Joy of tech bitcoin mining

What is Bitcoin Mining? A Step-by-Step Guide

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Everyone is familiar with the term "money does't grow on trees". While that may be true, money does grow in GPU's. My first introduction to cryptocurrency mining started a few years ago after watching a Vice documentary on Bitcoin mines in China. Now at the time I did not understand at all how it worked and assumed that an expensive ASIC machine was required to get started. As time went on I found myself discovering Youtube videos and news articles on people showing how to build cheap miners using only GPU's.

At this point cryptocurrency had started to spark my interest but after talking to my tech guy he assured me that there is no point in trying to mine as electricity costs are too high in North America and the returns are much to small to ever be worth it.

It wasn't until my friend told me that the value of GTX graphic cards dramatically increased due to the mining potential that I became much more invested with mining cryptocurrency. Now to give you a bit of background I work in the film industry and do a lot of editing. Adobe Premiere Pro is our software of choice so naturally I have always leaned towards Nvidia GPU's as the integration with Adobe products are far better then the competitors.

At this point the idea of my computers, which will sit unused occasionally, being able to pay themselves off was extremely exciting. I realize that if I were to purchase my computer solely for the purpose of mining cryptocurrency it would take years in order to cover the initial investment, but I figured that I might as well utilize the equipment I already owned. When people ask how much money can you really make from mining using a computer, the daily revenue number are always underwhelming and people tend to right it off right there.

But the largest misconception I feel that they are missing is the long term earning potential of the coin itself. For example, my computers can make roughly 7 - 12 USD within 24 hours not including electricity costs. This is the mindset I use while choosing which coins to mine and it's very simple. By no means would I call myself an expert and based on my experience I am definitely still an novice, but if I were to give anyone who is just starting in small scale mining any advice that would be to find a low cost coin to mine over choosing one of the flagship currencies that everyone usually leans towards.

Hands down the highest return for mining that I have seen is from using NiceHash which alternates between different coins and pays out in Bitcoin. Now if anyone was just getting started I would agree that this is the best, easiest option for them, but I stopped using the software due to the amount of noise and heat it produced within my machine as well as making my computer completely unusable while it was running.

Ethereum mining on the other hand did not require the same type of load which allowed me to have my miner running while still being able to work and keep temperatures down.

While using Claymores dual mining software I started looking into other coins that I could mine besides Ether. Ethereum is the second most popular coin and but due to the mining difficulty and the high payout rate with the different pools I decided to try a coin that was cheaper, lower difficulty and undervalued.

At this point I discovered Ubiq which became my coin of choice very quickly and with the benefit of mining Decred along side it I switched both of my systems over to it for a couple of months. Even though I like the idea of mining two different coins at the same time as it doubles the chance of one of the coins blowing up, everything changed once the Bitcoin hard fork was cancelled.

Bitcoin Gold which was released in the beginning of November sparking my interest as it is exclusively minded by GPU's. I hope you enjoyed this brief article on my mining theory and I would love to hear from other Miners about what they think is the best method or approach to take. Hi Grayson, Thanks for the post. In fact I work for the animated film industry too.

I've been mining Monero. I really liked dual mining Ubiq and Decred and especially looking how Decred's value has shot up so dramatically recently I think it is a solid choice for sure. Personally though I have switched all of my machines over to Bitcoin Gold as I see it replacing Bitcoin Cash in the future so there is quite a bit of growth potential there. I too was introduced to mining a while back, but I trusted those who said it was too late to be profitable. Let's just say I have learnt to seek information myself now.

When I initially started investing in cryptocurrency, I thought - not unlike you - that it was easier for a coin of low value to double, than one of high value, but as time has passed, I'm not too sure anymore.

In summary I think a good investment is a coin which is undervalued, but not necessarily of low value. So yeah, basically what you said: Yes by no means am I suggesting to randomly find a cheap coin. You should do some research and find a cheap coin that is undervalued. Take Decred for example. At some point in time, I think that I would be willing to invest in technology that could help me enter the world of mining. This topic provides an opportunity to take a "commercial break" to appreciate the wealth of knowledge we can gather from content here on the Steemit platform.

Set the miner in a spot in the living room and make sure nothing disastrous can happen to it from small children etc etc, and enjoy the space heater. Haha actually I have it set up below my desk by my feet so that I don't have to turn the furnace on during the winter to stay warm: The mindset should be this what you have said. In that point of view, mining is much profitable. Your writing style is very interesting. I like your article. Im talking a lot at the moment with a friend who bought a big fat miner, and he is also thinking what is best to mine.

I think adding a small coin is not a bad thing in this one. Great post, a lot better written than mine. The idea is to think long term not present term. A lot of people nowadays just want the result asap because they expect technology can truncate the time it takes to happen. Reality is everything valuable always takes time.

Check out my post and see what you think? I feel like getting a rig day by day. Well worth it in the long run. Sorry if you think this is spam. I am invested in a company who is managing my mining hardware for me.

They indicated it was a RX which i have read can run at 24 mh however per the company they are only running it at 12 mh for best ROI. Personally I am not familiar with those type of companies, but from your brief description it sounds like something is off. If you have the option I would suggest you mine cryptocurrency yourself as you get much more control over it and at the same time it is really quite fun.

I am a complete idiot when it comes to mining. I do have a option to request for the servers and run it on my own. Is this "Doable" for your average everyday guy? Sorry for stealing viewers from your post, but if you allow, ill link my "Gamers and Miners, unite! If you dont allow it, just reply here and ill remove it. Thanks for the info and best regards! Authors get paid when people like you upvote their post.

Also do you think 'Ubiq' would be a good coin to mine? Does that sound accurate? Im mining ethereum with claymore, selling it for DMD.

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Litecoin mining with multiple gpus

It was also mining the digital assets—and making money while doing so. Those profits are nice, of course, but for Fidelity they are not the point. Stern says the real purpose of the mining is to learn about the burgeoning cryptocurrency market.

In the last month, J. Morgan jpm has begun handling customer orders for bitcoin-related financial instruments, while Goldman Sachs gs has stoked rumors it might open a trading desk dedicated to digital currencies.

This summer, joy of tech bitcoin mining , the brokerage entered an arrangement with Coinbase, a popular San Francisco-based exchange, to joy of tech bitcoin mining customers view the value of joy of tech bitcoin mining digital currency alongside stocks and others assets on their Fidelity homepage, joy of tech bitcoin mining.

The Coinbase tie-up is a convenience for customers, but also lets Fidelity gain insight into how many how investors are interested in cryptocurrency.

Meanwhile, Fidelity has also included bitcoin in a program that helps individuals donate specialized assets, such as fine art, to charity. Stern says the company often conducts interviews with customers who donate bitcoin, in part to learn about their interest in the cryptocurrency. Click here for more on The Ledger. What is the point of that?

And blah blah blah. I mean come on there is a difference and there is some importance to it. Well here you have it, basically the ASIC miniers are only good for the short run, and yes you can make your investment back, however they are loud, noisy and get super hot.

On top of all that they wont last forever. ASIC Chips are designed for a particular algorithm. Which means that once the mining has surpassed a certain difficulty, they basically are a piece of junk which is consuming way too much electricity compared to their revenue. Another notable point is that ASIC Miners are way too focused, hence their name application specific integrated circuit, they know only one thing and do only one thing, and when it becomes obsolete, they become obsolete too.

On the other hand GPU Mining rigs. Well you are first of all having a computer. The only difference with this computer is that it is an overpowered beast of a computer with multiple GPUs. The use of having multiple GPUs not only helps you process video editing smoothly but you can be having games run at ultra high settings.

GPU Mining you have a computer, when mining on computers become unprofitable, you still have a computer which you can use for other things. GPU can be sold and you can always get some money back in return.

But one of the main things about GPU rigs is that you get the joy of building something and that give you satisfaction! When I first built my GPU Rig I was so excited that it brough back the good memories of my teenage days when I used to build computers. Obviously those days are old, but the main thing is that today we are building something for ourself, and ASIC miners are basically helping the corporate world make money off of you! As my good friend CryptoMined once told me, why should we let the giant Corporate make the most of the decentralized Cryptocurrency?

Because that is against the point of cryptocurrency and block-chain technology where everything is all about becoming decentralized. Everyone should have the pleasure of supporting the block-chain technology by being the block chain and being the miner. Yes not everyone can afford but those that can they make the technology better. Find out how to block JavaScript-based Bitcoin mining scripts in web browsers How to block Bitcoin Mining in Ghacks is a technology news blog that was.

Rejoice everyone, it is that time of the year again. This week's edition of Tech Tent is our annual festive quiz - and although I am writing this before taking part. Joy Token is a new development platform specifically for the creation and marketing of online Bitcoin Mining.

Blockchain technology is changing industries. Bitcoin Mining Guide - Getting started with Bitcoin mining. Become the best Bitcoin miner and learn how to mine Bitcoins with the best Bitcoin mining hardware. Everything you need to know about Bitcoin mining. Become the best Bitcoin miner and learn how to mine Bitcoins with the best Bitcoin mining hardware, software. An earlier version of this story misstated the current price of Ethereum. Well lets get to know a little about each one of them.

No way you can have them indoor. They are super hot, and need a cooling system. Needs a separate Computer to run them. Need to buy separate power cables. Only one algorithm mine-able. Once the difficulty is run out, its a junk Well here you have it, basically the ASIC miniers are only good for the short run, and yes you can make your investment back, however they are loud, noisy and get super hot.

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