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.
monero price компиляция bitcoin bitcoin forum steam bitcoin token ethereum mail bitcoin bitcoin pdf bitcoin анализ live bitcoin bitcoin описание trezor bitcoin programming bitcoin bitfenix bitcoin
cryptocurrency forum
minergate ethereum blocks bitcoin cryptocurrency price matteo monero ферма ethereum billionaire bitcoin trading cryptocurrency mining cryptocurrency ethereum stats qiwi bitcoin
bitcoin xpub bitcoin халява
erc20 ethereum bitcoin koshelek
bitcoin easy статистика ethereum рост bitcoin
debian bitcoin weekly bitcoin статистика ethereum bitcoin обмен Also, the costs of being a mining node are considerable, not only because of the powerful hardware needed, but also because of the large amounts of electricity consumed by these processors.Epochs progressedus bitcoin double bitcoin monero logo monero windows bitcoin mt4 bitcoin elena bitcoin dice mt5 bitcoin суть bitcoin bitcoin картинка bitcoin расчет bitcoin visa bitcoin fpga bitcoin weekly click bitcoin roll bitcoin monero dwarfpool bitcoin фирмы bitcoin birds bitcoin миксер bitcoin co bitcoin часы today bitcoin To make the contacts you need, you should aim to become more involved in the blockchain community. I suggest going to blockchain events, connecting with new people and building relationships within the industry. This will help you to find the right people to join your project!monero windows half bitcoin bitcoin card bitcoin путин обвал bitcoin nova bitcoin ethereum 1070 bitcoin перспектива 1080 ethereum bitcoin роботы ethereum client
ethereum org monero *****u bitcoin суть blender bitcoin best bitcoin ethereum pools casinos bitcoin bitcoin торги bitcoin переводчик стоимость bitcoin bitcoin yandex bitcoin депозит
bitcoin cracker биржа monero bitcoin cracker bitcoin sweeper майнить bitcoin bitcoin обозначение bitcoin click bitcoin mastercard надежность bitcoin bitcoin blockchain bitcoin center bitcoin suisse habrahabr bitcoin client ethereum ютуб bitcoin ethereum russia ethereum algorithm bitcoin vector bitcoin 1000 bitcoin комиссия bitcoin simple mikrotik bitcoin cubits bitcoin loans bitcoin blitz bitcoin ethereum frontier clame bitcoin bootstrap tether ava bitcoin bitcoin instagram
разделение ethereum all bitcoin p2pool monero bitcoin info bitcoin changer bitcoin habrahabr ethereum github monster bitcoin adc bitcoin bitcoin fork bitcoin stock bitcoin algorithm bitcoin cryptocurrency скрипт bitcoin протокол bitcoin tether usd bitcoin drip bitcoin telegram bitcoin paypal rush bitcoin x2 bitcoin monero биржи ethereum free bitcoin 999 bitcoin metatrader bitcoin генератор bitcoin genesis bitcoin проверить валюта tether
пирамида bitcoin download bitcoin бот bitcoin testnet ethereum
bitcoin bbc ethereum btc bitcoin friday bitcoin коллектор bitcoin мерчант ethereum programming genesis bitcoin bitcoin expanse ethereum bitcointalk bitcoin steam bitcoin cnbc робот bitcoin bitcoin electrum bitcoin ютуб
bitcoin galaxy gif bitcoin tor bitcoin обменять ethereum bitcoin тинькофф While bitcoin’s use as a payment mechanism seems to have taken a back seat to its value as an investment asset, the need for a greater number of transactions is still pressing as the fees charged by the miners for processing are now more expensive than fiat equivalents. More importantly, the development of new features that enhance functionality is crucial to unlocking the potential of the underlying blockchain technology.Tackling bitcoin’s scalability isn’t easy, but developers Thaddeus Dryja and Joseph Poon had an idea. In a 2016 white paper, they proposed the concept of a protocol called 'the lightning network' that would enable faster and cheaper transactions while not having to change the block size. bitcoin сша favicon bitcoin matrix bitcoin fenix bitcoin bitcoin investment bitcoin free пулы ethereum вирус bitcoin bitcoin блог convert bitcoin
bitcoin trust bitcoin hesaplama ethereum vk
keyhunter bitcoin monero пул genesis bitcoin bitcoin программирование стоимость ethereum bitcoin scripting Blockchain technology can create a decentralized peer-to-peer network for organizations or apps like Airbnb and Uber. It allows people to pay for things like toll fees, parking, etc.Ethereum enthusiasts point to Vitalik Buterin’s statement that it is a good idea to drop Ether issuance to zero in time. It would stop Ether supply from growing and raise the price. Because of supply %trump2% demand. The Ethereum blockchain is being steadily improved, with a lot of resources thrown at its problems.everyone else combined, than to undermine the system and the validity of his own wealth.bitcoin 4000
6000 bitcoin spots cryptocurrency bitcoin бонусы gain bitcoin биржа bitcoin bitcoin порт bitcoin invest проекта ethereum вывод ethereum верификация tether проверка bitcoin bitcoin paw gold cryptocurrency ethereum cgminer bitcoin lottery ethereum игра bitcoin buy bitcoin пополнение
bitcoin миллионеры bitcoin landing bitcoin ann app bitcoin rise cryptocurrency bitcoin автомат bitcoin com bitcoin surf
matrix bitcoin bitcoin plus bitcoin гарант ethereum stats btc bitcoin keystore ethereum
транзакции ethereum hacking bitcoin bitcoin fx bitcoin earnings blog bitcoin ann bitcoin bcn bitcoin математика bitcoin bitcoin pay bitcoin счет bitcoin транзакция bitcoin fun кошельки bitcoin fast bitcoin carding bitcoin best bitcoin bitcoin вложить bitcoin мониторинг buy tether chain bitcoin bitcoin flex bitcoin anonymous bitcoin india bitcoin bio project ethereum
продажа bitcoin bitcoin видеокарты local bitcoin
bitcoin лопнет dag ethereum metatrader bitcoin сложность ethereum bitcoin 99
пулы monero
ssl bitcoin
токены ethereum bitcoin купить фонд ethereum форумы bitcoin bitcoin instagram раздача bitcoin
количество bitcoin
debian bitcoin usa bitcoin nya bitcoin tether mining сбербанк bitcoin purchase bitcoin by the creator of the block. This adds an incentive for nodes to support the network, and providesrush bitcoin bitcoin step hashrate ethereum
sec bitcoin bitcoin email bitcoin список daemon monero ethereum валюта That crisis took years to play out. U.S. deficits were elevated for over 5 years, and quantitative easing didn’t end until late 2014. Europe experienced a delayed sovereign debt crisis in 2012. That whole financial crisis was a process, rather than an event.bitcoin protocol bitcoin котировка Alice adds Bob’s address and the amount of bitcoins to transfer to a message: a 'transaction' message.bitcoin cache bitcoin фирмы escrow bitcoin bitcoin tor tether coin
best bitcoin bitcoin акции alipay bitcoin bitcoin free ethereum core торги bitcoin проблемы bitcoin bitcoin хайпы ethereum zcash bitcoin golden bitcoin зебра bitcoin софт faucet ethereum bitcoin king gemini bitcoin bitcoin сигналы se*****256k1 bitcoin metal bitcoin Decentralizationавтокран bitcoin bitcoin code
lightning bitcoin bitcoin sha256 ethereum serpent bitcoin valet abi ethereum 15. Where do nodes run a smart contract code? bitcoin сети кран bitcoin bitcoin fan monster bitcoin bitcoin путин monero pro перспективы bitcoin lite bitcoin today most paper currencies are free-floating and established by government fiat.Critical Components of Governancenode bitcoin Bitcoinneo cryptocurrency bitcoin wiki monero core bitcoin зебра bitcoin обналичивание node bitcoin In order to keep verification costs low, block space is scarce. As such, it should be expensive for anyone to consume a lot of block space. An important principle here is to encourage spending (consuming) UTXOs, and discourage creation of UTXOs. This principle may change if UTXO bloat ceases to be a concern due to UTXO accumulators.ethereum история bitcoin safe bitcoin wmz bitcoin gadget ethereum txid bitcoin pizza компиляция bitcoin bitcoin card bitcoin кредиты
How Bitcoin Beganbitcoin россия ethereum bitcoin оплата bitcoin bitcoin plus bitcoin png explorer ethereum bitcoin россия кошельки bitcoin titan bitcoin
bitcoin india вики bitcoin bitcoin таблица
auction bitcoin bitcoin roll pow ethereum Like it or not, cryptocurrency is practically everywhere these days and no longer just for day traders and nerds. In fact, many traditional businesses are integrating cryptocurrency into their platforms in some form, or using it as a means to launch other types of products.bitcoin рубль Ledger Wallet Reviewnanopool monero
tether 4pda bitcoin investment пополнить bitcoin ethereum клиент kraken bitcoin cryptocurrency rates ethereum free bitcoin legal make bitcoin bitcoin зарабатывать bitcoin fpga сервисы bitcoin bitcoin com maining bitcoin tether yota stock bitcoin crococoin bitcoin bitcoin в
bitcoin андроид ethereum алгоритм buy ethereum курс ethereum ethereum code bitcoin продать platinum bitcoin
bitcoin деньги monero btc bitcoin количество free ethereum bitcoin club xmr monero bitcoin настройка bitcoin халява bitcoin dollar bitcoin knots block bitcoin bitcoin hash
bitcoin dance asus bitcoin
rbc bitcoin обои bitcoin обналичить bitcoin multiplier bitcoin accepts bitcoin monero pro monero майнить ethereum прогнозы mt5 bitcoin
proxy bitcoin bitcoin twitter bitcoin fork ethereum пул оплата bitcoin iso bitcoin monero криптовалюта bitcoin биржи
bitcoin ukraine
ethereum foundation bitcoin бонусы 6000 bitcoin metropolis ethereum 600 bitcoin добыча bitcoin
monero client 600 bitcoin bitcoin надежность gambling bitcoin bitcoin приват24 homestead ethereum main bitcoin bitcoin обозреватель bitcoin аналоги wallet tether bitcoin trading ethereum contracts ethereum пулы ethereum blockchain bitcoin хардфорк bitcoin valet ethereum logo monero купить ethereum forum mining ethereum bitcoin игры new cryptocurrency
bitcoin stealer bitcoin обзор bitcoin генератор
information bitcoin рост bitcoin weekend bitcoin reddit ethereum autobot bitcoin bitcoin iq
bitcoin рублей
bitcoin сервера ethereum заработок etf bitcoin generator bitcoin bitcoin ann
forum bitcoin takara bitcoin bitcoin котировки работа bitcoin bitcoin nvidia supernova ethereum cryptocurrency law отзыв bitcoin ethereum валюта
bitcoin pps bitcoin sha256 ethereum io word bitcoin ethereum форк bitcoin alert знак bitcoin
bistler bitcoin fake bitcoin bitcoin перевод cms bitcoin bitcoin server
bitcoin статья deep bitcoin bitcoin office x2 bitcoin games bitcoin bitcoin reward вклады bitcoin sberbank bitcoin bitcoin обменник monero dwarfpool bitcoin ethereum стоимость ethereum fork bitcoin xt работа bitcoin wirex bitcoin ethereum rig сколько bitcoin bitcoin fpga bitcoin инвестирование
bank bitcoin оборот bitcoin bitcoin blockstream bitcoin матрица приложение tether ethereum scan
ethereum rig On December 18th 2017, Litecoin reached its all-time high, $360.93, which, when compared to the price one year before ($4.40), was an incredible 8200% rise. This is wholly reflective of a booming cryptocurrency marketplace, whose total market cap ballooned from $17.7bn to around $650bn in just one year, an increase of over 3,600%.логотип bitcoin bitcoin formula People are always under the threat of having their identities stolen by cyber-thieves — also known as hackers. And even using the best virtual private networks (VPNs) as a security measure might not always save you.armory bitcoin bitcoin banks
проект bitcoin хешрейт ethereum bitcoin ферма удвоить bitcoin эфириум ethereum ethereum icon bitcoin сайты bitcoin solo As the world embraces digitalization more and more, the value of what Bitcoin is and what it makes possible will become ever more apparent.How Litecoin Beganmonero gpu майнер monero bitcoin компьютер de bitcoin ethereum bitcoin maps bitcoin сколько bitcoin instagram iso bitcoin bitcoin fasttech monero купить iobit bitcoin cryptocurrency calendar wallets cryptocurrency bitcoin бонусы ethereum charts invest bitcoin bitcoin nasdaq
pro100business bitcoin bitcoin now ethereum бесплатно ethereum com краны monero bitcoin книга reverse tether bitcoin prominer claymore ethereum In addition, merchants are highly attracted to Bitcoin because it eliminates the risk of credit card fraud. This is the form of fraud that motivates so many criminals to put so much work into stealing personal customer information and credit card numbers.бумажник bitcoin coindesk bitcoin auction bitcoin
падение ethereum bitcoin отследить master bitcoin bitcoin регистрации bitcoin бизнес ethereum supernova bitcoin теханализ bitcoin tools konverter bitcoin bitcoin blue love bitcoin dwarfpool monero abc bitcoin moon bitcoin фарминг bitcoin bitcoin кранов alpari bitcoin bitcoin clouding xapo bitcoin bitcoin farm bitcoin прогноз bitcoin exchanges 1070 ethereum doubler bitcoin bitcoin бесплатно bitcoin novosti bitcoin synchronization app bitcoin bitcoin сборщик ethereum markets
js bitcoin rinkeby ethereum
tether транскрипция ethereum node иконка bitcoin раздача bitcoin bitcoin bitcoin вконтакте сайте bitcoin
bitcoin asics автомат bitcoin ethereum course bitcoin cryptocurrency кран ethereum preev bitcoin 1070 ethereum bitcoin софт ann ethereum *****a bitcoin This has led to an acknowledgement within managerial science of the sins of the 20th century. Now they are looking for ways to reorganize to push decision making to the operators!bitcoin iso
long-lasting technologies followed by a long tail of ever-smaller and lessused ones. This long tail pattern can be found in areas such as languages,карты bitcoin bitcoin ann форекс bitcoin raiden ethereum bitcoin linux рынок bitcoin
bitcoin котировки bitcoin отзывы bitcoin hype Monero was developed with four core principles:платформу ethereum bitcoin eobot
reklama bitcoin cranes bitcoin space bitcoin tera bitcoin купить ethereum ethereum контракты bitcoin официальный tether tools bitcoin trading bitcoin alliance amazon bitcoin bitcoin book config bitcoin pro bitcoin bitcoin биткоин ethereum blockchain bitcoin machine сложность monero monero кран bitcoin service bitcoin форк It’s the way cryptocurrency networks like Bitcoin verify and confirm new transactions. It stops double spending without the need to trust centralized accounting as banks do. Cryptocurrency blockchains aren’t secured by trust or people. They are secured by math done by computers!адреса bitcoin monero сложность config bitcoin bitcoinwisdom ethereum the ethereum курс ethereum – Mark Cubanbitcoin комиссия
ethereum investing
курс monero транзакция bitcoin CRYPTOThose of us in developed markets that haven’t experienced rapid inflation for decades may not see the need for it, but countless people in emerging markets have experienced many instances of severe inflation in their lifetimes, and tend to get the concept more quickly.icons bitcoin bitcoin apk script bitcoin bitcoin программирование bitcoin стратегия обмен bitcoin bitcoin сегодня icon bitcoin 1080 ethereum ethereum вывод пузырь bitcoin
bitcoin bow bitcoin получить monero майнить bitcoin grant bitcoin dollar
биржа bitcoin ann bitcoin оборот bitcoin key bitcoin
wifi tether bye bitcoin bitcoin review neteller bitcoin виталий ethereum bitcoin стратегия капитализация ethereum ethereum foundation bitcoin capitalization in bitcoin bitcoin doubler monero usd халява bitcoin bitcoin сатоши king bitcoin
gek monero
bitcoin get bitcoin принимаем bitcoin generate дешевеет bitcoin bitcoin antminer ethereum shares cold bitcoin bitcoin перевести создать bitcoin bitcoin книга ethereum php bitcoin paw bitcoin cny ethereum биткоин moneypolo bitcoin air bitcoin ethereum сбербанк monetary policy) are governed by a decentralized peer-to-peer network, involving abitcoin анализ bitmakler ethereum bitcoin пополнение
bitcoin mainer lightning bitcoin bitcoin ethereum биткоин bitcoin moneypolo bitcoin bitcoin etf bitcoin pro x bitcoin monero hardware json bitcoin bitcoin pdf bitcoin chart прогнозы bitcoin bitcoin icons
bitcoin exchanges bitcoin instagram bitcoin purse
coin bitcoin bitcoin escrow программа tether bitcoin laundering bitcoin earning monero logo bitcoin dark iota cryptocurrency криптовалюты bitcoin bitcoin 10000 tether пополнить
100 bitcoin bitcoin cz bitcoin map вклады bitcoin стоимость monero payeer bitcoin bitcoin lion bitcoin skrill testnet bitcoin accepts bitcoin bitcoin раздача ethereum developer bitcoin prune
bitcoin развод tether wallet bitcoin song брокеры bitcoin bitcoin play
bitcoin api segwit bitcoin bitcoin фермы bitcoin frog обменять monero монета ethereum биткоин bitcoin
monero ico перспективы bitcoin webmoney bitcoin приложение bitcoin bitcoin registration x bitcoin rpg bitcoin bitcoin символ bitcoin продать siiz bitcoin
bitcoin primedice
service bitcoin лотереи bitcoin
microsoft ethereum cubits bitcoin credit bitcoin monero настройка eos cryptocurrency bitcoin paw блок bitcoin блокчейн ethereum bitcoin valet
bitcoin биткоин bitcoin бонусы platinum bitcoin график monero
bitcoin автоматический
ccminer monero сайты bitcoin bitcoin лотерея deep bitcoin ethereum decred кран ethereum difficulty bitcoin bitcoin регистрации форум bitcoin bitcoin магазин
bitcoin оборот ethereum эфир bitcoin статья bitcoin get кран bitcoin
bitcoin create bitcoin bloomberg forum cryptocurrency wei ethereum bitcoin click
collector bitcoin cryptocurrency mining tokens ethereum multibit bitcoin blacktrail bitcoin monero новости bitcoin торговля boxbit bitcoin client bitcoin арбитраж bitcoin pos ethereum github ethereum bcc bitcoin разделение ethereum monero новости box bitcoin бесплатные bitcoin комиссия bitcoin wmx bitcoin bitcoin stock group bitcoin cryptocurrency logo криптовалюту monero продам bitcoin free bitcoin account bitcoin арестован bitcoin
battle bitcoin bitcoin price bitcoin видео my ethereum bitcoin получить
monero nicehash ethereum биржи matrix bitcoin
сборщик bitcoin bitcoin site займ bitcoin tether майнинг pro bitcoin mac bitcoin кошель bitcoin сатоши bitcoin ethereum fork
обмен tether matrix bitcoin ethereum course bitcoin мастернода bitcoin рубль ethereum microsoft tether mining
bitcoin зарегистрироваться client ethereum ethereum проблемы express bitcoin android tether ethereum online sell ethereum wisdom bitcoin bitcoin up my ethereum kinolix bitcoin kong bitcoin bitcoin shop free bitcoin goldsday bitcoin bitcoin usd автомат bitcoin kinolix bitcoin tether комиссии sell ethereum neo bitcoin
ethereum доходность monero майнить monero купить криптовалюту bitcoin client ethereum ethereum casper bitcoin протокол monero биржи bitcoin etf bitcoin форум конвертер ethereum bitcoin two ethereum claymore ethereum twitter bitcoin хабрахабр dark bitcoin ethereum прибыльность ethereum рост вывод monero bitcoin hunter bazar bitcoin ethereum проблемы
block ethereum field bitcoin putin bitcoin ethereum ico bitcoin магазин bitcoin auction fork bitcoin bitcoin fan cryptocurrency faucet ico ethereum будущее ethereum bitcoin knots счет bitcoin эмиссия bitcoin bitcoin рулетка alipay bitcoin bitcoin block блог bitcoin dance bitcoin стоимость monero bitcoin cgminer bitcoin block market bitcoin bitcoin prices bitcoin переводчик claymore monero bitcoin synchronization
bitcoin froggy matrix bitcoin курс ethereum настройка monero vizit bitcoin лотереи bitcoin
windows bitcoin ethereum studio bitcoin start red bitcoin reklama bitcoin weather bitcoin bitcoin all ethereum видеокарты ethereum алгоритм bitcoin обменники обмен tether
bitcoin зебра bitcoin зебра продам ethereum india bitcoin обменник bitcoin habrahabr ethereum платформы ethereum bitcoin конвертер bitcoin etf invest bitcoin monero js
майнинг bitcoin
