It seems like a scene out of a late night infomercial. A man steps out of a fancy car, or profitable bitcoin mining 2014 super of a big expensive yacht, and starts his sales speech. Make thousands, tens of thousands, or hundreds of thousands of dollars all from the comfort of your own home.
With over 90 different cryptocurrencies on the market, alt coin miners have a plethora of options to choose from. And just like stocks, there are blue chip coins and penny share coins. Blue chip cryptocurrencies like bitcoin and litecoin are considered safer coins to mine, offering more reliable payouts, as investors are actively looking to buy these digital coins. Pink sheet alt coins, like the meme-based dogecoin or the darknet-intended anoncoin, give miners better net-gain potential. 0004 per coin, or four hundredths of a cent. Here’s where the rubber meets the road: hardware. Building a computer, whether for home use or alt coin mining, is a complicated undertaking mired in a myriad of choices that even the most tech-savvy person might find confusing.
There are many different factors one has to consider, but in the case of cryptomining, luckily some of those factors are simplified. In the early days of mining, CPU processing power was the most important factor to consider. Simple, low power and traditionally slower CPUs are the best to go with as these specialty computers will only be performing one task. Power-supply units and GPUs have a reciprocal relationship.
Most high-end GPUs, like the Radeon HD 7950 and Radeon 290x, are very power demanding. And to get the most out their mining rigs, cryptominers will have multiple graphics cards running at the same time, hashing faster and completing coin blocks in less time, earning money as fast as they can. So the right power supply will completely depend on the amount of GPUs that will be running. Once the hardware is assembled, software will need to be addressed. First an operating system will need to be installed onto that super reliable hard drive we talked about earlier.
While Microsoft Windows is the industry leader in operating systems and mining software is developed for this OS, it’s probably not best suited for a cryptocurrency mining rig. Instead, consider the open sourced OS Linux, as many different mining frontends are written with it in mind. The second piece of software, and probably the most important, is a digital wallet. Bitcoin, litecoin and all other currencies need to be stored somewhere, whether it is locally on a hard drive or remotely in an online wallet. Each alternate currency has a coin-specific wallet, so choose appropriately.
Once the computer is built and software is installed, mining can commence! Venturing out into the quagmires of cryptocurrency quickly reveals how hard it is to strike out alone. But fear not, mining pools exist for this and other reasons. Mining pools are groups of people who all agree to donate their hash power, their computers, to mine coins faster. Consider this to be the best way to earn money. Sites like Multipool and Middlecoin offer some great options for the pool miner.