Cryptocurrency mining: where to start?

Money is the livelihood of every person. This is not an abstract phenomenon. In Russia, the currency is the ruble. Therefore, with money, everything is much easier. What can not be said about cryptocurrency.

Appeared not so long ago and raises many questions. The most important of them. What is a crypto currency? Where to start cryptocurrency mining?

To answer these and other exciting questions, you need to turn to sources of information. This article will reveal the answers, which will pave the way for the development of the world of cryptocurrency and mining.

Turning to the issue of cryptocurrency mining, it is necessary to understand what a cryptocurrency is. To explain what cryptocurrency mining is in simple terms means to move on to its features.

Cryptocurrency differs from the monetary unit of the ruble, which is reflected in its features:

It is a virtual currency, in digital form.
independent of any factors.
Has an encrypted code.
It is not regulated by central authorities, it exists decentralized.
Does not apply to banking institutions.
Fraud is impossible, because any actions are recorded and remain in memory.
Works thanks to software and networks.

Fact! One of the popular cryptocurrencies is Bitcoin.

How to start mining cryptocurrency?

But how to start the process of implementing a cryptocurrency, to carry out transactions with it. There are several ways, including:

Buy from the owner.
With the help of stock exchanges.
Exchangers.
Start mining.

You also need to download a program or wallet. To make transfers, you need to know the wallet address. There can be any number of them.

What is cryptocurrency mining in simple words

Mining is one of the ways to get cryptocurrency, namely the process of creating new blocks (mining encrypted codes). They record transactions. Obtaining is carried out by selection methods, that is, with the help of mathematical calculations. Have computing resources available. The harder it is to mine, the slower this process will go.

Interesting fact! The word form mining means mining through a mine, and a person (miner) was presented as a miner.

Where to start cryptocurrency mining: tools to get started

Having dealt with the theoretical part, you should proceed to the practical part. Where to start cryptocurrency mining 2017. This requires an instrumental component.

An electronic wallet, for the purchase of which you need to go to the website of the official developer and download. The received income will be stored in the wallet.
Software among popular Windows, Linux.
Registration of miners in the online pool. Miners unite in this community and get coins by common efforts. Then they share them among themselves.
Online exchanger where you need to register. It differs from other resources in that virtual money is immediately converted into real money.
Internet connection must be good and fast.
Select the location where the equipment will be installed. A basement or similar room is perfect, where it is not hot, but the air is cool.
Special equipment, which is equipment. They can be a regular computer, but special computing equipment is best suited.
The computer does not have sufficient performance, it can not be used for anything other than mining.
Self-cooling, which will provide ventilation. Due to the fact that during mining the equipment is heated, the temperature in the room also rises. The ventilation mechanism will allow hot air to be expelled.
The main thing without which you can’t mine is personal interest, purpose and perseverance. The miner of coins should also be interested in all kinds of novelties, read information resources and improve their knowledge (mining methods, mining technologies). Theory is indispensable.

Mining fixtures

The best equipment for mining

Video card

It is believed that the GPU is not the best tool. Since it seems to be a complex process of generating virtual coins. But use is still possible. This is especially due to the fact that the performance of devices has increased.

Special devices

Such equipment is popular in use. Integrated circuits that were created to perform a specific task - mining. This process of work is characterized by its speed, minimal energy consumption.

Therefore, today the optimal equipment for mining is ASIC-based computers. For such equipment, you only need to make settings for a specific cryptocurrency.

Software

Returning to the software, for Windows, Bitcoin Miner is used.

Quite easy to use, also has energy savings and fast information transfer. As a bonus - a report on income received.

Features:

Frequency scaling.
Free license.
FPGA boards are supported.

The next most popular program is CGMiner. Based on the CPU Miner code. It has a lot of functionality:

cooling is controlled by the program;

Access may be remote.
The ability to detect blocks.
Supports multiple GPUs.
There is such a component as tools designed to debug the processor.

For Linux, the CGMiner program is used - a well-known one of its kind. Based on a large number of functions.

Ability to customize the cooling system.
Create remote access.
Block detection.
Supports multiple processors.

For OS X, the RPC Miner program is used, which is loved by coin miners. Has positive reviews. Integrates into the OS.

MultiMiner is an application that can be used not only on OS X, but also on Windows and Linux.

Range of possibilities:

The interface is smart.
The update happens automatically.
Notifications that notify you when new coins arrive.
You can set up strategies for mining.
Access to API settings.
The proxy server is built in.

How to mine cryptocurrency? (Mining options)

Mining options

Step-by-step instructions for mining are presented below:

1. Need to assemble equipment:

Video card (GPU). It's better if there are several.

Fact! Video cards need to be chosen, taking into account their main characteristics. Hash rate matters.

A computer that has a cooling system. RAM more than 4 GB.

Selected operating system.

Good internet signal.

2. Choose a specific cryptocurrency. Popular:

Bitcoin and Litecoin (but impossible to mine with a video card).

Ethereum, Monero.

3. Select a server for mining (pool). There are many of them, differ from each other in their characteristics:

power component.

Protection.

Settings.

Ping.

Commission (about 1%), etc.

Recommended pools:

dwarfpool.com;

nanopool.org;

www2.coinmine.pl

4. Selected wallet or exchange. On this resource, the accumulation of cryptocurrency will be carried out. Before choosing any of the servers, you should read the reviews in detail.

One of the options is mining without investments. This means you can not buy expensive equipment, do not suffer with its installation and settings. It's called cloud mining. The bottom line is that there is an investment of money, like a lease. But it differs in that the equipment itself will not be at home.

All manipulations: settings, connection are carried out by the service. This is a remote way of mining.

The advantage is the ability to use not one equipment, but several. Also suitable for those who have difficulty with the technical part of the equipment. Its assembly and configuration. In addition, this will save time. But here you need to be careful and not run into scammers.

When the method is chosen and everything is ready, you can start mining!

Is it profitable to mine now?

It is impossible to give an unambiguous answer, because there are risks in mining. And it will be difficult to predict the exact income. Profitability directly depends on the rate of cryptocurrency, the complexity of mining.

There are a large number of resources. These are online calculators to calculate profit. Some experts in this field consider mining as an additional income.