Category Archive : Mining Cryptocurrency

How To Mine Cryptocurrency From Home

There are 3 ways you can mine and power crypto from home. Full-DIY, Semi-DIY and Plug-n-Play. Let’s look at the cost in terms of time and money and also where to get started.

Crypto networks like Bitcoin, Ethereum and many others run on decentralized computing. That means these networks are powered by millions of computers all over the world. In exchange for computation, those computers earn crypto.

The different crypto protocols sometimes use different types of computation. Proof-of-work computation for Bitcoin and Ethereum is called mining. Proof-of-Stake computation for Tezos is called staking. There is routing for Bitcoin Lightning and validating for Bitcoin Nodes. No matter what, it’s always a type of computation and there are three approaches you can use to help power crypto networks and earn crypto for your computation.

1. Full-DIY
Spend the most time to save money
Time: Research how-to build one, and then build a miner and lightning node. Install the operating system and software and keeping it updated for years to come. 
Money: Parts to build the miner and lightning node plus a monitor, keyboard and mouse needed for setup and updates.

Here’s what an example DIY hardware and software setup looks like.

2. Semi-DIY 
Save some time by spending more money
Time: Research which one to use and install the operating system and software and keep it updated for years to come.
Money: Buy a pre-built crypto miner or lightning node (a monitor, keyboard and mouse is needed for setup, updates and metrics)

Here’s an example Semi-DIY hardware and software setup.

3. Plug-n-Play
Spend no time, just money.
Time: None
Money: Buy an all-in-one crypto miner and Bitcoin Lightning node. Hardware, software and updates included. Controlled with an app.

Here’s an example of a Plug-n-Play solution.

No matter how you do it, you have to spend time and/or money.

And time is money.

We even speak about them the same way. You spend both.

We know this because we learned it first hand. We’ve been building computers since we were kids. Before starting Coinmine, we built our own miners from scratch running on Ubuntu and then Ethos. Today, there is staking, and Bitcoin Lightning and new protocols to keep up with too.

There are lots of resources for Full-DIY and Semi-DIY hardware and software solutions including help guides and online groups and pre-built devices. Here are few examples.

Full-DIY Resources: 
1. http://notsofast.com
2. https://proofofwalken.com/
3. http://ethosdistro.com/
4. https://simplemining.net/

Semi-DIY Resources:
1. https://miningstore.com/
2. https://www.etsy.com

There are only a couple of Plug-n-Play solutions today.

Plug-n-Play Resources:
1. https://coinmine.com/ (Mining and Bitcoin Lightning Node)
2. https://store.casa/ (Bitcoin Lightning Node with Yearly subscription)

Here’s just one example of how time and money can add up when you’re deciding to go Plug-n-Play, Full-DIY, or Semi-DIY for your own mining, Bitcoin Lightning and other crypto solutions.

You can use this table as a template for your own situation. Maybe your time is worth more, maybe you can buy the hardware for less, or maybe the amount of time you’ll need is different. If you have a larger mining setup, you should keep your electricity costs in mind too. No matter how you do it, the more people powering crypto — the better. Just make sure to understand the time and money you’ll have to spend so you can make an informed choice. Today, you have more options than ever to get rewarded for powering crypto and building a new world

Want to mine Bitcoins at home? Here’s a step-by-step guide

Over the years, cryptocurrency mining has evolved as a hot topic in the world of digital currencies.

It allows people to get hold of cryptocurrencies like Bitcoinwithout actually buying them.

However, even today, mining is one of the most volatile aspects of the crypto-world; it comes with its own caveats and might not prove profitable every time.

Here’s how you can mine Bitcoins.Details

First up, what happens in cryptocurrency mining?

Cryptocurrency mining is the process of verifying crypto transactions and adding them into blockchain ledger.

In order to successfully mine/authorize a cryptocurrency transaction, you’d have to compete with others and perform complex calculations on blocks containing transaction data – which requires huge processing power.

However, once the work is done, you’ll be rewarded with a certain amount of Bitcoin or the currency in question.Facts

Mining Bitcoins at home: Things to remember

If you want to earn rewards by mining Bitcoins, you should know that the process would take a toll on your machine.

Basically, the processing power of a computer defines hash rate or mining speed and directly impacts profits.

So, if your computer is not well-equipped with a powerful processor and GPU, the mining would be slow and you will not make enough Bitcoins.

Some people attach dedicated crypto-miners to their machines

To tackle hardware problems, you may also attach an application-specific integrated circuit (ASIC) to your computer and upgrade its processing power for the job of mining. However, it will add to the cost of running your own personal Bitcoin miner.Added factors

Also, the running costs will impact revenue

Along with hardware requirements, you’d also have to bear the operational cost of running a home-based Bitcoin miner.

This would include electricity charges, which are likely to increase when you’ll mine Bitcoins, and the cost of keeping an always-active internet connection.

Also, you’d need a fan or dedicated cooling device for the PC as it might overheat during the mining process.Step #1

Pick a digital wallet

Once you’ve arranged appropriate hardware (either through GPU or ASIC), you’d have to setup a digital wallet to store Bitcoin rewards.

If you want to keep the Bitcoins as an investment, create a ‘paper’ wallet using a website like Bitcoin Paper Wallet Generator otherwise go to Electrum wallet for regular payouts

Electrum has to be installed and it works on all platforms, including Android.Step #2

Pick a mining pool

Next, head over Bitcoin wiki and find a mining pool to join.

As the name suggests, a mining pool is a group of machines connected together for mining bitcoins.

It will bolster your profit-making chances, but do note that the rewards earned through pooling would be shared with every member who contributed in the joint effort.Step #3

Create account, provide payout details

Once you’ve found a mining pool (Slush Pool is a popular choice), create an account on its website using your email and password.

Then, verify the account and enter payout details or the public wallet address on which you’ll be receiving the money made through Bitcoin mining.

Make sure to check if the pool has any minimum Bitcoin restrictions for cashing out rewards.Step #4

Now, download a mining software

After prepping the wallet and joining the mining pool, install a legit Bitcoin mining software on your PC, like GUIMiner.

Launch the program, select the pool that you’ve joined from the server option, and enter the username and password for it.

Now, select your GPU from the device menu and click the ‘start mining’ button to begin the crypto-mining process.Step #5

After this, the software will start mining Bitcoins

Once you start the process, the mining software will communicate with servers of the pool to collaborate your machine’s mining effort with that of others on the pool.

You’ll be able to see the hash rate at the bottom of the page and use it calculate how many Bitcoins your machine may mine on a single day.