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Everything you need to know about mining
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Which Alt-Coins Should Be Mined?
If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now. At the same time, there are plenty of ways you could have lost money, too. Bitcoins are not a good choice for beginning miners who work on a small scale. The current up-front investment and maintenance costs, not to mention the sheer mathematical difficulty of the process, just doesn’t make it profitable for consumer-level hardware. Now, Bitcoin mining is reserved for large-scale operations only.
How Cryptocoin Mining Works
Let’s focus on mining ‘scrypt’ coins, namely Litecoins, Dogecoins, or Feathercoins. The whole focus of mining is to accomplish three things:
- Provide bookkeeping services to the coin network. Mining is essentially 24/7 computer accounting called ‘verifying transactions’.
- Get paid a small reward for your accounting services by receiving fractions of coins every couple of days.
- Keep your personal costs down, including electricity and hardware.
As a hobby venture, yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day. In particular, the digital currencies mentioned above are very accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.
The Laundry List: What You Will Need to Mine Cryptocoins
You will need ten things to mine Litecoins, Dogecoins, and/or Feathercoins.
- A free private database called a coin wallet. This is a password-protected container that stores your earnings and keeps a network-wide ledger of transactions.
- A free mining software package, like this one from AMD, typically made up of cgminer and stratum.
- A membership in an online mining pool, which is a community of miners who combine their computers to increase profitability and income stability.
- Membership at an online currency exchange, where you can exchange your virtual coins for conventional cash, and vice versa.
- A reliable full-time internet connection, ideally 2 megabits per second or faster speed.
- A hardware setup location in your basement or other cool and air-conditioned space.
- A desktop or custom-built computer designed for mining. Yes, you may use your current computer to start, but you won’t be able to use the computer while the miner is running. A separate dedicated computer is ideal. Tip: Do not use a laptop, gaming console or handheld device to mine. These devices just are not effective enough to generate income.
- An ATI graphics processing unit (GPU) or a specialized processing device called a mining ASIC chip. The cost will be anywhere from $90 used to $3000 new for each GPU or ASIC chip. The GPU or ASIC will be the workhorse of providing the accounting services and mining work.
- A house fan to blow cool air across your mining computer. Mining generates substantial heat, and cooling the hardware is critical for your success.
- Personal curiosity. You absolutely need a strong appetite for reading and constant learning, as there are ongoing technology changes and new techniques for optimizing coin mining results. The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.
Source: LifeWire
The electric vehicle maker’s stupendous rally in recent months has given shareholders something to cheer about, cost short-sellers billions of dollars and vindicated legions of retail investors who have long adored Elon Musk’s company.
Tesla shares have soared by nearly 320% since early June, helped by the company’s better-than-expected financial results and ramped-up production at its new car factory in Shanghai.
After surging 36% over Monday and Tuesday, the stock by Friday had settled back to a gain of about 15% for the week. On Friday afternoon, it was down marginally at $747.11.
Another factor driving this week’s surge may be fund managers hurrying to raise their allocation of the stock, analysts said.
“A lot of advisors and institutions, they jump in the bandwagon because they don’t want to trail,” said vocal Tesla bull Ross Gerber, president and chief executive of Gerber Kawasaki in Santa Monica, California. “If Tesla goes to $1,000 and they don’t own it, what are they going to tell their clients?”
Gerber trimmed his fund’s position in the stock as the company’s valuation soared. He hopes to buy more if the stock falls and said a fair valuation would be around $550.
THE BULLS
Retail investors have driven part of the surge.
Among Fidelity Investments customers, Tesla has been by far the most actively traded stock in recent sessions, with nearly 16,000 buy orders for the electric carmaker’s shares. Twitter, ranked second overall in trading activity on Fidelity, had just over 2,000 buy orders.
On Monday, when Tesla shot up 20% in its biggest one day rally since 2013, clients at TD Ameritrade – millennials in particular – overwhelmingly took profits after having bought the stock for months, said JJ Kinahan, chief market strategist at the online brokerage.
Tesla’s biggest institutional shareholders are Baillie Gifford, Capital World and Vanguard, according to Refinitiv data.
It also has an international following. Retail investors in South Korea have been trading Tesla shares at a furious pace in recent weeks, buying and selling $200 million worth of stock in January, according to the Korea Securities Depository. Volume in November stood at $43 million.
Tesla options positioning is also bullish. According to data from options analytics provider Trade Alert, skew turned deeply negative this week, meaning that demand for calls, used to position for further share gains, has surpassed demand for puts, used to guard against a fall in shares.
That’s a departure from the usual dynamic in most stocks, in which options used for downside protection generally command prices higher than those for upside participation.
Best known as the immutable database that runs underneath cryptocurrencies like Bitcoin and Ethereum, blockchain is poised to play a critical role in every industry imaginable as businesses seek ways to cash in on the distributed ledger technology’s promise of enabling a “trustless” consensus to validate transactions.
Earnings in the past year
Smart miners need to keep electricity costs to under $0.11 per kilowatt-hour; mining with 4 GPU video cards can net you around $8.00 to $10.00 per day (depending upon the cryptocurrency you choose), or around $250-$300 per month.
Chart shows our earnings in the past year.
Financial transactions are typically guaranteed by a trusted third party (such as PayPal) and blockchain can be used to automate that process, reducing overall costs by cutting out the middleman with autonomous smart contracts acting as trusted intermediaries between parties on the network.
There’s a lot of hype with Cryptos. Why? Because most do not know what they’re investing in and would rather listen to the crowd. What happens then? Prices crash once you’ve bought into it. Taking a loan or using all your life savings can be hugely risky, especially if you do not have the prerequisite knowledge on the tech and the coins. Be informed. Ask the right people. Arm yourself with knowledge before jumping on the hype-wagon. This would significantly reduce your risk and most importantly, position you to invest in the long-term fundamentals of the technology.
There are plenty of opportunities to make lots of money in the crypto market, and you should be patient and wise to acquire the right knowledge before investing. Don’t be the person that invests based on the current hype. Do your research first. If it’s too complex, look for answers. The cryptocurrency community is filled with awesome individuals that can simplify things and help you along the way.
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