Mining - what it is in simple words and how to make money mining bitcoins and other cryptocurrencies. What is better to mine. What is cryptocurrency mining in simple words

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

It's time to find out what it means. A popular method of obtaining cryptocurrency is mining. It is classic, but quite difficult to use. There are also other methods that provide less income, but are much more accessible. You can earn virtual coins using , which is one of the most popular, using 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 were doing this at the dawn of the formation of crypto wallets managed to amass decent capital. At first, the cost of coins did not exceed a cent, but now this figure is about $10,000 for one bitcoin (the rate is current as of May 2018). And the value of the virtual coin should increase.

But we should immediately disappoint lovers of easy money who are thinking about how to earn bitcoins on a computer: even 1 bitcoin 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 is equal to only 0.1125 dollars.

Bitcoin Mining: Basic Principles

Mining allows you to simplify the complex process of mining Bitcoin. There have been cases where mining bitcoins on a home PC brought up to 25 bitcoins for completing a single task, but this is extremely difficult. And last year this figure was halved. 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 hobby more carefully and still wonder how to mine bitcoins.

Spending cryptocurrency is not difficult at all. It is enough to simply 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 to make Bitcoin? The method is to use 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, Bitcoin production is 12.5 coins, but this is also quite a good amount, considering the cost of one bitcoin, reaching 11 thousand dollars. As a result, the miner will have about $140,000 in his hands. But here the seeker of clues who wants to know how to mine bitcoins using a video card is faced with the main catch: modern problems can only be solved by the latest specialized computers, the cost of which can amount to several thousand dollars; a regular PC simply cannot cope with searching for a hash. In addition, several hundred miners are probably mining bitcoin right this very second, trying to solve 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 desktop computers and their owners have nothing to do, and almost everyone has learned what Bitcoin mining is.

To carry out Bitcoin mining on your computer, it is best to use the power from the ASIC manufacturer. This type of equipment is capable of producing approximately 2.5 GB of hash per second, and can be used to mine bitcoins. And the electricity consumption is quite insignificant - about 2.5 watts. For example, mining on a home PC with a Radeon HD 7990 card will produce 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.

Nowadays, classic 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 they prefer to act using more modern methods of cryptocurrency mining. Specific farms have even begun to appear that use equipment whose power is many times higher than that demonstrated by ASIC. Considering this situation in the market, it is better to give preference to modern programs and answer questions like how to become a Bitcoin miner: choose cloud mining, with which you can earn Bitcoins with a much higher probability.

Cloud mining: how to mine bitcoins with it?

The attractiveness of such mining is that there is no need to purchase equipment. How to mine in this case? The miner simply invests in the purchase or rental of the necessary capacities. What is needed to mine Bitcoins? The following scheme is relevant:

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

In this case, bitcoins will be mined by you together with other miners. The trick to mining 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 method of mining 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 you how to mine Bitcoin and allow you to do it without investing your own money. For example, these portals will tell you what the Bitcoin currency is and how to earn it:

List of cloud mining services with a good reputation:

Important! Be sure to read the information at the end of the article ( Important!).

Hashflare — () They rent out power for mining cryptocurrencies DASH, ZEC, ethereum, sha-256 (BTC) and scrypt (Litecoin) mining. Profitability: 239.04%/year, 0.65%/day. Code HF18OSE8OD10 gives a 10% discount on all contracts.
Bitdeer — () They rent out capacity for BTC mining. The project also has an affiliate program.
Hashing24 — They rent out capacity for mining the BTC cryptocurrency. Yield: 0.56%/day.
SelenTrade. They rent out power for DASH mining. Yield: 1.33%/day. You can also rent additional capacity and engage in POS mining of SelenCoin.
Genesis-mining — They rent out power for SHA 256, Dagger, X11, Zcash mining. Profitability: 71.23%/year 0.2%/day. Promotional code - IVUZQn gives a 3% discount.
Eobot - They rent out power for SHA 256 mining. Profitability: 45.92%/year 0.13%/day.
Hashtoro - BTC, Litecoin, Ethereum, Zcash cloud mining. Minimum contract 20€. There is an affiliate program. Substation power - 650kw/h. Profitability: they write 80%/year. Minimum payout: 0.005 BTC, 0.5 LTC and 0.1 ETH, excluding commission fees.
Iqmining - Shares of mining capacity for Bitcoin, ETH and 150 other altcoins are being sold. In addition, registration is encouraged by 10% of the purchased power. Profitability: up to 128%/year.

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

This is the name of the services where it is possible to receive cryptocurrency by performing any actions. And a specialized computer for mining bitcoins 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 development as a business: perspective

It is believed that the value of bitcoins will continue to grow. In this regard, since the resource is finite, and its extraction is becoming more and more difficult. What do you need for mining now? The most modern equipment. In addition, cryptocurrency is turning into a reserve currency.

If you are also planning to start mining bitcoins. And if you are interested in how to become a miner, you can easily start with faucets. It is this method that ensures a constant winning of satoshi. Having studied Bitcoin mining, you can try 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 increase, 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 does it work (video):

In the comments below, write which services no longer pay, together we will eradicate HYIPs and SCAMs that no longer pay. And also share projects that work stably and have credibility, apart from hype and SCAM.

Important! Lately, it has become increasingly difficult to make money on hype projects; if previously they worked more or less stably and made a profit, now it has become practically impossible to make money on them. And so we have identified, at the moment, only 2 real projects with which you can cooperate: the most profitable cloud mining is Hashflare, and the pool is BitClubNetwork. You can enter Hashflare with a minimal investment, but their contracts are only for a year. In BitClubNetwork, investments are larger, but contracts range from 3 years to infinity. So draw your own conclusions to keep your finances safe and increase them.

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

At the end of 2018, beginning of 2019, mining became less profitable, at a rate of $3,500 per btc.

What type of mining do you do? Share your success or failure story with this. By doing so, you will help many people understand this topic.

If you are interested in cryptocurrency mining and have been wanting to understand the topic for a long time, but due to the volume and complexity of the issue, you have been putting it off all the time, today you have a great opportunity. The article contains basic information on cryptocurrencies for dummies. It is clearly explained what Bitcoin, mining, blockchain and other obscure words are. Why do miners buy video cards, what are they, why is cloud mining needed, and is it really possible for everyone to make money from it? Sounds interesting, doesn't it? Let's start with the basics.

What is cryptocurrency

Cryptocurrency is a type of virtual currency created and controlled by cryptographic methods. It is not controlled by any government agencies and is not confirmed by anyone's power or authority. But due to the fact that its basis is cryptography, you can safely carry out operations with it.

All that affects its price is demand. You can use it like regular money: exchange it for other types of currencies or even pay for some goods and services. Where does it come from? There are the following methods for mining cryptocurrency:

Creation;
Purchase.

Creation will cost less than purchasing, but will take longer. The process of creating cryptocurrency is called mining. Mining consists of generating new blocks of information according to algorithms established by the system and receiving a reward for this in the form of cryptocurrency units.

It all started in 2009, when Bitcoin appeared. After Bitcoin gained popularity, analogues appeared. Alternative cryptocurrencies that work on the same principle, but with different mathematical algorithms: Etherium, Ripple, Litecoin, etc. They are called altcoins.

What is cryptocurrency mining and how does it work?

Let's figure out what it means to mine. In simple terms, as soon as a person installs mining software on his computer and opens a wallet, he becomes a participant in the network - a miner.

Software is needed to connect to the system and start mining cryptocurrency, and a wallet is needed for transactions. The wallet will manage your balance and the keys necessary to sign transactions using the principle of an electronic digital signature. The important thing is that the wallet does not contain any real owner data.

The principle of cryptocurrency mining is the absence of any central control; all network transactions are written on the blockchain, a copy of which is owned by each network participant. Blockchain is a diary where every N minutes all changes that have occurred in the system are recorded. Why after N minutes? So that the participants have time to exchange information about all movements of funds.

Let's look at how cryptocurrency mining occurs, that is, mining, in detail. All network participants have equal rights and do the same thing: solve mathematical problems issued by the system. One problem has many solutions, the computer will make calculations and iterate through them until it finds one that fits the requirements of the system. For example, a block whose hash has many leading zeros. When this happens, the participant who found such a solution forms a new block.

The block contains the solution to the problem and information about all transactions that occurred in the system over the last N minutes. It is attached to the end of the blockchain, and the blockchain is distributed to all other participants in the network.

Scheme of formation of transactions and blocks using the example of the Bitcoin blockchain.

The point of mining is distribution. None of the participants will be able to rewrite the transaction history and fake the blockchain. To make one block that meets all the requirements, you need N minutes of work from all miners. So calculate how long it will take one miner to generate all the blocks.

In addition, in order for a block added to the blockchain to be considered legal, it is necessary to obtain confirmation from other network participants, which consists of verifying the block key. For different cryptocurrency systems, the number of confirmations is different; for Bitcoin, for example, you need to receive 120 confirmations.

What is needed for mining

How is cryptocurrency mined? Mining occurs using a computer, a mining program and a wallet (can be located on an exchange), where coins will be accumulated. You have a computer, you can download the mining program, choose your wallet carefully so as not to run into scammers. If your funds are stolen, you will not be able to get them back.

In theory everything is easy. In practice, how it will depend on which one you choose. The fact is that the system adjusts the complexity of tasks depending on the number of participants. In simple terms, when there are too many miners, problems will be solved too quickly, so the system will automatically increase their complexity.

The very first cryptocurrency was Bitcoin. Now it is the most popular, and the number of miners has increased greatly. Bitcoin always gives such tasks that miners mine 6 blocks per hour, 1 block every 10 minutes. Accordingly, the complexity of the tasks in the Bitcoin system is so great that the processor of a regular computer alone will not be able to cope with them, and you will not be able to earn anything.

Now, to start making money on popular cryptocurrencies, you need other methods. You will have to invest well in powerful equipment. At a minimum, purchase several video cards. Let's look at the technical aspects in more detail.

How does mining work?

It's time to tell you how mining is organized in technically simple words. The complexity of the tasks increased gradually. At first it was possible to mine on one personal computer. Then they started mining on video cards, since they are better suited for such calculations. But the complexity grew in proportion to the popularity of the system, and soon a computer with several video cards could no longer cope.

Then farms with tens and hundreds of video cards appeared. The larger and more powerful the farm, the more it can produce, and the more profitable it is to maintain it. But the costs of its maintenance are also high; electricity costs can reach several tens of thousands of dollars per month. The most advanced farms are in Singapore, China and Iceland, and are usually located underground to save on cooling costs.

Later, special equipment for mining appeared - ASIC. These are chips designed to perform a specific task. Their power is much greater than that of a conventional computer, although the cost is much higher.

An ASIC is specifically designed for a specific hashing algorithm and is of little use for other tasks

What is better to mine

The creators of altcoins strive for maximum accessibility to mining their currencies, because accessibility leads to popularity, and popularity leads to demand for the currency and its appreciation. The mining process should be designed so that everyone, using their own computer, can replenish the network and make a profit. But which cryptocurrency should you choose for mining?

The answer to this question is simple: it is better to mine what will give you more profit. The profit will be the difference in the cost of the coins earned and the costs of equipment, electricity, Internet, etc. When choosing a cryptocurrency for mining, you should consider:

Cryptocurrency rate - how much real money you can get from selling it;
The number of miners in the network, which affects the complexity of the tasks;
The complexity of the calculations is how much equipment and how much power you will need.

It will be difficult for a beginner to navigate; calculations can be carried out on a special calculator website. For example, whattomine.com.

Types of mining

You can mine in different ways. The following types of mining exist:

Solo mining;
Mining in pools.

In solo mining, they use their own equipment, taking all the profits for themselves. This method is effective in the early stages of crypto development, as was the case with Bitcoin. Later, the capacity of one machine became insufficient to produce a new block, and miners began to unite in pools to add up their computing power. In this case, the profit is divided among all pool participants in proportion to their shares of participation.

Not long ago, a new type of mining appeared - cloud mining.
The miner buys or rents equipment that will be located outside his home. Maintenance is usually outsourced to special services.

Advantages of cloud mining:

You don’t have to assemble and configure the equipment, especially if you don’t understand it;
Achieving high power that you cannot get at home;
Possibility to mine several cryptocurrencies at once.

The disadvantages of mining in such services are the commission charged, the risks of fraud and hacker attacks. It is also alarming that, logically, having the equipment, it is more profitable for the services to mine themselves, but instead they give the cryptocurrency to others and promise rewards for attracting new clients. Be careful with cloud mining.

Pools

Pools divide rewards for blocks between participants, according to the initially agreed upon conditions.

Modern realities are such that mining popular cryptocurrency alone is possible only with expensive, powerful equipment. Now it is quite profitable to mine in pools; 99% of miners work this way.

A pool (from the English “pool”) is a server that distributes a computing task among all participants connected to it. All miners calculate it. As soon as one of them finds a solution, a block is formed, and the reward is divided equally between all participants, or in proportion to the efforts expended. What to look for when choosing a pool:

View the characteristics of the video card to find out how much earnings a miner can expect. If the video card is built-in or old, the earnings will be small.
Server age. There are few participants in young pools, so it is unlikely that you will be able to make money, because the strength of the pool is in the amount of computing power.
The procedure for distribution of profits. Most pools divide the cryptocurrency they mine in proportion to the tasks being solved, and not equally, although this also happens.
Availability of affiliate programs, the possibility of passive income from attracting new participants.
Withdrawal of profit. In what currencies and what commission is charged.

Who pays for mining

Mining is the process of finding the correct solution to a mathematical problem generated by the system. But who will pay for it? Where does the money come from? The participants of the system agreed that a new block in the Blockchain is written by the one who finds the solution to the problem the fastest. And since he forms a new block, at the same time he writes a transaction into the block that he has been credited with cryptocurrency. It is called the “creation transaction”. Thus, the miner receives a reward for being the first.

State and mining

The state's attitude towards mining is ambiguous. In the case of electronic money, you can always find all participants in the transaction. Cryptocurrencies are anonymous. This means that they provide great opportunities for money laundering, drug trafficking, sponsoring terrorism and the circulation of illegal goods and services within the country. In addition, cryptocurrencies are not profitable for the state from a financial point of view: taxes are not paid on profits, and banks do not receive commissions for transactions. Here the state has two options:

Prohibit and introduce penalties for the use of cryptocurrencies;
Take control.

The first reaction of states to cryptocurrency was negative. Governments warned that the circulation of cryptocurrency is not controlled by anyone, and in case of fraud, citizens are not protected in any way. China has completely banned trading on the BTCChina cryptocurrency exchange.

Mining news reports that other countries are still considering the possibility of legalizing cryptocurrencies. The Russian government has repeatedly stated that it will lead and regulate mining in Russia. Government cryptographic currencies are also expected to appear on the market.

Expert opinions about mining are divided. Some say that cryptocurrencies are the currencies of the future that will replace money, while others believe that this is a bubble that will burst sooner or later. Like any business, mining has its pros and cons.

The advantages are that despite short-term drops, they still increase their value over time, which is what we see in the example of Bitcoin. The disadvantages are that cryptocurrencies are very unstable, they can periodically drop greatly in price, and the mining process itself is dangerous for the equipment because it wears it out.

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Mining- This is perhaps the most interesting way you can make money on the Internet today. Many have already entered this world of business, while others are just planning. The best part is, of course, that everyone desires passive income.

In this article we will talk about the possibilities of mining, both independently and with the help of services. We will touch on all the nuances and aspects of this area. Let's figure it out what is mining in simple words and put everything in order: where to start and in what direction to move.

What is mining in simple words

In fact, we have already touched on this issue in. Since the portal is completely dedicated to cryptocurrency and everything connected with it, the topics are intertwined. Be sure to read these articles for more understanding:

Mining or from English mining, which means to extract. It turns out that miners are miners; they extract cryptocurrency. Now the question is how do they do it?

Any cryptocurrency consists of blocks or chains of blocks (blockchains), in order to receive a reward (altcoins), users, or rather their computers, solve mathematical problems. They decipher the correctness of the blocks. As soon as the block is solved, a reward is awarded - this is our cryptocurrency.

This method is the only option to get new coins (there will be 21 million in total for bitcoin). Accordingly, when they run out, new bitcoins BTC there will be no more and there will be either a shortage of Bitcoin and its sharp rise in price, or a collapse.

The chains are becoming longer and more difficult to decipher. Miners buy more expensive equipment and. This is such a small excursion into the world of mining. We deliberately do not introduce any complex and specific concepts, so that the instructions on what mining is are clear for dummies (read the article for details -). You can get more information by reading the articles recommended above and if you follow them in order, which we give. Gradually you will become an expert in cryptography.

Another step is purchasing new mining equipment. I recommend the store www.computeruniverse.ru; firstly, it is quite cheap (relative to others), and secondly, there is a huge selection and fast updating of goods.

You can also get a good discount (and plus 50 points for an additional discount) if you enter this promotional coupon when registering: FWB7W4S

Pros and cons of mining

Before we talk about mining methods and its profitability, let's touch on the issue of pros and cons. Pros of mining:

You work for yourself
Cryptocurrency is completely anonymous (Your income is hidden)
Simplicity of the method
Passive income (almost no need to participate)
Relatively inexpensive investment (unlike a real business)
Almost anyone can start (no special skills required)
High profitability (due to the growth in the value of cryptocurrencies)
Quick return on investment (from several months)
Possibility of constant growth (increasing capacity)
Available information (plus a lot of it)

There is much more we can continue.

Mining disadvantages:

The equipment, although not as expensive as a regular business, is still a bit expensive for many
Constant fluctuations in the cryptocurrency exchange rate
You need to study the topic thoroughly
The risk of blocking cryptocurrency at the state level (in some countries this is the case)
With large-scale mining: problems with premises and energy costs
The risk of equipment destruction (but if you don’t get involved in complex processes, don’t overclock cards when you don’t understand it, and don’t use full power, then you can avoid it)
Risk of collapse in value for any cryptocurrency!

In fact, there are many more minuses, as well as pluses, that can be added, but I think the meaning is clear. Anyway profitability is coming and everything works automatically, so it's up to you to decide.

Mining: step-by-step instructions for beginners

Today Bitcoin mining BTC- this is a very competitive niche, more and more people are starting to engage in mining and are being built. But not everything is so sad, because there are other types of cryptocurrencies, and these are the best ones to mine if you are not a tycoon with a ready-made farm for $800,000. Mining cryptocurrencies at home, has a number of nuances, which we will talk about.

At first, when everything was still in its infancy, it was possible to mine from a regular home computer. But the complexity of the processes has increased and, in addition, dozens of production farms have been built, comparable to factories. Now, in order to earn at least a little good money, it is advisable to have equipment.

Average farm cost() or any ASIC (ready-made miner with certain parameters) costs about $1500-2500. If you are ready for such investments, then move on.

Let's go in order. First of all, you need your (or wallet). You can read how to register a bitcoin wallet.

The second step is to find a cryptocurrency mining community - they are called pools. Since mining altcoins on your own is too difficult (you need enormous power), it’s easier to do it in a team.

You will work in conjunction with other miners, and the reward received will be divided between you exactly by the amount of power that each person invested. That is, you will receive exactly as much as you earned. If you succeed, your individual reward will be significantly lower than if you worked alone, but pools make it possible to quickly start making at least some profit and recoup the investment in purchasing equipment. If this bothers you and you have powerful equipment, then choose solo mining.

Mining, what not to do and what to do

Now a very important point. We will write a lot more about mining and about farms, but we need to outline the main points now. For further study of mining, go to our website.

First of all, be sure to save this page and refer to it as you build the truss.

Selecting a mining pool:

The principle of calculating individual remuneration.
Commission for mining and withdrawal of funds.
Frequency of receiving rewards.
Bitcoin withdrawal options.
Availability of statistical data.
Reliability.

For a more or less good income, the farm must have 5 video cards and above
We buy only new video cards (old ones can quickly become unusable, especially since they can be sold after the same mining)
Never install 32-bit Windows as the generation will be much slower.
Do not choose bicoin and other most popular coins for mining, read about current cryptocurrencies for mining, since even a powerful farm is difficult to mine them. But again, it depends on the equipment
The Internet must have a minimum ping

How to start mining cryptocurrency? This question will be of interest to beginners who have decided to start mining bitcoins or other cryptocurrencies from scratch. After reading the article, those who want to earn extra income will learn how to start mining with a minimum of investment at home.

When choosing coins, the algorithm of the system is important. SHA-256, on which Bitcoin and its analogues are based, has attracted the attention of owners. It will not be profitable to mine such currencies on your home PC. The Scrypt algorithm has increased RAM requirements. Therefore, integrated circuit designers do not design ASICs for it. Therefore, this niche is in demand by owners of farms based on PCs and video cards.

To accurately calculate the profitability of coins on existing equipment, there are quite a lot of them on the network.

When a coin is selected, you need to register a wallet (if one has not already been created).

Pool selection

A pool is a resource that unites miners. It provides joint calculation of hashes and distributes rewards depending on the computing power expended by the participant. When choosing a pool, you need to pay attention to the size of the commission for withdrawing funds and the ability to monitor work and view statistics.

To work in the pool, you need to register and receive a login and password used in the connection settings of the miner program. When making money on several computers, you can register one login, then the results will be summed up. But it is better to make a separate account for each machine. This will make it easier to analyze statistics for each device and promptly detect a problem if one occurs.

Miner's choice

The specific miner program and instructions for its installation and configuration can be found directly on the pool website. They are usually located in the “Get started” section.

Launching and setting up the miner

This procedure varies depending on the operating system and the specific software. For example, CGMiner, developed for Linux, does not even have a GUI. It is launched from the command line, where in addition to the executable file you need to enter the pool address, login and password.

More advanced programs have a graphical interface and a special settings window for working with the pool.

It is optimal if the pool supports the standard Stratum protocol. This significantly expands the choice of miner programs.

If, in addition to the video card, you want to use the capabilities of the processor, you need to launch another miner with the appropriate settings. This won’t bring you a lot of money, but you shouldn’t give up additional earning opportunities either.

Withdrawal to your own wallet

To withdraw, you need to download cryptocurrencies from the website and install the wallet application. The key generated by the program is the only way to get to your coins. Therefore, you need to protect it from intruders and under no circumstances lose it. It is impossible to recover the key and its loss means the loss of all funds in the wallet.

Some pools allow payments not to a wallet, but directly to the account of a cryptocurrency exchange. Then you will have to register there first and register the address for payments in your pool account.

How to start mining

Now that you know how to mine cryptocurrency on a PC, you can put your acquired knowledge into practice. If you are installing equipment in your own apartment, it is advisable to invest in upgrading the cooling system. Otherwise, the constant noise of running fans can cause serious discomfort. Ideally, it is worth installing a water cooling system. However, given its cost, not many people do this. Usually it is enough to replace standard fans with high-quality, low-noise ones.

Make sure you have an uninterrupted Internet connection. Any network failures mean lost profits. Therefore, you should not try to save money by installing a cheap router that will freeze periodically. It is better to ensure that the system works reliably and does not require intervention in the process.

In case of power failures, it is worth setting up the PC to automatically turn on, and register the miner program in startup.

When you have everything you need to start mining, all you have to do is turn on your PC, launch the configured miner and click the “Start” button. From this moment on, your wallet or account on the exchange will begin to be replenished as the computer works in the pool.

How to start mining cryptocurrency

You can mine cryptocurrency not only by mining on your home computer. Especially if you want to mine bitcoins.

If you don’t have a suitable PC with a powerful video card at home, you can start mining with virtually no investment using the cloud mining service. The owners of such services rent out their equipment for cryptocurrency mining. Those who wish can invest money in renting computing power and receive bitcoins mined with their help. To do this, there is no need to take a training course on cryptocurrency mining or buy expensive hardware. It is enough to register on the service, top up your account and receive income corresponding to your contribution. The more power you buy on the service, the higher the income received from mining will be. In the event of unforeseen circumstances, for example, a fall in the rate of cryptocurrency against the dollar, you can simply stop paying rent. This makes mining possible without large investments and risk.

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Mining pools. Today, there are many types of cryptocurrency, which even professional experts can get confused about. But no less interesting are the methods of mining cryptocurrency. The most effective method is mining in pools. By uniting with other network participants in special groups, miners sum up their power and thereby increase the likelihood of finding a block. The chance of solving the problem increases noticeably, and the reward for mining a new block is divided among all participants, according to the resources spent. This review will focus on the most popular mining pools.

Best mining pools

Let's look at the most famous pools for cryptocurrency mining:

AntPool - Chinese system. It accounts for 18% of all computing power units in the world. There is support for a Russian-language interface. Payment - in different ways. Withdrawal of funds without paying a commission.
P2Pool — This is a decentralized pool, each node of which is a component. Registration on the pool is not required. The only pool that has 100% protection against DDOS
Bitfury - One of the best. The centers are located in Iceland. The pool earns digital currency; strangers do not have access to the system. Controls 15% of the Bitcoin system.
BTC China – Chinese development without a Russian-language version takes up from 10 to 13% of all units of computing power. Users use this system very rarely.
BW pool – A server from China, allows you to earn digital currency on the Internet, takes up 9% of the system’s supply. Payment is carried out by the PPLNS network, there is no commission.
— Kryptex pool is a program that is installed on a computer. The profitability of mining depends entirely on the computer used, as well as on the current Bitcoin exchange rate. You can withdraw your earnings using the QIWI payment system, as well as by direct transfer to your Bitcoin wallet.

Key features of MinerGate:

One of the most profitable crypto pools
Very convenient management of the cross-platform miner
Possibility of combined production
Compatible with all crypto miners

MinerGate rightfully deserves its popularity, since very few services can boast of such a level of development. In addition, this is the first pool of its kind to offer combined mining. That is, you can generate several coins at the same time, and the hashrate will not decrease.

Strong miners with already equipped farms began to look at new emerging types of cryptocurrencies, without remaining unreasonably devoted only to Bitcoins.

The essence of the mining process itself lies in two simple words - making money. And the essence of virtual cryptocurrency is a cipher code accessible only to computers.

There is a direct pattern: the more powerful the hardware, the more coins it will accumulate, and the earlier you start mining, the more successful it will be. Not a single cryptocurrency is insured against a kind of “crash,” so timing is everything here: you have time to grab luck by the tail, it will only sit in your cage, but if not, it will fly away to please others.

Now, a kind of bank for hundreds and thousands of miners is coming into first place.

Cloud services invest huge amounts of money in purchasing the most powerful and latest equipment. Ordinary miners seem to invest their savings in a bank and after some period, similar to a deposit, receive interest on the invested amount. That is, income from mined coins with their blocks. It’s good for the miner: they save money on purchasing and upgrading hardware, on service, setup and installation. It’s good for mining “bankers” too: capital in circulation brings good dividends.

Mining Pools: Differences in Mining Reward Distribution

There are many different methods that pools use to calculate your earnings. Among the most popular are PPS, PROP and PPLNS.

PPS pays you for every share you contribute to the pool and also provides you with some payout stability. However, there is a certain risk for the pool operator.
PROP pays all users proportionally depending on the number of shares invested in the pool.
PPLNS (Pay Per last N Shares - pay for the last shares) pays users according to the last number of shares added.

Find out the payout method of the pool you will be using. Otherwise, you may lose out on your potential mining profits. It is very important to choose the right pool that matches the goal you want to achieve.

If you are using an ASIC, install VARDIFF (Variable Difficulty) on your pool. This way you can achieve a more challenging goal without wasting your time on pointlessly low stakes. If you need to adjust the difficulty manually, adjust it according to your hashrate. Sometimes for this reason, some pool operators allow you to request a specific difficulty for your miner.

Mining pools: Minimum set of hardware

Just the “bare” desire to make big money from mining will not bring you success. There is an already established list of rules that would be nice for all beginners to know:

Iron– this is the main tool of the miner, his strength and power, “hands” and “heart”. The entire effect of cryptocurrency mining depends on the power of the farm. 5 video cards are probably the minimum for a good process.
RAM. The Windows familiar to many is good, but only 64-bit. 32-bit simply won’t cope, and the process of earning coins will become a complete fiction. Those who are used to Linux can stay on it, there are no significant differences.
Motherboard. Five video cards are far from the only requirement. You need a really good motherboard with an increased number of slots compared to simple ones. A processor of at least i5 is required if the budget is limited, but i7 will be much more efficient. You should buy a power supply with a power of at least 750 W and a capacious hard drive, or preferably three. And the amount of RAM should not be lower than 4 gigabytes.

Mining pools: Where is the best place to mine cryptocurrency?

It is considered the most fashionable and popular. There are several reasons for this:

It’s convenient, you don’t need to think about hardware and invest money in it;
There are no worries about setting up equipment and maintaining it before directly mining cryptocurrency;
The main concern of an ordinary miner is to make a deposit, and everything else is a headache for service holders.

There are many pools now, but they all do only one thing - they provide a farm for mining cryptocoins.