Litecoin, Dogecoin, Feathercoin and Peercoin coin mining difficulty explained make you a small profit. Is it worth your time to mine for cryptocoins? Don’t bother with Bitcoin, though.
What Is an ‘Accepted Share’? Cryptocurrency mining takes patience and time. You can get in on the cryptocurrency rush if you take the time to learn the basics properly. Which Alt-Coins Should Be Mined?
If you had started mining Bitcoins back in 2009, you could have earned thousands of dollars by now. 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. Scrypt-based cryptocurrencies that are the best cost-benefit for beginners. At the current value of Litecoin, a person might earn anywhere from 50 cents to 10 dollars per day using consumer level mining hardware. As more people join the cryptocoin rush, your choice could get more difficult to mine because more expensive hardware will be required to to discover coins. You will be forced to either invest heavily if you want to stay mining that coin, or you will want to take your earnings and switch to an easier cryptocoin.
Is It Worth It to Mine Cryptocoins? As a hobby venture, yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day. 1000 in hardware costs in about 18-24 months. As a second income, no, cryptocoin mining is not a reliable way to make substantial money for most people.
50 per day or more. If your objective is to earn substantial money as a second income, then you are better off purchasing cryptocoins with cash instead of mining them, and then tucking them away in the hopes that they will jump in value like gold or silver bullion. Now, there is a small chance that your chosen digital currency will jump in value alongside Bitcoin at some point. Then, possibly, you could find yourself sitting on thousands of dollars in cryptocoins.
The emphasis here is on ‘small chance’, with small meaning ‘slightly better than winning the lottery’. If you do decide to try cryptocoin mining, definitely do so as a hobby with a very small income return. Think of it as ‘gathering gold dust’ instead of collecting actual gold nuggets. Let’s focus on mining ‘scrypt’ coins, namely Litecoins, Dogecoins, or Feathercoins. Provide bookkeeping services to the coin network. 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. This is a password-protected container that stores your earnings and keeps a network-wide ledger of transactions. 2 megabits per second or faster speed. 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. Do not use a laptop, gaming console or handheld device to mine. These devices just are not effective enough to generate income.