Mining Bitcoin

WARNING

Trading and Investing are HIGH RISK endeavors.

You may end up with less than you started with.

Trading and Investing guarantees that you will lose at least once, if not multiple times.

The wisest thing to do with your is to sit on it and proceed no further.

coinsfor.life is not liable for your actions.


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For the uninitiated, is mined into existence. Mining consists of using electricity to power application-specific integrated circuitry to calculate cryptographs within a set period of time. The first unit in the world to solve the puzzle creates a block and receives 12.5 to its associated wallet. This block reward is reduced by half every four years. Stacking these blocks together creates the open ledger viewable by anyone at any time, known as the Blockchain.

The ASIC industry is monopolized by Bitmain, however they've recently found a competitor in Halong Mining. Both companies are based in China.






To mine you need: an ASIC unit, a power supply unit, an ethernet connection, and some space because they're both hot and loud. These days, it isn't cost effective to try and mine on your own. You'll be competing against mining pools featuring thousands of members with entire warehouses full of ASIC units. Predominantly in China where the majority of ASIC units are made.

Below are the top five mining pools in the world: Antpool, BTC.com, ViaBTC, BTC.TOP and Slush Pool. The full list of mining pool contributions to the Blockchain is found here.




Instead of trying to mine , you may find it more profitable to sell the calculations of your ASIC unit to those hungry for more and willing to pay.

FYI: 's algorithm is known as SHA256, which is relevant on the following site.

Introducing NiceHash:




Despite being hacked in December of 2017, NiceHash is still the biggest service in the world that pays in for your electricity. Understand that any major service in the wilderness of digitial currency may be hacked at any time. There are no regulations here, nor should you hope for any to stick. That said, many companies have been hacked only to carry on providing quality service.

Note that your NiceHash account should have a password used nowhere else.


"What about mining other coins?"


That's also a possibility, but it's beyond the scope of coinsfor.life. That said, in the interest of keeping you educated and armed, introducing the oldest forum on the Internet, BitcoinTalk:





If you wish to mine alternative coins with a profitable outcome, you should navigate to Annoucements under the section titled, Alternative Cryptocurrencies, found here. From there, you should look at the latest ANNs to find coins that haven't been mined to a significant degree.

If you're using an ASIC unit for , you want altcoins based on Proof of Work which is the same consensus method as . Other methods of consensus, such as Proof of Stake, have no need for an ASIC unit. Methods of consensus are beyond the scope of coinsfor.life, but know that those are the primary two.

Mining altcoins is not recommended if you're still looking to recoup the investment on your purchase of an ASIC unit. However, by mining altcoins when they're new, you position yourself to have a stockpile for the moment the coin acquires market value. At that point, you go to an exchange to sell your altcoins for .

Simple, right?

Except there are over 1000 altcoins, and most possess no market value whatsoever. It cannot be emphasized enough, DYOR -- do your own research.

Special Mentions

What to Mine
This site helps every miner of altcoins calculate the answer to their most burning question.

Hash to Coins
This site enables you to point your ASIC unit at a pool that will automatically switch the altcoin you're mining to the most profitable altcoin within their selection. Doing this will give you a variety of altcoins of various value. DYOR to see if you should keep them or when to sell them.

"What about Cloud Mining?"
Maybe in 2016.

These days there are better things to do with both your $ and .


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