There’s Value in Bitcoin and There’s None in Altcoins ...
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1st BTC/Altcoin Mining Guide, Feedback Welcome!
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/
Making profit from Altcoins by means of this method ?
This is a little over 2 years ago , article , http://www.cryptobadger.com/2013/05/altcoin-explosion-profit/ But I believe the theory should still work today . Basically it's talking about how-to mine altcoins in short-term and still make profit from it. Please bare with me , I've only been researching mining digital coins for the past 3 days (almost non-stop) , and feel that I've made some good progress (in understanding all of this topic) , but still I have much more to learn. With that said I have the following important questions (I need help fully understanding correctly): (but before my questions, I'd recommend reading the above mentioned article, or you may simply see the following summary of the theory mentioned in said article:
Check CoinChoose often.
If an altcoin is significantly more profitable than litecoin, switch your miner(s) over to it by signing up for a mining pool that deals with that particular altcoin and pointing cgminer at it.
Sign up for Vircurex, Bter.com, or another cryptocurrency exchange.
Cashout from the altcoin mining pool directly into Vircurex (you can generate addresses within the “accounts” section of Vircurex for this purpose).
Trade the altcoin for bitcoin (or litecoin, or whatever you want) on Vircurex.
) Now onto my questions:
Taking as example, right now at this moment, Friday 28-08-2015 @ 2:06pm Eastern Time (US) .... Novacoin has (% profitability of BTC) equal to 25,918.69% , compared to Litecoin having (% profitability of BTC) equal to 15,954.03% ; of course Bitcoin has (% profitability of BTC) equal to 100% . Does this mean that if I start mining novacoin I would be generating significantly more (& faster) "digital-money" than otherwise mining (at this very moment) any other digital-currency (assume using same miner hardware & of course altcoins values are different across each other) ?
Taking as example #1 above and noting the theory mentioned above , if I were to attempt to make profit from mining the most profitable altcoin at any given time , to do so I would for each time the rankings of altcoins changes in the list seen at http://www.coinchoose.com/ , I would have to obtain a wallet specific to that altcoin I am going to mine & also join a mining pool specific to that altcoin , in order to proceed with mining that most profitiable altcoin using my miner device (& of course make the necessary changes, e.g. change from scrypt to sha-256 , or vice versa, & Etc.) ?
Since I am set on trying out this theory , and because I'd like to make the most money possible , for all of this to be worth my while , I must get a miner that is "ASIC" but that is capable of doing both "scrypt" & "sha-256" , and which has the highest possible speed available (I am thinking of a miner that has 1 TH/s) , are these points made here all correct (in this question #3) ?
Staying with the theme of fastest miner I can get (as stated in the above question #3) , should I expect that if I am mining a altcoin that is significantly less in value & less in dificulty , then I should be able with this miner significantly mine , significnatly several more coins than if I were to be mining bitcoin itself (of course understanding that from digital-currency to another digital-currency the vaules are different) ? And follow up question to this one, if mining an altcoin that is significantly less in value than bitcoin but still using the same miner device that I would use for bitcoin mining, namely the fast 1 TH/s speed miner, then mining solo that altcoin is as good or almost as good as mining in pool that altcoin (the same cannot be said about mining bitcoin, where you really must use a mining pool in order to be succesful) ?
A question about mining pools , I understand that it is a much of devices joining teams together to solve the algorithm , but in these pools is the work being broken up across the different devices so that no repetitive calculations are being done , or how exaclty does the work within a mining pool work-out-to-be (I would hope it's not a brute force job and that there is some form of efficiency going on in these mining pools) ?
Sorry if this is a dumb question.. I get about 350 KH/s on Scrypt (Litecoin) and I get about 430 MH/s on SHA-256 (Bitcoin) so I'm thinking bitcoin would get me more money but it takes FOREVER to pay out because of the difficulty while litecoin is much faster (still kinda slow but much faster) but has less value. I would sell my LTC for BTC anyway to get the advantages of having BTC. Would I end up making more if I switched between multiple currencies based off of their profitability percentage? (See Coinchoose.com) or should I stick with mining LTC to trade for BTC or just stick with BTC all together?
Does bitcoin have value? Bitcoin is a digital currency. If you want to buy a camera for £ 250, then you need a way to transfer £ 250 to the seller. In theory, it doesn't matter if you pay in cash, write a check, send money by email through PayPal or use bitcoin. Actually, you must balance a variety of factors, including convenience, security and transaction costs. I would use a credit card ... CoinChoose.com - Crypto Mining, Exchanges, Trading, and More ... CoinChoose.com. There are plenty of Bitcoin and cryptocurrency guides out there, but none can match the level of detail and the services CoinChoose brings you. Our team is the top source of information about Bitcoin, altcoins, trading, and crypto mining today. We deliver the finest and accurate facts about the cryptocurrency ... Andy wants to know how to invest a few hundred pounds in bitcoin. It’s not hard to buy bitcoins, but whether they are an investment or a gamble is another matter ... Home » News » There’s Value in Bitcoin and There’s None in Altcoins, Says Bill Miller. #American. #BCH. #Bill Miller. #Bitcoin. #Bitcoin Cash. July 30, 2018 3 minutes read. In a Bloomberg interview, American investor Bill Miller likened Bitcoin to a positive expected value lottery ticket, while calling altcoins "worthless." It is worth the money to buy in into Bitcoin (BTC), according ... Coinchoose.com has an estimated worth of $1,474, this site is ranked 155841 in the world wide web. The age of coinchoose.com is 4 years, 360 days. According to the global rank, the site has an estimated daily page view count of 20,399
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