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Part 1:

How To Mine Litecoin:

Litecoin is a digital currency just like Bitcoin. However, it has different algorithms to process, known as “Scrypt.” Initially, people were used to mining litecoin with home computers. But now, a dedicating mining machine ASICs has the ability to process scrypt coins such as Litecoin, making it difficult to enter without a huge investment. if you are trying individually, then breakeven will be reached after a long time. Whereas, when you join a mining pool you get returns almost immediately.

What Are The Basics Of Cryptocurrency Mining:

Traditional money’s aim is to increase the amount of cash in exchange. digital currency such as Litecoin is produced by solving difficult algorithms. When algorithms’ blocks are ended being treated, additional currency is released into the market. Usually, miner’s reward finishes the blocks.

  • As the currency mined in a large amount, algorithms process is getting more difficult. This is an intentional step to prevent immediate mining of the currencies.
  • Mining pools were created to provide a handsome return in short time period. When a block is finished by any member of the pool, all member will get the reward equally. If you are in the individual mining process, you might get less reward.

Different Alternatives To The Mining:

24/7 electricity is required to mining process of any cryptocurrency. It’s like, you are willing to drop your investment on the enthusiastic mining machine. If you are using house computer for mining, it may supersede the value anything you mine. In addition, continuous running put a serious pressure on your hardware components.

  • Cryptocurrencies have a fundamental principle is litecoin mining is going to upsurge the difficulty level. Means, it will too much difficulty to mine at a profit unless the value of the currency gets an enhancement.
  • If you are mining litecoin to use it as a hypothetical venture or as an alternative payment. It’s better to buy them all together.

Mining Computer:

You need a computer with two graphics cards for litecoin mining known as a rig. Ideally, you will get four or five graphics cards for your setup. You can shop them online or build it on your own. In addition, you will require two basics things

  • System RAM as graphics card RAM
  • You need dedicated cooling for your mining setup to your component alive

An ASIC scrypt miner:

These enthusiastic mining machines increase the mining power. But they may be expensive for others. The good news is, these mining machines are also available in low-power models, letting you save electricity.

  • One of the best benefits of the scrypt miner is you have the power to change it mine more lucrative coin as long it is scrypt-base like Litecoin.
  • For a low power miner, you have the option to get a USB ASIC miner and connect it to Raspberry Pi.
  • Try it to shop them online

Estimate whether mining is going to be worth it?

Once you decided the equipment, conclude that what you have to do now? What are the market trends and how much mining you need to do? Power, electricity and internet bills will also include in this decided plan. If your performance is same at mining, it’s better to buy coins.

Part 2:

Get a Bitcoin wallet:

You need a wallet to store Litecoin. You can download them from the official website also for mobile devices.

Join the mining pool:

A large number of mining pools are waiting for the newbies with heavy investment. you need to join cryptocurrency mining pool and enjoy the reward. One thing you need to make sure that your wallet is connected your account. So that you can collect your wages.

A worker in a pool:

The worker is a system followed by the mining pool in which work is assigned to you and the whole effort is representing while you’re mining.

  • Mining pool automatically creates the first worker at the time of the registration.
  • If you have multiple mining rigs you need an additional worker. Otherwise, most of the miner don’t need more than one worker. Naturally, you are allocating a single worker to each mining equipment you have, which allows you to track competence.

Download mining program:

There are few mining programs are offered by the companies in the market, depending on your requirements. Few examples are, CGminer, cudaMiner, cpuminer.

Configure your mining program:

Mining programs have different configuration process. You need to check your mining connection details, stratum, port number and worker information as well. your mining pool should have complete instructions.

  • Extract CGminer such as “C:\CGminer”
  • Press “⊞Win+R” and type “cmd” to open the command prompt.
  • To scan your graphic cards type “cgminer.exe -n”
  • Use your mining pool information, start “c:\cgminer” –scrypt -o STRATUM: PORT-u WORKER -pPASSWORD”
  • Save your file as “bat” file

Part 3:

Double click:

You can easily start the mining after configuring and connecting with the mining pool. The command window will show the complete details of your mining. You will also receive the information and market trend from other miners.

  • Do not run another program while your system in working on mining. Otherwise, it will hurt your mining efficiency.

Monitor hardware system:

Make sure that your system is saved from overheating, which can destroy the whole setup.

  • If your system is running 24/7, it will provide you best result.

Profitability checking:

If your coin’s cost is equal to your lightcoin mining process’ cost than sell this equipment and recover your potential loss.

 

 

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Cryptocurrency Mining Stocks – Which ones are the best?

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Cryptocurrency mining is a process through which businesses/persons with high-powered computers and servers compete against each other in order to solve extremely complicated mathematical equations – result of the encryption which is designed to protect transactions on a blockchain network. Top cryptocurrencies use mining process; however, others use different methods.

top cryptocurrencies

There are other factors that you

keep in mind, since there are inflated costs included in the crypto mining, as well.

must

  • Thousands of servers, processingunits, and hard drives are used for solving complex equations, making it a highly intense electricity practice.
  • This doesn’t only increase the electric bill, but also creates a lot of heat, so a cooling system might be required for it as well.
  • Likewise, hardware becomes outdated real-quick, so miners are also required to upgrade their equipment on daily basis to remain competitive.

Mineable Cryptocurrencies

All virtual currencies are not mineable. Mineable cryptocurrencies are:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Litecoin
  • Monero
  • Dash

However, other cryptocurrencies like Ripple, E

 

OS, Cardano, Stellar, IOTA, and NEO, use a different technique of transaction validation, which is known as “proof of stake.”

Cryptocurrency mining isn’t viable for everyone, though it has been lucrative. There are many ways through which investors can gain exposure to crypto mining.

 

AMD and NVIDIA

The most protuberant names of the bunch are:

  • NVIDIA
  • Advanced Micro Devices (AMD)

They are quite popular for their PC-based microprocessors and graphics card, respectively. However, no company has been impending related to how much of their sales are linked to cryptocurrency mining, but at the same time, each company has evidently profited from the sale of graphics processing units (GPU).

 

In reality, the demand for GPUs is quite strong and the price of graphics cards, including the new and the old ones is also increasing. This truly makes a little bit of a conundrum for both AMD and NVIDIA, as AMD is more commonly known. The main customers of both companies are potential gaming enthusiasts as well as enterprise customers.

If cryptocurrency mining demand keeps on plucking the supply from the market, the high price for graphics cards could come as an upheaval amid AMD and NVIDIA’s customers. On the other hand, if these companies make a product just for cryptocurrency mining, they will probably cut down the prices by cumulative supply and cram the sales.

Although both companies surely have so much going on outside the cryptocurrency mining industry, but still there’s a possibility that their share prices could consider the ebbs and tides of virtual currency token prices – consequently, making it something unforgettable.

 

TSMC (Taiwan Semiconductor Manufacturing Company)

Taiwan Semiconductor Manufacturing Company is among growing cryptocurrency mining stocks and isn’t really keen on revealing its sales percentage.  TSMC reported strong first-quarter functioning results last week, including a 6% upsurge in its sales from the prior-year period. The co-CEO and president of TSMC, C. Wei, explicitly said that these consequences were largely driven by robust demand for high-performance computing like “cryptocurrency mining.”

 

HIVE Blockchain Technologies

Well, if you want cryptocurrency mining exposure deprived of running your particular own mining operation, there is over-the-counter exchange-listed HIVE Blockchain Technologies. This widely traded cryptocurrency mining firm is trying to ramp up its operations in Iceland and Sweden at this time – envisions making almost $150 million in revenue every year from its operations.

Iceland and Sweden provide commercial kilowatt-per-hour electricity prices; below the European average. In addition to that, these are comparatively temperate nations, which could help in keeping mining equipment imperturbable.

Even with being a cryptocurrency mining start-up, HIVE Blockchain has already turned a revenue in its latest reported quarter. Certainly, the $149,724 in revenue was insignificant and resulted in $0.00 in returns per-share. It seems like HIVE could make over 10 times – each quarter when completely ramped up.

HIVE Blockchain isn’t specifically selling all of the tokens that it is mining. It does hang on to few of these coins, hoping they will appreciate in value. Consequently, HIVE directly allows an investor to access crypto mining margins, along with the movement in a trickle of some reputable digital currencies. However, some risks are also included.

Risks

  • As long as the business is totally devoted to cryptocurrency mining and lacks sales diversity, investors must know that if virtual currency prices drop significantly, their investment in HIVE could also drop.
  • Also, if you want to raise capital, it won’t be astonishing if HIVE Blockchain dilutes current investors through “bought-deal offerings.”

These are some risks that stock investors must have to endure; especially if they want to directly access a publicly-traded crypto mining stock.

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Think Your Life Is Hard? Man Threw Out Bitcoin Hard Drive Now  Worth $80m!

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A man has shared his pain after unknowingly unconsciously tossing out a Bitcoin hard drive seven years ago. The hard drive is now worth $80 million. Campbell Simpson, supervisor of tech site Gizmodo Australia, says he passed up a major opportunity for amazing wealth since he ejected a piece hard drive containing 1400 bitcoins. Seven years later, the Bitcoin market soared and Mr. Simpson’s apparently unimportant web money, which he purchased for $25, is currently worth $80 million dollars.

Bitcoin, which is online cash connected to a client’s digital wallet, is payment used to trade on the web and is acknowledged by numerous organizations. In 2010 Mr. Simpson’s 1400 Bitcoins were just worth around $25, however now, one Bitcoin is worth over $4,000.

‘I didn’t need or think about, anything on it. So I discarded it,’ he said.

At the point when usage utilization on the web began to explode, Mr. Simpson consistently – but bitterly – checked how much his 1400 was worth. After understanding his Bitcoin accumulation would have been worth $4000 a couple months later, Mr. Simpson was marginally irritated.

In any case, this month Bitcoin achieved a noteworthy high value, making his once-measly hard drive of worthless crypto a $6 million gold mine.

‘This is presumably a ridiculous thing, looking back, that I’ve at any point done. Also, I’ve done a considerable amount of idiotic things a ton of times,’ Mr. Simpson said.

The tech author says he has been offered advice on the best way to potentially recover the long-gone hard drive, however, he concedes he won’t try attempting to discover it. ‘I don’t even want to discover those Bitcoin, though. I’m truly content with my life right now. I needn’t bother with them,’ he wrote. ‘I’m for the most part really nice in life, I think, and I can giggle about it for like 95% of the time.’

Despite admitting he is not in desperate need of the hard drive, Mr. Simpson bemoaned the type of lifestyle he could live if he had $6 million – and says he could have even purchased a house in Sydney, ‘I could have purchased a house. In Sydney. At Sydney costs. I could have traveled the world or purchased a goddamn yacht or something,’ he added.

Here is a string of tweets he posted earlier this year:

 

Seems pretty pissed to me! What do you think of this unfortunate event? Let me know in the comment section below.

 

Story and image credits: Daily Mail

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Bitcoin Mining News – Some Bitcoin Miners can get Help from The Rise of Ethereum

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Bitcoin Mining News:

Bitcoin mining is getting more difficult with the passage of time, so now it is taking more money and electricity to mine for the digital currency than ever before.

The rising worth of Ether, another digital currency, and the appreciation of Bitcoin can help to maintain the productivity of Bitcoin mining, in spite of increasing costs and difficulty.

It is becoming more difficult and problematic to mine bitcoins, but miners are not packing up their servers because of this. the number of available bitcoins for mining has decreased from 50 Bitcoin per block. According to a financial technology analytics service “NEXT”, the number of bitcoins available for mining was 12.5 Bitcoin per block when it initially came onto the scene.  According to a Bitcoin countdown site, this number has set to decrease about to 6 Bitcoin on June 19, 2020.

In the starting days of the technology, a few computer systems were able to mine hundreds of coins in about three to four days. Sebastian Quinn-Watson, a consultant with a bitcoin mining firm reveals that is not what the fall looks like today. Sebastian Quinn-Watson said, today, about 1700 bitcoins are generated per day. Basically, we all are fighting for about one coin every 10 minutes.

Quinn-Watson said the rise in the value of Ether is a trend which can help Bitcoin miners.

Ethereum on The Rise:

 

Ether is the most prominent rival of Bitcoin which is controlled by the Ethereum blockchain, Ether has gone high over 2000% since last year. Until the June, the digital currency was on its way to beat Bitcoin as the largest digital currency of the world, by market cap, according to Coindesk, since its market share has pulled back.

According to Sebastian Quinn-Watson, miners could get benefit from the future appreciation in the price of Bitcoin. If the appreciation of Bitcoin was to overtake the rise in the mining cost, then the productivity of the business will remain unaffected.

Business Inside Volatility:

 

To be sure, the price of Bitcoin is high about 250% since last year. But it has experienced recently extreme swings in its price. Some miners have credited this instability to current civil war between crypto-power brokers. This did not bother Sebastian Quinn-Watson, he told that the Business Inside instability or volatility is exciting. He said, we welcome the volatility and look at this as required aftershock of the Cambrian explosion which Blockchain.

Story Credit: businessinsider.com

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Buying Bitcoins with PayPal through Paxful and Cryptonit

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Paxful and Cryponit are two of the best platforms to buy Bitcoin with PayPal. The process of buying Bitcoin with Paypal through Paxful and Cryptonit is almost similar to buying from LocalBitcoins. LocalBitcoins is a platform for purchasing/selling bitcoins with the lowest exchange rates and reliable users.

 

Buying Bitcoins with PayPal through Paxful and Cryptonit

 

The sellers have to pay a 1% commission fees to the platform that facilitates this exchange.

Like other P2P platforms, it follows a set of sales rules as well but, if you have a good user reputation, these requirements are lower.

Before you purchase anything, it’s better to make sure that the user has good reviews from other buyers.

The process of buying Paxful bitcoins is simple:

  1. Create an account
  2. Choose your amount and a payment method
  3. Select your seller- You can choose one yourself or let Paxfuldecide the best one for you.

Next, you’ll be sent to an online chat room with the seller to finalize your deal. The seller’s bitcoins are sent to Escrow and soon after you mark that the payment has been made, the bitcoins are released into your account. However, you must seal the deal within the time limit given or it is auto-canceled.

Buy Bitcoins With PayPal Through Cryptonit:

Cryptonit is another platform that enables you to buy Bitcoin with PayPal instantly. Cryptonit is a UK-based company and was founded in 2012. It is a cryptocurrency exchange that allows you to deposit money using PayPal, Visa/MasterCard, Skrill Western Union, MoneyGram, and many other options.

However, it requires a verification process in order to qualify for PayPal deposit to buy bitcoins.

The steps following the process are:

  • A copy of the government issued photo id.
  • An address verification document such as utility bill or rental agreement.
  • A photo of you holding these documents/ skype video call with someone from Cryptonit.

Verification will take around 12 hours on weekdays. After it is completed, just go to the “trade” tab, choose the suitable currency pair, and enter how much you want to buy.

Buying Bitcoins with PayPal through Paxful and Cryptonit

Final Word:

All in all, Cryptonit is a trustworthy option. It offers a safe environment so that you can serve your needs and minimize the risk of theft.

Please take a look at the following infographic for a better understanding.

 

 

 

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