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Everything you need to know about mining

September 20, 2017 7 Comments
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Mining cryptocoins is an arms race that rewards early adopters. You might have heard of Bitcoin, the first decentralized cryptocurrency that was released in early 2009. Similar digital currencies have crept into the worldwide market since then, including a spin-off from Bitcoin called Bitcoin Cash. You can get in on the cryptocurrency rush if you take the time to learn the basics properly.

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Bitcoins and Dollars
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. Or 
Litecoins and Dollars
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. All can be used in posts and pages in numerous ways. You can use many other cryptocurrencies and normal currencies for
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. You absolutely need a strong appetite for reading and constant learning, as there are ongoing technology changes and new techniques for optimizing coin mining results.

Which Alt-Coins Should Be Mined?

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, just doesn’t make it profitable for consumer-level hardware. Now, Bitcoin mining is reserved for large-scale operations only.

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As a second income, no, cryptocoin mining is not a reliable way to make substantial money for most. The profit from mining cryptocoins only becomes significant when someone is willing to invest $3000-$5000 in up-front, at which time you could potentially earn $50 per day or more.

How Cryptocoin Mining Works

Let’s focus on mining ‘scrypt’ coins, namely Litecoins, Dogecoins, or Feathercoins. The whole focus of mining is to accomplish three things:

  • Provide bookkeeping services to the coin network. Mining is essentially 24/7 computer accounting called ‘verifying transactions’.
  • Get paid a small reward for your accounting services by receiving fractions of coins every couple of days.
  • Keep your personal costs down, including electricity and hardware.

As a hobby venture, yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day. In particular, the digital currencies mentioned above are very accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.

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Written by: Priceflash
Bitcoin Blog

How block-chain works

September 16, 2017 No Comments
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Best known as the immutable database that runs underneath cryptocurrencies like Bitcoin and Ethereum, blockchain is poised to play a critical role in every industry imaginable as businesses seek ways to cash in on the distributed ledger technology’s promise of enabling a “trustless” consensus to validate transactions.

Earnings in the past year

Smart miners need to 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.

Chart shows our earnings in the past year.

Financial transactions are typically guaranteed by a trusted third party (such as PayPal) and blockchain can be used to automate that process, reducing overall costs by cutting out the middleman with autonomous smart contracts acting as trusted intermediaries between parties on the network.

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Written by: Priceflash
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1 BTC = 23094.6100 USD
1 BTC = 13.5400000 ETH
1 BTC = 61969.5500 XRP
1 BTC = 375.230000 LTC
1 BTC = 162.230000 BCH
1 BTC = 18716.4100 EOS
1 BTC = 188078.5800 XLM
1 BTC = 137.230000 XMR

Ethereum

1 ETH = 1705.52000 USD
1 ETH = 0.07386000 BTC
1 ETH = 4569.81000 XRP
1 ETH = 27.7300000 LTC
1 ETH = 11.9600000 BCH
1 ETH = 1380.20000 EOS
1 ETH = 13869.4600 XLM

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Everything you need to know about mining

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DealsCryptoCoins is a blog about cryptocurrency, especially about Bitcoin. All you need to know about blockchain tech, crypto-trading, mining, and more.

Popular Posts

Everything you need to know about mining

Everything you need to know about mining

September 20, 2017
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September 14, 2017

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