Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin and Ethereum.
Before following the provided mining steps, here are some important information you should keep in mind before mining:
The Ethereum Mining Procedure:
You will have to download Geth. Geth will help you as a communication hub, connecting you to the Ethereum platform even coordinating your hardware and reporting any development which requires action on your part.
Usually, Geth received as a zip file. You have to unzip and transfer the file to HDD. The drive C: is usually best for this.
For the execution of the installed application, you need the command prompt. Search for ‘CMD’ in Windows if you’re if you don’t know about this, from the search list click on it.
‘C:\Users\Username>’ the username is the name of your computer system and it is the usual display format by command terminal. The next step is to locate Geth, type in ‘cd/’ in the command prompt terminal, it’s an instruction for change directory. ‘C:\>’ must be highlighted now, which shows you’re currently in the C: drive.
The next step is “Account Creation”. To make a call to Geth, you have to type in ‘Geth Account New’ which followed by the enter key. The command terminal will now display ‘C:\> Geth account new’.
A password will be required from you at this stage. Some extra attention should be taken here. Make sure to your password, if possible write it down, and don’t forget to type it in carefully. Press enter button once again after putting the password. Your new have generated.
Geth needs to connect with the network before anything turn into fully operational. Just type ‘Geth -RPC’ in the terminal, then press enter, this will start the download the blockchain of Ethereum and synchronizing with the global network. It is a time intensive process and it’s dependent on how large blockchain is currently and your internet connection’s speed. You have to wait to make sure the completion of this process before mining.
You need a mining software to proceed, which will help your GPU in running the required hash algorithm on the platform. For this heavy lifting “Ethminer” is a good choice.
Install a mining software of your choice for this mining procedure.
Repeat 4th step in a new command (change directory command) terminal. For a new command terminal, make a right click on the icon of previously active terminal found in the taskbar and at that time click on the terminal from the menu.
Type ‘cd prog’ in the new terminal window followed by the tab key. ‘C:\>cd prog’ will be on display, press tab key again to display ‘C:/>cd” Program Files” ‘after this press the enter key to show ‘C:\Program Files>’.
Type ‘cd cpp’ to go into Ethereum mining software folder, then the tabs and the enter keys. You have to press tab once again and the terminal will now display ‘C:\Program Files\cpp-ethereum>’.
Start mining with GPU, type ‘ethminer -G’ followed by the enter key. This will start the mining process after creating the Directed Acyclic Graph (DAG), which is a huge file stored in RAM of your GPU to make it ASIC resistant. Make sure that there is enough space on your HDD before getting to this point.
Lastly, if you are going for it, CPU mining can be done. You have to type ‘ETHMINER’ then press the enter key to start the process. The creation of the DAG is still compulsory in this step after that Geth takes over communication with Ethminer.
It’s really simple to use a Bitcoin mining calculator. There are only two main instructions that you need to follow:
Do these and you will have your desired calculations with an accurate result while using a Bitcoin calculator. However, there is one important thing to remember while performing calculations: The revenue will be in USD, based on current exchange rate. The exchange rate varies from time to time and so does the revenue difficulty.
Some other points to remember are:
Bitcoin mining has secured the bitcoin world. Without miners, you would not be able to do any transaction happily. In that sense, miners pay for their services and mine the blocks. If miner successfully mined a block, there is a reward on each block in the form of Bitcoin.
Easily run a profitable mining farm.
While going to purchase bitcoin mining hardware you must look the at metrics called hash rate. If a hash rate is high, it means your miner is more powerful. To calculate the amount of hash power per month, you can use the mining calculator. However, it may be costly for a new mining farm.
Just like you want to earn more, the hardware will become more expensive. Antminer S7 mines $200 bitcoins per month and costs $629. And this is just the hardware cost. The costs of electricity and equipment are not included.
For profitable mining operation with low W/GH with good hash, power is the better option for your profitability. Antminer S7 is also considered the most efficient miner with 0.25 W/GH.
During the mining process, the miners emit large amounts of heat, so you will need cooling fans and power supplies to keep the temperature under control.
Mining operation completely depends on electricity. 60% of Bitcoin network’s hashing power is located in China because of cheap electricity.
Miners in cold areas are more profitable because there is no extra need for cooling fans. It removes the heating cost and keeps the houses warm during winter.
It is difficult to know about the difficulty months in advance. Network and hash power are external factors and vary from time to time.
Instead of stressing out, concentrate and give complete attention to understanding the more efficient idea of mining technology and the hash rate.
Bitcoin price is a factor you can’t control. Price fluctuation is important so keep yourself up to date and prepared for these fluctuations.
On the other hand, the reward is a predictable factor. It started from 50 bitcoins per block, then 25 BTC per block, and in July 2016, it was halved to 12.5 bitcoins per block. The reward takes place every four years. This means the halving will be taking place in 2020.
Use of bitcoin profit calculator keeps you updated with hardware and electricity costs. This will give you the better idea how to decrease the possibilities of mining difficulty and Bitcoin price.
Wishing you good luck!
One of the most trusted ways to buy bitcoins is through LocalBitcoins. It’s a destination where buyers and sellers meet and a large number of them sell bitcoins via PayPal for others to use. However, its prices are much higher than that of VirWox.
Following are the steps that you will need to follow to complete a bitcoin transaction on LocalBitcoins.
To buy local bitcoins, head over to LocalBitcoins.com and enter the amount of USD (or any other currency), select your country and select “PayPal” as your payment method.
You should now be seeing a list of sellers willing to accept PayPal. You can run by them one at a time and here are some factors to look into:
For credibility verification of a seller, click on “see feedback”.
With these points, you can find out if the seller is trustworthy or not.
Certain sellers will require you have an initial reputation in order to buy from them so they can avoid scams or fraud. This means that you will have to conduct some small transactions to prove your legitimacy.
Once you’ve chosen your seller, enter how much you are willing to buy and click on “Send trade request”.
You will be taken to the “Payments” page and you’ve got to “mark the payment complete” on the invoice.
Once this step is finished, the seller will verify your payment and you will receive BTC in your wallet.