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When I decided to write this guide, I was throwing cryptocurrencies around like they were nothing. I was foolish in the fact that I disregarded the exchange fees that are attached with the services that those exchanges provided. I'm in by no means a cryptocurrency genius, and I'm still not extremely seasoned at it, but I've learned enough about cryptocurrencies in the past month that I feel confident to pass on the knowledge I have learned and to help those who are overwhelmed on where to start. So what exactly is a cryptocurrency? According to technopedia (n.d.) a Cryptocurrency is a type of digital currency that is based on cryptography. Cryptocurrency uses cryptography for security, making it difficult to counterfeit. Public and private keys are often used to transfer the currency from one person to another. When mining cryptocurrencies, one important concept needs to be established, and that's hash rate. Hash rate is simply a unit of measurement of processing power. The more your hash rate is, the more profitable mining becomes. This guide uses specific sites and software, chosen by myself, as a great springboard into the cryptocurrency world. These sites and software are extremely flexible, easy to use, and integrate very well together. The mining pools I've chosen are multiple currency pools, designed to consolidate a major of the cryptocurrencies together, and instead of using several mining pools, you use three. These are the things you'll need to get started: MultiMiner Accounts at Coinotron, The Mining Pool Co., and BitMinter Accounts at Cryptsy and Coinbase There are a few different ways to mine for cryptocurrencies, the common of which are using your Central Processing Unit (CPU), Graphics Processing Unit (GPU), and Application Specific Integrated Circuit (ASIC) devices. CPU based mining is not profitable any longer, and will cost you money in the end by increasing electricity costs. GPU based mining is still popular, but losing steam against ASIC based mining. If you choose to use your GPU for mining, AMD/ATI based graphics cards (especially the Radeon HD 79xx series of cards), are the most efficient. If you have an nVidia based graphics card, I'm sorry. You can still mine on nVidia cards, but your hash rates are going to be much slower when compared to their AMD/ATI counterparts. If you chose to use GPU mining, Black Friday or Cyber Monday are you best bets for upgrading your equipment. ASIC based mining is quickly losing value with the changing difficulty on all networks, but it's the most cost effective way to increase your hash rate, and see a positive return on any equipment purchases. If my math is correct, using the methods in this guide, in order for any ASIC device to yield a positive cash flow, you've got to get a device that has at least a 5Gh/s rate (such as the Butterfly Labs Jalapeno). Now for the fun part, explaining how everything in this well greased machine is going to work. Patience plays a big part in the cryptocurrency world, and when I first started, I had none. I was so eager to see the amount of Bitcoin go up, regardless of how much I was getting penalized in fees from trading. So, that's the first step on your journey. PATIENCE. I CANNOT emphasize this enough. Sometimes, you've just got to hurry up and wait, the effects of waiting things out on the cryptocurrency market WILL PAY OFF. Step one of this machine is signing up for all three pools (BitMinter, Coinotron, and Mining Pool Co.). This is so that you can actually get server addresses to plug into MultiMiner, after signing up for these services though, you've still got a ways to go. Step two is sign up for Cryptsy. I chose Cryptsy because of the features they're going to offer at a later time, as well as support for 60 cryptocurrencies (which covers all but one of which we can mine). When your Cryptsy account is setup, you will need to go into the Balances portion of Cryptsy, and find all of the currencies in which you will be mining from the pools. Once Balances are loaded up, you will need to click on the Actions button next to the currency, and click Deposit / Autosell, and then Generate Address. There's a small clipboard near the address it generated, and that will copy the address for pasting in the mining pool websites. You will want to copy, and paste all of them to a text document, along with which currency it belongs to. Not only does this keep you from juggling back and forth trying to figure out things, but it helps for reference and setting up MultiMiner. Once you have those accounts setup, you'll want to sign up for Coinbase. A WORD OF WARNING FOR THOSE WHO ARE PARANOID... Coinbase will want to link to a bank account, this is mandatory if you want to trade your currencies for cash. If you want to trade currencies, just for the sake of trading, then you can skip Coinbase altogether. You can transfer your Bitcoins from Cryptsy straight into Coinbase, and then sell the Bitcoins from Coinbase, and straight into your designated bank account. MultiMiner, oh how amazing you are. For every cryptocurrency available in all pools, you will need to add these coins, along with server addresses, log-ins and passwords. To do so, click on the drop down next to the Settings button, and click Coins. From there, click on Add Coin, and choose each coin from a pool. This will list it in the box to the left, and give you the ability to add information on the right. You can add multiple servers as well, in case the current server you're mining on goes down. After all your coins are setup, you'll need to setup your Strategies. Click the drop down next to Settings, and chose Strategies. Check the Enable Strategies check box, choosing Straight Profitability from the drop down, and checking the Strategy every five minutes (that way you're not losing money by mining something that has dropped in price). This aggressive price checking makes it to where you're always on top with whatever you're mining. Also make sure you have Mine the Single Most Profitable Coin selected. Stick with CoinChoose as your price source (under Settings), as CoinWarz charges for there services beyond a certain point. Click Start, and take a vacation. Reading the charts on Cryptsy can be a little tricky, and scary if you've never saw those types of graphs before. Those graphs are called Candlestick Charts, and are used primarily in the stock market. I won't go in to great detail on this, however, you can find a nice cheat sheet on the subject here. I hope everyone enjoyed the guide, sorry for being punctual and brief, but there isn't anything too elaborate of complicated about searching for cryptocurrencies. I love mining as a hobby, mining's fun, and if there is any money to be made off of mining from my end, great, if not, I had fun mining. While compiling a spreadsheet of the minable currencies in this guide, if everything is set up correctly (and assuming servers aren't down), you should be able to mine the following:
And while Mining Pool Co. offers ASICcoin and Unobtainium, ASICcoin isn't supported in MultiMiner, and Unobtanium isn't supported in Cryptsy. I still mine for Unobtanium in hopes that Cryptsy will include it one day. References Cryptocurrency. (n.d.). In technopedia. Retrieved from http://www.technopedia.com/
At present there are seven companies that are promising delivery of litecoin scrypt ASIC miners in mid 2014: Fibonacci, Alpha Technology, Flower Technology, Mining ASICs Technologies B.V., Zeusminer, KnCMiner and Bliss Devices. Gridseed is shipping now but their products cost more per kH/sec than the competiton. ASIC miners for litecoin promise significant advantages in power consumption and hashing power compared to GPU miners. Do not discount the significant advantage in lower electricity costs promised by litecoin ASIC miners: for many the lower power costs add greatly to the bottom line, and make a miner much easier to live with. Other than Gridseed, Fibonacci is generally regarded as most likely to ship first judging from posts and history on the Litecoin and Bitcoin forums. The developer has stated Fibonacci expects to be able to sell hosted miners in July 2014 for immediate mining. Any of the miners can be used for all scrypt based coins. This is a significant advantage over bitcoin mining, as your miner can be easily switched to other scrypt coins if they happen to be more profitable than litecoin based on current % profitability shown at CoinChoose. The least expensive scrypt ASIC miner will be the Fibonacci 8650 kH/sec Recursion miner that will cost $400 paid with bitcoin or $346 paid with litecoin. The miner with the most hashing power will be the Fibonacci Epsilon hashing at 315 mH/sec for $12600. The second most powerful miner is the KnCMiner 250 mH/sec Titan at $9995. Both the Fibonacci and KnCMiner models offer $0.04 per kH/sec hashing power. Fibonacci has announced that CACHeCoin will also be accepted as payment for their scrypt ASIC miners. We expect CACHeCoin prices to soar once Fibonacci is selling miners, so smart investors will buy CACHeCoin now, then use to buy Fibonacci miners at a discount as CACHeCoin prices rise. At present CACHeCoin can only be bought at the Poloniex exchange (symbol: CACH) by exchanging bitcoin for CACHeCoin. For perspective, if you built your own 3 video card 2000 kH/sec GPU mining rig you could reasonable expect to pay $1500 for the video cards, power supply, motherboard, and other parts. Two Fibonacci Recursion miners would mine at 17300 kH/sec and cost $700 - $800, half the cost of building your own GPU mining rig while providing 8 times the hashing power. Don't forget power consumption of the Fibonacci miner would only be 10 watts versus 900 watts for the three card GPU rig. Preorders for the Fibonacci Scrypt ASIC Miners began Monday March 17. There will be a limit of 128 chips per buyer. There is still time to buy CACHeCoin if you want to get the best price, litecoin and bitcoin will also be accepted for payment. Act fast, the preorder should sell out quickly. KnCMiner has announced their own Titan litecoin miner hashing at 250 mH/sec and costing $9995. KnCMiner promises to ship the Titan Q2/Q3 of 2014. Another brand new company Bliss Devices just announced by website they will be shipping scrypt-N ASIC miners Q4 this year. Bliss Devices is claiming "Neon is the only hardware miner in the industry able to mine any Scrypt-based currencies. Our machines use configurable parameters, which among other benefits means that you can also use our machines to mine Scrypt-N coins such as Vertcoin, Emucoin, Execoin, and Pandacoin." Here is a breakdown of cost per kH/sec for the six miners from published specs: KnCMiner - $0.04 per kH/sec - available Q2/Q3 2014 per website Fibonacci - $0.04 per kH/sec - available July 2014 per developer Alpha Technology - $0.10 per kH/sec - available Q2/Q3 2014 per website Mining ASICs Technologies B.V. - $0.137 per kH/sec - available Q3/Q4 2014 per website Bliss Devices - $0.18 per kH/sec - available Q4 per website Flower Technology - $0.19 per kH/sec - available August 2014 per developer Zeusminer S-Flex 8mH/s - $0.28 per kH/sec - available Q2/Q3 per website Gridseed - $0.49 per kH/sec - shipping now If you missed getting in on the ground floor of ASIC mining for bitcoin you may want to buy ASIC miners for litecoin as soon as they are ready to ship. For more information you can visit the Fibonacci SCRYPT ASIC miner or Alpha Technology Litecoin ASIC miner and Flower Technology threads at the Litecoin Forum. You can also visit the Mining ASICs Technologies B.V. website for more information on this new company and read comments at this thread at the Litecoin Forum. Group Buys Another option to consider is to buy a share of a hosted litecoin miner. The most powerful announced litecoin miner is the new KnCMiner Titan 250 mH/sec scrypt ASIC miner for $9995. A trusted member of the Bitcoin Forum, waldohoover, has already setup a group buy for KnCMiner Titans. The group buy will entitle you to 1/20 of mining proceeds from one Titan litecoin miner for only 1.0 bitcoin, see CoiningSolutions.com KnCMiner Titan Shares for details. Shares will sell out quickly so don't delay if interested. Titan #1 and Titan #2 are already sold out but Titan #3 group buy is still open. The administrator of the Litecoin Forum has just opened a similar group buy for the Titan also with 20 shares available, see Carnth's KNC Titan group buy for details[/url]. If you would like to get in on the group buy just join the Litecoin Forum and send a PM to Carnth. Fibonacci website - https://fibonacci.io Alpha Technology website - https://alpha-t.net Flower Technology website - http://flowertechnology.com Mining ASICs Technologies B.V. website - http://www.mining-asics-technologies.com Zeusminer website - http://zeusminer.com KnCMiner website - https://www.kncminer.com/products/titan Bliss Devices website - http://blissdevices.com/ Gridseed website - http://gridseed.com or see the Gridseed thread at the Bitcoin Forum.
A Bitcoin exchange does all of the matchings for buyers, so all you have to do is wait for your asking price to be accommodated. Bitcoin exchange sites offer a way for users to get their own bitcoins fast and easy. This convenience makes Bitcoin even more attractive. Then again, you still have to look for a reputable exchange. The right Bitcoin exchange for you. When it comes to looking for ... CoinChoose MEMBER View Profile See their activity. Content Count 19 Avg. Content Per Day 0.03 Joined January 17, 2019; Last visited ... CoinChoose is the go-to destination for everyone interested in cryptocurrencies and blockchain. We cover the latest industry news, crypto price action, and blockchain events. We feature the most innovative companies in the field and educational organizations leading the way for blockchain adoption. Bitmain Antminer T19 Bitcoin ASIC Now Up for Pre-Order ; PhoenixMiner 5.0b Update Addressing Support for AMD Cards With 4GB VRAM; XMR-STAK-RX 1.0.5 With Kevacoin (KEVA) and Safex Cash (SFX) Mining Support; Links. 3D Printing Blog; 3D Vision Blog; Battery Tests; Bitcoin Cloud Mining; Bitcoin Mining Game; Buy Games with Bitcoin; Crypto Trading Bot; Crypto Trading Charts; Earn Your First Bitcoin ... 1 Bitcoin (BTC) $242,842,346,290.78 $13,108.20: 18,525,993.00 BTC: 1.36%: 2 Ethereum (ETH) $ ... CoinChoose is the go-to destination for everyone interested in cryptocurrencies and blockchain. We cover the latest industry news, crypto price action, and blockchain events. We feature the most innovative companies in the field and educational organizations leading the way for blockchain adoption ...
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