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Blog Ethereum

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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. 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
Blog Ethereum

Blockchain and technology

June 26, 2017 1 Comment
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A blockchain,[1][2][3] originally block chain,[4][5] is a continuously growing list of records, called blocks, which are linked and secured using cryptography.[1][6] Each block typically contains a cryptographic hash of the previous block,[6] a timestamp and transaction data.[7] By design, a blockchain is inherently resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.[8] For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

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Written by: Priceflash

Exchange rates

1 BTC = 23068.8000 USD
1 BTC = 13.5700000 ETH
1 BTC = 61805.3900 XRP
1 BTC = 375.800000 LTC
1 BTC = 163.000000 BCH
1 BTC = 18691.8700 EOS
1 BTC = 187832.0000 XLM
1 BTC = 136.200000 XMR

Ethereum

1 ETH = 1700.02000 USD
1 ETH = 0.07369000 BTC
1 ETH = 4549.12000 XRP
1 ETH = 27.7100000 LTC
1 ETH = 11.9900000 BCH
1 ETH = 1375.79000 EOS
1 ETH = 13813.9100 XLM

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Everything you need to know about mining

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
Big traps of investing in cryptocurrency

Big traps of investing in cryptocurrency

September 14, 2017

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