What is it to mine cryptocurrency on your computer. How to mine bitcoins - the essence of the process and where to start, types and profitability of earnings. Bitcoins - earn virtual money on the Internet

Greetings friends, in this article, by the way, the first on this site about mining (the article is constantly updated), we will talk about how to start mining on a video card (GPU) and where to start. If you are too lazy to read, at the end of the article there will soon be a video on how to start mining for beginners. But first, I advise you to read the first 2 paragraphs on how to start mining for a beginner.

Mining start

This article deals with, as you understood above, about mining on a video card and step-by-step instructions. This mining guide is for beginners. We will set up mining, connect, install software, overclock the video card, and so on.

Mining getting started

What do we need to start mining from scratch

step by step mining

1. And probably the most important thing for mining on a video card is a video card (GPU), at least one, also more or less modern, about no more than 3-4 years old, and not a budget one. (It is also possible to mine on, hard drives and). If you want to choose a video card, then you are here -, the best cards are selected there, tables and top are compiled.
2. Naturally, a computer (system unit) or with an operating system installed (Windows x64). It's the 64 bit version
3. Decide on the currency that we will mine. Depends on the video card, in our example, the description will be mining ether eth. It is better to mine on Nvidia at the moment (12/28/2017) ZCASH - more on that below. Now broadcast.
4. Since mining is online, we need the Internet. Fast speed is not needed, but good ping is desirable, more on that below.
5. Select a pool (POOL) where we will mine ethereum (do not confuse with etherium). Next, select the miner program and configure.
6. Choose an exchange or a wallet where ours will drip and accumulate for mined ethereum coins, as well as services where you can transfer our earned coins to rubles and withdraw to a card.

Mining instruction start

And so let's start, you have a suitable video card and everything listed above in paragraphs 1, 2, 4 which are above and the drivers must be installed. If there is no video card, then read which article. If you do not have video cards and equipment, for more information about what kind of equipment you need for mining, follow the link -.

In our example, there will be Windows 7 x64 (by the way, ether mining is only on x64 bit operating systems), two AMD Radeon Sapphire RX 470 4gb video cards. The processor does not matter, in principle, as well as the amount of RAM, but it is recommended from 4 gigabytes. The easiest maning kit for beginners. UPD 3 GB and lower versions of video cards are no longer under go for mining ether, if you have 3gb or less, then you need to look for an alternative. There are other algorithms and currencies for mining, the list is .

Internet fast is not needed, but with a good ping. If you connect via a cable, then of course it’s better than the Wi-Fi option, but Wi-Fi is also suitable (I’ll write about this later), you can also read -.

How to start mining

Choose a pool (pool) where we will mine Ethereum coins:

1.ethermine.org

Advantages of this pool:

• + Large pool power
• + Small and fair commission 1%
• +Good ping

• Pool in English
• A bit incomprehensible site (for beginners), but we will describe here how to set it up using its example

2.dwarfpool.com/eth
pros:

• + for those who are in Russia, they have a server in Russia which is good for ping
• + a small commission of 1% which is not secretly overestimated
• + Good pool power
• + Easy miner setup

• - A little incomprehensible site (for beginners)

3. www2.coinmine.pl/eth/
Pros:

• + Honest small commission 1%
• + good ping
• + good power
• + Better protection

• - More complex customization manner
• - There are also difficulties with the site

4.eth.nanopool.org/

• + Simple website
• + Easy miner setup
• + Big power

• - There are rumors among miners and many claim that the stated commission of 1% is well underestimated

At the moment, I have chosen and will show the setting using example 1 - ethermine.org open the site in your browser

So the pool was chosen, now you need to select a wallet or an exchange in advance. What is a wallet, Ethereum Wallet? This wallet is located on your computer, coins are received on it, then from this wallet through services they can be withdrawn to the card, which is not profitable at the moment, it is more profitable to transfer to bitcoins, and then to the card in rubles, but this can be done on the exchange. But the wallet is much safer than exchanges, soon I will write an article on how to create
wallet.
But for beginners it is better to work with exchanges

1. Binance is a more professional exchange, a good alternative to exmo!
2. Exmo is a great exchange, especially for beginners, loves miners.
3. Yobit is a good Russian exchange.

There are many of them, but let's start with the simplest, then with the advent of experience you will switch to a more interesting exchange, I also advise you to read the list of good ones.

After downloading, unpack the archive with the miner to a place convenient for you, the folder into which you unpack, preferably what was named in Latin (in English). This is what the content should look like.

Now let's start setting up the miner and mining
Next, the Start.bat file, right-click on it, and select edit. If the Run button appears, click it.

Here is the code for our file that we will run

and we need to edit it for your pool and your wallet (exchange)
-epool and after we specify the address of the pool, since we chose ethermine.org, we should succeed:

Epool eu1.ethermine.org:4444

(This is the address and port for mining, for other pools you can find out on the pool website)

Do not close text editor

If you do not have equipment, then I advise you to read -.

Also, if you do not want to suffer with setting up and buying equipment, there is a cloud mining solution -.

The video of this article is coming soon - how to create mining.
Mining in Russia is developing, so you develop with us in 2020, good luck to everyone in mining, now you are not a mining beginner !!!

If your card is less than 3 gigabytes, then you can choose a different algorithm, the list is .

Write questions in the comments.

You can also ask your questions on the forum, and be sure to get an answer -.

Previously, cryptocurrency mining required serious technical knowledge: you had to be able to connect to pools, write commands…
But now, simple and convenient mining on a home computer without investing additional money is available to everyone!
To become a happy owner of cryptocurrency, it is not necessary to buy it.

- a program that allows you to earn money on mining without investing money.

You can start mining in a few minutes.

1) Register on the site:

2) Download the program and enter the login / password.

3) After the tests, the program will calculate the expected monthly income and automatically start mining. During the idle period, all computer resources are used, when you work at the computer, light mode is turned on.

This software is made for people who are far from the topic of cryptocurrencies. Everything is hidden “under the hood”, income can be withdrawn in Bitcoins or in rubles.

A powerful computer allows you to earn up to 4,000 rubles a month, a penny is obtained on a weak one, but you can recoup your electricity costs.
Here you also need to understand that the shares of Bitcoin you have accumulated will increase in price tenfold over time. And here we get them without any risk.

In my experience, today, it gives the maximum income from home mining compared to similar programs.

Antivirus swears what to do

Unfortunately, some antiviruses, by default, consider everything related to mining to be evil.
I personally focus on the results of the virustotal check - 6/67, and then, if you look, it says that it is Riskware or RiskTool.
Therefore, it is reasonable to add Kryptex to the exceptions.

Mining a specific cryptocurrency

If you want to mine and withdraw a specific cryptocurrency to your wallet, you can use the mining program with.

According to numerous reviews, it is currently extremely unprofitable to mine on Minergate.
Until there are reasonable alternatives, I recommend using Kryptex.

Step 1. Register on the site

Step 2. Download the program
In the Downloads menu, download the appropriate version of the program

Step 3. Install the program on the computer

Step 4. Start mining
We can simply click on the Start smart mining button and the program will select the cryptocurrency with the highest hashrate by itself, using your video card and processor to mine the cryptocurrency

If there is no goal to mine a particular coin, then it is worth doing so. If you want to mine something specific, you can go to the MINER tab and choose a currency to your liking:

If you do not run resource-intensive programs, it is quite possible to work on a computer and mine cryptocurrency in the background, especially if you use only the CPU.

Withdrawing money from Minergate
So we have already mined some kind of currency, now it's time to withdraw it to ourselves. Enter your name and password on the Minergate website, go to the Dashboard section.
We see a list of currencies and our balance.
If the balance is less than the allowable for withdrawal, you need to mine more.

If the balance is more than the minimum allowable for withdrawal, you must click the Withdraw button and specify the correct details for withdrawal.
If you have separate wallets for a currency, withdraw to them, but there are currencies that do not have separate wallets, or you are not interested in their further accumulation.
In this case, you can open a wallet directly on the exchange, but I advise you to withdraw money there no more than once a week. The widest selection of currencies on the Poloniex exchange. We find the currency we need in the exchange list and copy the wallet address for the deposit and, if necessary, the payment identifier ID from there. We insert this data into Minergate.

After that, you need to confirm the withdrawal by clicking on the link that came to your email.
Everything is ready, in the Withdrawal history section you will see the output to the address you specified.

The material was prepared by Maya Tikhonova, an expert on the website about cryptocurrencies CryptoRatings.com .

Is your computer suitable for mining?

Dear laptop owners, do not risk this "workhorse" to get a handful of virtual coins. It is possible to mine crypto on a portable PC with a decent discrete graphics card, but its components and cooling system are not well suited for this task. At best, you will receive a very low income, at worst, the laptop will die for a long time. Profit from mining in such a situation will not cover financial losses.

The minimum computer suitable for cryptocurrency mining looks like this:

• at least 4 GB of RAM, but 8 GB is better;
• a relatively modern video card with at least 3 GB of memory, but at least 4 GB is better;
• Pure Microsoft operating system from XP to Windows 10. It is advisable to choose a 64-bit OS and newer. Under Linux, mining is also stable, and some miners even find this option more convenient;
• efficient cooling system. It is better to remove the side walls of the system unit immediately. Watch for temperature fluctuations in the video card during mining. If it goes off scale, consider upgrading the cooling system.

The main thing in a computer for mining is a video card, cooling and power supply

The efficiency of mining on a home PC depends mainly on the characteristics of the video card. In case you are just about to buy or build a working machine, here are the key parameters of the device:

• volume. As noted above, it must be at least 3 GB, but to achieve higher performance, it is better to use models with 4 GB or more video memory;
• clock frequency of the video memory. GDDR5 devices (AMD Radeon HD 4xxx or NVIDIA GeForce 4xx or higher) are ideal. They are characterized by an excellent balance of processing power and power consumption. Video cards with older generation memory will also work, but they will be much worse at mining most coins;
• memory bus width. This indicator is also not critical, however, it is worth choosing models with a 256-bit bus;
• cooling system. When overheating, the performance of the device is reduced by up to 50%. Along with it, the volume of production of coins is also falling. So stock up on propellers;
• Energy consumption. This parameter helps in choosing from a number of models that are comparable in other key characteristics. The lower the power consumption, the more profitable mining. Ultimately, we are interested in net income minus costs, not gross production.

Many popular video cards suitable for cryptocurrency mining cannot be found in any store. You have to order from abroad.

NVIDIA GeForce GTX 1060 and AMD Radeon RX 480 are some of the most favorite graphics cards by miners

• Relatively inexpensive video cards in the price range of 18 thousand - 25 thousand rubles. Here we can note AMD Radeon RX 470, Radeon RX 580, Nvidia GeForce GTX 1060.
• The average price segment is 33 thousand - 40 thousand. In this category, devices from the Nvidia GeForce GTX 1070 and 1070Ti performed well.
• Expensive video cards for 50 thousand - 60 thousand rubles. These are AMD's Radeon RX Vega 56 and Nvidia's GeForce GTX 1080.

Which Cryptocurrency Should You Mine?

Gone are the days when a home PC could be used to mine bitcoins. But since then, the range of coins has expanded significantly.

When choosing a cryptocurrency for mining, be guided by a combination of several parameters:

1. Cryptocurrency mining algorithm and hashrate of your video card

Not all coins can be mined on budget hardware. So some options will disappear immediately. Next, we look at the hashrate (computing power) taking into account the algorithm of the coin. To find out the value of this parameter, it is convenient to use the What to mine service. Mark the model of your video card at the top of the page, and you will immediately see the hash rate of the device in all available algorithms. The higher the score, the better, but this alone does not guarantee the maximum benefit, and you need to check the other parameters.

2. Difficulty of mining

Depends on how many computers and cryptocurrency farms are mining cryptocurrency right now. The more of them, the more difficult the extraction and the less chance of a reward, due to the high competition between the miners. You can see this indicator on the same What to mine.

Mining becomes more difficult when the price of a coin rises (and new miners join), and easier when the value of a cryptocurrency goes down. So you can chase the rising prices of coins, compensating for the decrease in production due to the high cost of cryptocurrency, or vice versa, concentrate on the number of coins in anticipation of the upcoming growth in quotes.

For beginner home miners, difficulty is of particular importance. When trying to mine coins with just one weak video card, there is a risk of running idle. That is, your PC will participate in the process, but you will not receive rewards. If you have such a picture, try switching to mining coins with a lower level of difficulty.

3. Energy costs

The amount of electricity spent on mining depends on both the video card model and the coin algorithm. Sometimes, with generally similar profitability, mining one coin turns out to be more profitable than another solely due to lower electricity costs.

Always calculate mining energy costs in advance

4. Cryptocurrency price fluctuations

Miners usually try to calculate the approximate payback period for investing in coin mining equipment. Counting is a useful thing, only fluctuations in cryptocurrency rates make such forecasts almost useless. Coin quotes are constantly jumping. Today, Ethereum mining is profitable, tomorrow it is unprofitable, and in a week the profit from it exceeds all expectations. That's if you're lucky.

For example, you calculated that according to current data, the net profit from mining the selected cryptocurrency will be $0.64 per day. This is $19.2 per month, and $233.6 per year. Does this mean that at the end of the year with round-the-clock mining, you will definitely receive a total profit of exactly $233.6, not a cent less, not a cent more? The answer is no.

In a week, the coin rate can rise by 10-15%. Following it, the complexity of mining will also increase. We'll have to recalculate the yield. Such changes will occur many times during the year. So the result is almost unpredictable.

Therefore, two strategies are worth considering. In the first option, you change coins for fiat (dollars, rubles, etc.) almost immediately after mining. Then you need to constantly monitor the efficiency of mining and switch to coins with less complexity in order to always stay in the black. Sometimes it will even be more profitable to suspend mining in order not to receive a loss against the backdrop of a too low cryptocurrency price.

The second option is that you hold the mined coins in anticipation of an increase in the rate, in order to later sell them at a greater profit. Then you need to analyze the dynamics of coin quotes. Choose those that have less sharp declines in the course during periods of market decline and the most vigorous growth when the situation changes in the opposite direction.

5. Cryptocurrency to fiat withdrawal

The real income from mining appears only when you have successfully exchanged the mined coins for fiat (“regular” money). Therefore, you need to consider how easy it will be to do this, taking into account the offers of available exchange services. If the cryptocurrency is profitable to mine, but difficult and expensive to change, all the advantages of good mining performance are leveled. See where and for what coins can be exchanged, how many operations will have to be carried out before the final withdrawal to fiat, what is the total amount of commissions for all these transactions.

In light of the above, naming specific coins that are worth mining is meaningless. The same recommendations will not work for everyone.

However, right at the time of the preparation of this material, among the popular coins, Ethereum and Ethereum Classic looked the most interesting in terms of mining and subsequent exchange. True, the complexity of their mining is high, so not everyone will be able to successfully participate in the division of profits.

What is a mining pool and why is it needed?

Recently, mining on one computer turns out to be very long and not very profitable, so miners are united in pools (a kind of labor cooperatives for the extraction of cryptocurrencies).

From a technical point of view, pools are servers that distribute computing tasks between nodes of network participants. The size of the reward roughly corresponds to the contribution of each miner to the block creation process. True, much depends on the method of its distribution.

Welcome to the mining pool, comrade!

The number of active pools is difficult to estimate. For example, in this long list on the CryptoCompare website, there are only a few of them.

To select a pool, use several criteria:

1. Number of cryptocurrencies available for mining

2. The procedure for the distribution of remuneration

There are several approaches, but for the owner of a small amount of computing power, a pool that uses the PPS method is better suited. In it, the payment is made for each share (a variant of the solution of the cryptocurrency block) at the expense of the pool's own funds. The size of the reward is periodically recalculated taking into account changes in the difficulty of extraction.

If the available computing power is high enough, you can try your luck on pools that work according to the PPLNS method. They distribute the reward for the found blocks in proportion to the hardware power of the participating computers. True, if the power of the equipment is too small, you can mine for hours without getting a penny for it.

3. Pool power.

The higher it is, the more likely it is to find a new block and get a reward.

4. Presence of restrictions

Many pools set a minimum threshold for the processing power of the connected hardware. An ordinary home PC has almost no chance of passing such face control.

5. The amount of the commission from the reward for the found block

6. Withdrawal procedure and transaction fees

It is necessary to clarify how often the pool makes payments, what is the minimum amount, and what percentage it takes for each transaction. You can find pools with 0% commission.

7. User-friendly interface and functionality

It is beyond the power of a beginner to make a thoughtful choice of pool. To understand the details and understand what suits you personally, taking into account the characteristics of the equipment available, you will have to test different options. But a suitable pool for a quick start will be named later.

How to start mining on your PC?

To start mining, you need to select, install and configure a special mining utility. MinerGate will help you start mining right now without long dances with tambourines around professional programs for mining cryptocurrencies. This is exactly the mining pool promised above for a quick start.

Mining Monero cryptocurrency on a home PC

Is MinerGate really the best choice? For a beginner, this is almost perfect. With it, you can try out your workhorse in mining in 10 minutes. If you like it, nothing prevents you from moving on to studying more complex programs and searching for a dream pool according to the above criteria.

To start mining, you need:

• download the miner program from the MinerGate website. The antivirus will swear, but this is a common reaction to crypto mining software;
• install the program;
• complete a simple registration with an email address;
• in the Benchmark section, check if the computer is suitable for mining;
• in the Smart miner tab, start mining cryptocurrency. The program will automatically select the coin that is the most profitable according to the results of the last hour;
• in the Wallet section, you can view the balance and withdraw funds to the wallet. By the way, do not forget to have a cryptocurrency wallet. Miners often withdraw funds directly to the exchange for a quick exchange. This is reasonable, but most platforms perceive transactions with small amounts as "junk". They either don't accept them at all and the coins just get lost, or they charge extra fees. So be careful.

The pro is unlikely to choose such an easy path. Experienced miners prefer Claymore mining utilities, but they need to be properly configured, and this is not so easy. All current programs from the mentioned developer can be found. There are requirements for hardware, and explanations for setting up utilities.

The modern crypto space makes it possible not only to have fun and get a wide variety of knowledge, but also to earn bitcoin on your equipment. And with the invention of the so-called, it has become much easier to do. Moreover, now there is a wonderful opportunity to combine business with pleasure and turn bitcoin mining from a simple entertainment into an additional source of income. Bitcoin mining by mining is available to everyone, unless you have a special one. equipment. This requires specific knowledge, a kind of mining instruction. Everyone can choose the best bitcoin mining option for themselves.

It's time to find out what it means. Mining is a popular way to get cryptocurrency. It is classic, but quite difficult to use. And there are other methods that provide less income, but are much more affordable. You can earn virtual coins using one of the most popular, use bots, games, doublers, faucets and much more.

How to start mining?

Since the invention of cryptocurrencies, interest in them has grown significantly, many new users are interested in how to mine bitcoins and how bitcoin mining works, and people who have been doing this since the dawn of crypto wallets have managed to make a decent capital. At first, the cost of coins did not exceed a cent, and now this figure is about $ 9,500 for one bitcoin (current as of February 2020). And the value of the virtual coin should grow.

But you should immediately disappoint fans of easy money who are thinking about how to earn bitcoins on a computer: even 1 btc is not so easy to get. The vast majority of miners are forced to limit themselves to the so-called Satoshi - these are a kind of virtual cents and pennies. But even they can get up to 1 thousand per hour for the simplest tasks. In fact, this is not such a large amount: 1 thousand Satoshi equals only 0.1125 dollars.

Mining Bitcoin: Basic Principles

Mining allows you to simplify the complex process of mining bitcoin. There have been cases when mining bitcoins on a home PC brought up to 25 btc for completing a single task, but this is extremely difficult. And last year this figure was reduced by half. Now the discovery of a new block can bring only 12.5 bitcoin.

The Russian segment of the cryptocurrency market is constantly being persecuted by the law, but users are not going to give up, so they just hide their passion more carefully and still wonder how to mine bitcoins.

It is not difficult to spend cryptocurrency. It is enough just to exchange it for any other electronic currencies. No matter how many bitcoins you receive, you can always exchange them through Yandex.Money, QIWI, WebMoney or any other wallet or service, and then use them at your discretion.

Mining on a home computer

So, how to mine bitcoins, what is it?

Mining bitcoins is the first and only way to mine. He is unique.

So how do you make bitcoin? The method consists in using cryptocurrency, using special ASIC equipment, and its power resource. Simply, he must solve mathematical problems, and when the so-called hash is found, the miner will receive a reward. This is the answer to the question of how to mine BTC.

For 1 hash, the production of bitcoin is 12.5 coins, but this is quite a good amount, given the cost of one bitcoin, which reaches 11 thousand dollars. As a result, the miner will have about $140,000 in his hands. But here the riddle seeker, who wants to know how to mine bitcoins using a video card, is in for the main catch: modern puzzles can only be solved by the latest specialized computers, the cost of which can be several thousand dollars, a regular PC simply can’t cope with hash search. In addition, several hundred miners are probably mining BTC right at the same second, solving the same problem. And there is no guarantee that the hash will be yours.

Mining at home ceased to be considered an extremely profitable activity immediately after specific devices began to appear on the cryptocurrency market. Bitcoin mining has turned into a real profession, in which stationary computers and their owners have nothing to do, and almost everyone has learned what bitcoin mining is.

To mine BTC on your computer, it is best to use the power of ASIC equipment. It is such equipment that is capable of generating approximately 2.5 GB of hash per second, with its help you can mine bitcoins. And the power consumption is quite insignificant - about 2.5 watts. For example, mining on a home PC with a Radeon HD 7990 card will generate a maximum of 1.2 GB of hash, while consuming as much as 200 watts. In this case, home mining will not be able to compete with seasoned players. What internet speed is needed for mining? Naturally, the highest and most stable to date.

Now classical mining is used only by professionals, but the question of how to earn bitcoins using a computer is of interest to both beginners and amateurs. But it is preferable for them to act using more modern methods of mining cryptocurrency. Even specific farms began to appear that use equipment whose power is many times higher than that demonstrated by ASIC. Given this situation in the market, it is better to give preference to modern programs and to questions like how to become a bitcoin miner, answer: choose cloud mining, with which you can earn bitcoins with a much greater probability.

Cloud mining: how to mine bitcoins with it?

The attractiveness of such mining lies in the fact that the equipment does not need to be purchased. And how to mine in this case? The miner only invests in the purchase or lease of the necessary capacities. What do you need to mine bitcoins? The current diagram is:

• find a suitable site to understand how to mine bitcoins on your computer;
• register there to deposit the required amount of cryptocurrency to the account;
• buy as much power as you can afford
• start mining bitcoin.

In this case, bitcoins will be mined by you along with other miners. The trick of how to mine cryptocurrency on your computer will no longer be a secret. And the winnings are divided among everyone, taking into account the invested funds. Of course, given the way how to mine cryptocurrency, the profit will be much less. But the chance of winning will be several hundred times higher.

Where to mine bitcoins?

There are websites that show how to mine bitcoin and allow you to do it without investing your own money. For example, these portals will tell you what Bitcoin is, how to earn it:

List of cloud mining services with a good reputation:

• Iqmining - Shares of power for mining cryptocurrency BTC, ETH and another 150 altcoins are sold for ownership. Besides, registration is encouraged 10% to the purchased power. Profitability: up to 217% / year.
• Hashflare - () They rent power for mining DASH, ZEC, ethereum, sha-256 (BTC) and scrypt (Litecoin) cryptocurrencies. Yield: 239.04%/year, 0.65%/day. Code HF18OSE8OD10 gives a 10% discount on all contracts.
• Mizes - Rent out power for SHA 256 mining, SCRYPT, ETHASH. Profitability: 1-3%/day.
• Bitdeer - () Rent out capacities for mining BTC. The project also has an affiliate program.
• Hashing24 - Rent out a share for the mining of BTC cryptocurrency. Yield: 0.56%/day.
• Genesis-mining - Rent power for SHA 256, Dagger, X11, Zcash mining. Yield: 71.23%/year 0.2%/day. Promo code - IVUZQn gives a 3% discount.
• Hashtoro - BTC, Litecoin, Ethereum, Zcash cloud mining. Minimum contract 20€. There is an affiliate program. The power of the substation is 650kw/h. Profitability: they write 80% / year. Payout minimum: 0.005 BTC, 0.5 LTC and 0.1 ETH, excluding fees.
• Aliencloud. They rent power for mining BTC, LTC, ETH, DASH, etc. Profitability: 105% / year. And you can also use the crypto exchange on this platform.

Bitcoin mining: is it possible to make money on it?

This is the name of the services where it is possible to get a cryptocurrency by performing any actions. And a specialized computer for bitcoin mining is completely optional.

To know how to mine bitcoins on your computer, you can use. For example:

Domestic projects where bitcoin mining is possible are still significantly inferior to foreign ones. But the time is not far off when they will be able to compete with English-language sites.

Bitcoin mining as a business: perspective

It is worth believing that the value of bitcoins will continue to grow. In this regard, since the resource is finite, and finding it is becoming more and more complicated. What do you need for mining now? The most modern equipment. In addition, the cryptocurrency turns into a reserve currency.

If you are also planning to start mining bitcoins. And if you are interested in how to become a miner, then you can start with faucets. It is this method that provides a constant gain of Satoshi. Having studied bitcoin mining, it will be possible to try out other, more complex methods for mining cryptocurrency. In addition, having received virtual funds for free, you can invest them in classic or cloud mining. The classic way to mine cryptocurrency will eventually become completely irrelevant. Since the cost of equipment will invariably rise, and it itself will become obsolete faster and faster. The difficulty in solving blocks will increase and as a result, mining on a PC will no longer be profitable.

In any case, you already know how bitcoin mining works.

What is bitcoin mining and how it works (video):

In the comments below, write which services no longer pay, together we will eradicate HYIPs and SCAM that no longer pay. And also share projects that work stably and have confidence in them, except for HYIPs and SCAM.

Important! No one will ever give a 100% guarantee that all services will work forever, so be responsible with your choice.

What kind of mining are you doing? Tell your story of success or failure in this. Thus, you will help many to deal with this topic.

Content

The only way to issue bitcoin (btc) cryptocurrency is bitcoin mining, which is the creation of new blocks by performing a certain mathematical task using a specialized program installed on a computer. There are several ways to get the popular digital currency, each of which has its own advantages and disadvantages.

What is mining

The process of creating virtual coins got its name because of the laboriousness comparable to mining. The essence of mining is to perform calculations of mathematical problems in order to pick up a certain value. The purpose of such operations is to obtain a hash - a bit string of fixed length. After the code is decrypted, another bitcoin block appears, which includes a cryptographic signature. This signature is formed based on the hashes of the previous blocks.

A sequence of bitcoin blocks appearing one after another form a chain of blocks (blockchain). The selection of digits that form the basis of the hash is carried out automatically. Bitcoin mining involves a reward in the form of btc coins, which go to the first miner to guess the hash. The amount of virtual reward is halved every four years. At the start of the system in 2009, miners could count on 50 btc per decrypted hash, now the reward is already 12.5 bitcoins.

Basic principles

The bitcoin mining process must follow certain principles in order to maintain the validity of the cryptocurrency and the security of the network. The main principles of extraction are:

• the difficulty of creating a currency;
• set average time to calculate one block;
• lack of a single inlet center;
• automatic increase in difficulty level as the number of miners grows;
• the amount of remuneration is set by the system and provides for a gradual decrease;
• mandatory confirmation by miners of a transaction between participants in the bitcoin network by including it in a block;
• autonomous self-regulation of the network.

Difficulty of mining cryptocurrency

Due to the constant increase in the number of miners of electronic coins and the steady growth of computing power, a mechanism is needed to compensate for this growth. As such a mechanism, the complexity parameter was provided, on which the amount of mined cryptocurrency per unit of time depends. The technical side of the concept of "calculation complexity" is described as the number of attempts required in order to generate a hash.

Types of mining

Earning bitcoins can be done in several ways, which involve the use of specialized devices or payment for the rental of other people's capacities. There are also shareware types of extraction. The methods differ from each other in the size of the required investments and the expected income from production. The most popular types of bitcoin mining are:

• using a personal computer or laptop;
• using the GPU;
• using FPGA modules and ASIC chips;
• creation of farms for mining;
• cloud mining;
• bitcoin faucets, bitcoin games.

Bitcoin mining on a home computer

Cryptocurrency mining with a video card

The time when it was profitable to mine bitcoins using a conventional video card has already passed, as the mining process has become much more complicated and large computing power is required. With the increasing interest in bitcoin due to its increasing value, manufacturers of graphics accelerators and processors have been developing powerful video cards.

Mining farms

A large number of computers involved in the mining process are the so-called bitcoin mining farms. The principle of their work is the continuous execution of calculations. Hashes are generated using:

1. A large number of video cards - the most energy-consuming type of farms.
2. FPGA modules - economical in terms of power consumption.
3. ASIC processors - the asic device (specialized processors) is the most expensive, but at the same time its speed is maximum.

Cloud mining without investment

The principle of obtaining bitcoins using cloud mining is identical to the usual mining of electronic coins, except that not their own capacities are used, but third-party ones, rented. The amount of mined cryptocurrency depends on the rent charged. There are also free services offering their mining equipment.

How to start mining

In order to start mining the first coins, first of all, it is worth deciding on the mining method. The amount of the initial investment will depend on the method chosen. The general step-by-step algorithm for mining bitcoins looks like this:

1. Purchase the necessary equipment.
2. Install the selected bitcoin mining program on your computer.
3. Select a pool site.
4. Register a wallet to withdraw rewards.
5. Launch the software.

What are pools

To increase the chances of getting btc coins, specialized web services (pools) provide miners with their services, which consist in applying the maximum parallelization of calculations. This method of mining provides for pool participants to search for their own solutions without linking them with the solutions of others. The miners provide the pool with their computing power, and the pool for finding the block acts as a solo miner. When choosing a pool, you need to know the rules for the distribution of remuneration and the capacity of the pool.

Cryptocurrency mining software

You should start bitcoin mining by installing the software. Mining programs are divided into two types: for processors and for video cards. It is necessary to choose the software based on the parameters of the available equipment. The most popular programs among users are presented below:

• name: Bitminter;
• characteristic: the application, which is also a pool, runs on video cards, has ASIC support, is compatible with all operating systems;
• pros: suitable for both beginners and experienced miners, ease of installation;
• cons: no
• earning opportunities: the cost of coins mined in 24 hours is equivalent to $0.5.

A console client that is easy to use for both beginners and professional miners:

• name: BFGMiner;
• feature: console client that supports video cards and FPGA devices, support for scrypt, RPC;
• pluses: easy setup of pools, the ability to control the cooling elements of the computer;
• cons: high requirements for equipment;
• earning opportunities: an experienced miner receives 18 thousand satoshi per day.

For users who have knowledge of the MS Dos operating system, who have equipment with a powerful processor and video card, the DiabloMiner program is suitable:

• Name: DiabloMiner
• characteristic: support for such operating systems as Windows, Linux, Mac, installation of video cards of different series is provided;
• pluses: ease of setting the pool parameters;
• cons: not suitable for beginner miners;
• earning opportunities: on a powerful computer, you can get a reward of 20 thousand satoshi per day.

The console client, easily adaptable to the user's requirements, is the Ufasoft Miner program:

• name: Ufasoft Miner;
• characteristic: it is possible to change the address of the pool, suitable for the extraction of cryptocurrencies such as bitcoin, ether, lightcoin;
• pluses: several modes of operation depending on the level of the user;
• cons: requires a lot of RAM;
• earning opportunities: experienced miners receive a reward of 18 thousand satoshi.

The CGminer program is more suitable for users with extensive experience in the MS Dos system:

• name: CGminer;
• characteristic: involves installation on powerful processors, when overclocking the video card, it increases MH / s to the maximum;
• pluses: it is possible to reprogram, easy to configure;
• cons: not suitable for beginners;
• earning opportunities: from 18 thousand satoshi per day.

50 Miner is a graphical shell for several of the most popular miners, such as Cgminer, Phoenix, Diablo, Poclbm:

• name: 50 Miner;
• characteristic: it is possible to use without installation, while all settings are saved in the configuration file;
• pluses: ease of authorization, compactness;
• cons: instability of work, a lot of RAM is required;
• earning opportunities: under minimum initial conditions, you can earn 15 thousand satoshi per day.

Is bitcoin mining profitable at home

To understand whether it is profitable to mine bitcoins at home, you should calculate the amount of investment required and predict how quickly they pay off. Given that since the advent of the process, which today is called mining, the situation on the cryptocurrency market has changed significantly, it is worth knowing the main factors affecting the economic feasibility of mining now:

1. The complexity of mining contributes to the constant growth of equipment capacity, which affects its cost. At home, it is difficult to provide a competitive level of mining speed.
2. The growth of the btc rate in relation to the official currencies attracts new participants to the network. If the bitcoin rate falls, the profit from their sale may not cover the invested funds.

How much can you earn from mining

Bitcoin mining has the goal of making a profit, so before you start mining cryptocurrency and wait for the computer to earn on its own, without your participation, you should find out what level of earnings you can count on. There is no single answer to this question, because the amount of income depends on many factors, such as:

• bitcoin exchange rate fluctuations;
• relevance of the chosen extraction method;
• equipment acquisition costs;
• the number of miners in the network;
• the cost of electricity.

You can calculate the approximate profit from mining using specialized calculators (for example, on the Russian information site btcsec), which take into account a set of parameters entered by the user. However, even in this case, it should be taken into account that if the bitcoin exchange rate changes on the cryptocurrency exchange, the results of the calculations will turn out to be irrelevant.

bitcoin mining costs

In order for bitcoin mining to be profitable, the income from it must cover all the costs associated with mining. The economic component of the costs includes the costs of:

• purchase of special equipment;
• paying bills for consumed electricity;
• repair and adjustment of capacities;
• pay for the lease of facilities.

Special equipment

The future bitcoin miner must take into account that in order to make a profit, it is necessary to have competitive equipment. Given the technological race caused by high demand, the cost of specialized equipment has increased significantly. In addition to the main elements (video card, chip, module), you will need software to monitor the temperature of the equipment and a cooling system.

Electricity costs

Bitcoin mining involves the operation of equipment for a long time, which leads to a large consumption of electricity. The higher the power of the processor and video card, the more impressive the electricity bills will be. In addition, the need to use cooling elements also leads to an increase in power consumption.

Depreciation of the power of a home PC

If you plan to mine bitcoin on home computers, you should take into account the fact that the load on the main elements of the machine will increase. Constant overheating of the processor and video card leads to a deterioration in their performance, and faster failure. The miner will often have to repair his computer and buy new parts, which will lead to additional costs, and downtime will negatively affect the profit received.

Pros and cons of mining

Before mining bitcoins, you should familiarize yourself with the positive and negative aspects that you will encounter in the mining process. The advantages of bitcoin mining include:

• Stable passive income. Bitcoins are mined without your participation. By installing a special program, you can go about your business.
• It is not necessary to invest in btc mining. If you don’t want to take risks by investing your money, there are free mining methods, but you can’t count on big profits in this case.
• Mined bitcoins can be easily withdrawn from the system (sell, exchange, pay for purchases).

Miners who mine virtual coins note the following disadvantages of bitcoin mining:

• Equipment failure. Using a home computer for mining leads to a rapid heating of the video card.
• Large power consumption. Increasing the level of mining difficulty requires increasing the speed of mining, which has become possible with the advent of new technologies. Powerful devices are energy-consuming, so bitcoin miners have to pay large bills for the electricity consumed.
• High degree of risk. Investing money and time in bitcoin mining is a high-risk investment, due to the fact that the price of cryptocurrency is unstable, and at any time the bitcoin exchange rate may fall.

Discuss

How to mine bitcoins - the essence of the process and where to start, types and profitability of earnings