Mining bitcoins and other cryptocurrencies for beginners

Surely, almost everyone who is just starting to get acquainted with bitcoin wants to mine it on their own computer, and not buy it on a cryptocurrency exchange or something else. We hasten to disappoint you: today it is already unrealistic. Even 2-3 years ago it was possible, but then larg

This led to the emergence of specialized devices called ASICs (an abbreviation for the English. Application-specific integrated circuit, “Special Purpose Integrated Circuit”), designed exclusively for cryptocurrency mining. The speed of bitcoin mining with ASICs has increased hundreds of times compared to ordinary home computers. Due to the growth in the power of the bitcoin network, the difficulty of mining cryptocurrency increased, after which it became impossible to get bitcoins on a stationary computer.

Due to the fact that Bitcoin is open source, independent developers have begun to make many different alternative cryptocurrencies for a variety of purposes. Such cryptocurrencies are commonly referred to as “forks” or “altcoins”. Each of the developers has their own goals for creating their own cryptocurrency, as well as the differences between the fork itself and its progenitor. This can be, for example, more coins that can be mined, or a faster transfer rate, each fork has its own special differences. For example, the second most popular cryptocurrency is Litecoin, which is also a fork of Bitcoin.

So what's the point of this? It's simple, due to the fact that ASIC chips are released only for a specialized encryption algorithm for mining cryptocurrencies, such as SHA-256 (Bitcoin) and SCRYPT (Litecoin), some independent developers have released their cryptocurrencies with a different algorithm, under which ASIC devices does not exist. This is done so that the power of the network, and hence the complexity of mining a new fork, does not grow to huge values. It turns out that such crypto-currencies can be mined on ordinary computers, and we will figure out how to do this and how many coins can be mined further.

So, what do we need for cryptocurrency mining, and what, in fact, will we mine? Instructions in several steps:

Choosing a cryptocurrency for mining
Choosing a mining pool
Choosing programs for mining
Setting up and running mining programs
We withdraw the mined coins to your wallet or to the wallet of the exchange

I think that useful information about gpu hashrates will be interesting for every miner. You should look into this and you won't regret it.


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