Cryptocurrency Mining
In the past mining only had to do with things such as gold, silver and diamonds. In today’s computer age mining has taken on another meaning. It now is a means of acquiring cryptocurrency such as Bitcoin, Ethereum or other altcoins.
Cryptocurrency mining includes two functions, namely: adding transactions to the Blockchain (securing and verifying) and also releasing new currency. It is a Blockchain that facilitates secure online transactions. A Blockchain is a decentralized and distributed digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Individual blocks added by miners should contain a proof-of-work. If you want to learn more about the Blockchain and how it works there is a great deal of information online concerning this.
In order to mine for Bitcoin or other cryptocurrency you need a computer and a special program to attempt to solve a block having the transaction data using cryptographic hash functions.
Hash value is a numeric value of fixed length and it uniquely identifies data. Miners use their computer to zero in on a hash value less than the target and whoever is the first to crack it would be considered as the one who mined the block and is eligible to get rewarded.
As of July 19th, 2016 the reward for mining a block is 12.5 bitcoins. I cannot find any updated information concerning this amount. Unfortunately, personal computers do not have the processing power to do this extreme amount of mining. Most people who are mining Bitcoin usually do so by mining mBTC. mBTC stands for millibitcoin. Therefore it is 0.001 BTC or 1/1000 BTC. Many miners earn from $1 to $10 per day from their homes. There are some extreme cases in which crypto-miners earn much more but it depends upon the GPUs that they have and how many “rigs” or rather sets of GPUs, that is Graphics Processing Units.
Early in the history of cryptocurrency only cryptography enthusiasts served as miners. As cryptocurrencies gained popularity and increased in value, mining is now considered a lucrative business. Consequently, several people and enterprises have started investing in warehouses and hardware.
As enterprises jumped into mining, unable to compete, Bitcoin miners began to join open pools, combining resources to effectively compete. A Bitcoin mining pool is where miners buy or sell processing power to one another so that those who buy receive more hash power and earn more by doing so. It is all about sharing resources.
Even outside of mining pools there are several ways to mine cryptocurrency. Websites such as Coinpot, that allow only CPU mining through a website browser are okay for people who do not have more than a 2 gigabyte video card. Coinpot is also a microwallet that allows you to collect from several cryptocurrency faucets as well. For information about what a faucet is read our article at and to find faucets that connect to Coinpot go to http://cryptomanor.com/what-is-a-cryptocurrency-faucet/
Another new way of mining is a program called Computta that allows you to refer new “affiliates” who can mine and you earn from. This gives you a chance to earn a great deal more especially if these affiliates actually install and use the software to mine. You can actually see money coming in and this can easily become a set it and forget it way of earning money. If you have a good graphics card such as a 4 megabyte or better you can earn about $2 a day minimum on your own and much more if you have several affiliates doing the same. In fact you can easily earn in the area of thousands of dollars a month depending on the number of active miners that you refer. Click on the Computta link and sign up. Then download the software and run it. Refer people to join you to make much more.
There are several other good solutions for mining available. You do need good graphics cards in order to mine efficiently and the use of such uses a great deal of electricity and creates a great amount of heat plus a lot of wear and tear on graphic processing units.