate event that your computer fails, you’ll still be able to access your bitcoins through the wallet.dat.file.bitcoin gemstonespool mining Mining alone isn’t advisable nowadays since the mining difficulty has significantly increased from the years before.bitcoin anl?k deger

This subsequently promotes pool mining, which involves several miners combining their mining capabilities to mine faster and efficiently solve bigger blocks.apple bitcoin riftWhen mining in a pool, however, the profits are shared among the miners based on the hash rate contributed in solving the algorithms.ethereum list transactionsAs such, it’s important to know the specifics on how a mining pool functions, the fees involved, and its stability.nsa owns bitcoinA special program is needed to initiate Bitcoin mining on your computer.bitcoin payout to paypalThis software allows you to control and monitor the mining rig, but it must be compatible with the hardware for the two to reach optimum performance.

It also depends on which computer you use since there are different mining software designed for Windows, Mac, and Ubuntu platforms.You’re just a few steps before starting to mine.Connecting the mining rig to the computer and setting up the mining software should initiate the process.When joining a pool, see to it that you enter the pool details correctly, especially your wallet address.Otherwise, you may end up without your share of the pie.Much has been made lately of the debate revolving around the Bitcoin block size.For the uninitiated, a block is found by the network approximately every ten minutes and contains in it a record of all (or most) of the transactions to have occurred over the network since the last block was found.Now this has been a mostly unchanged part of the Bitcoin protocol since it was first introduced in 2009.However, in the past year the network has seen a steady increase in the number of transactions occurring on the network.This has led to a technical problem where, in some instances, not all transactions that have occurred since the previous block can be included in the most recent block.

(more…) While Bitcoin’s price has been in a bit of a slump for most of the last year, there has been no shortage of good news regarding the cryptocurrency.If you’re like a lot of former hobbyist miners and Bitcoin enthusiasts, you may have even begun to tune out.Well it might be time to start paying attention again, as a host of new developments may make Bitcoin and the growing world of cryptocurrencies and mobile banking highly relevant.(more…) So you’ve heard about this whole Dogecoin phenomenon and want to get your paws on some.If so then you’ve come to the right place because that’s exactly what we’re looking to help you do!For those completely new to DOGE, and possibly other cryptocurrencies, Dogecoin is a fun cryptocurrency that can be used to transact online.At the moment it’s mostly used to tip people on sites like Reddit though there are some merchants starting to accept it.If you don’t yet have a Dogecoin wallet and need a full primer I suggest you check out our guide to Getting Started With Dogecoin.

While it’s certainly doubtful that this Satoshi Nakamoto has any relation to the elusive creator(s) of Bitcoin, the approach piqued my interest.(more…) Over the past year Litecoin has solidified its place alongside Bitcoin as a viable digital currency.Accompanying increasing prices has been a deluge of new miners hoping to help run the Litecoin network and earn some coins.Traditionally Litecoin mining has been more efficient with Radeon GPUs, but recent improvements in mining software for NVIDIA cards has significantly increased their efficiency.No longer is cryptocurrency mining with graphics cards the sole territory of AMD/ATI/Radeon.So for all you NVIDIA card owners, here’s your guide to mining Litecoin with NVIDIA graphics cards on Windows as well as a brief overview of cryptocurrency mining.(more…) Over the past year well over a hundred new cryptocurrencies have formed, each vying for a place alongside Bitcoin.Yet none have done so with the speed and ferocity that we’ve seen over the last few days from the unexpected newcomer Dogecoin.

While part of its meteoric rise may have been due to a comedic push by 4chan, there is now little denying Dogecoin has found a niche with cryptocurrency enthusiasts.In the wake of an otherwise tumultuous week for cryptocurrencies, the lightheartedness of the Dogecoin community is both entertaining and uplifting.As such I’ve put together a guide on getting started with Dogecoin.(more…) For the last couple of months Bitcoin has been on a tear, and as it grabbed more and more headlines I’ve heard more and more of the same.“I should have bought Bitcoin when you first told me about it, now its at $1,000!”seemed to be an all too common statement.A certain euphoria ensues following these dramatic price increases and more and more people ask where can I get some?(more…) Earlier today a Bitcoin newcomer reportedly received over 22 Bitcoin after holding up a sign with a Bitcoin QR code.In what is one of the most genius demonstrations of the cryptocurrency to date, the Bitcoin enthusiast created and displayed a sign that read “Hi Mom, send ” followed by the Bitcoin symbol.