Friday, August 25, 2017

Some mining basics

Okay, so if reading this, you're probably like me... You've read about mining, maybe you did a little mining in the past, you've been seeing website all over talking about Ethereum, Monero, etc. Whatever the reason, you most likely did enough research that you're interested in getting into mining and are looking for an informative place to start.

Bitcoin is the main cryptocurrency and several years ago, you were able to to mine Bitcoin using the video card(s) in your gaming rig. Unfortunately, the difficulty of mining has increased to the point where using video cards is no longer feasible. As the difficulty of mining Bitcoin has increased, the hash rates that video cards can produce, coupled with the cost of the hardware needed and electricity costs, you would not be able to earn a profit.

So now comes in Ethereum (ETH). This is a highly popular coin that you have probably read about quite a bit and most likely one of the reasons that brought you here. The current price of Ethereum is $323.71  Ethereum is very popular and probably one of the most mined coins currently behind Bitcoin. There are quite a few coins you can mine with GPU's; Ethereum, Ripple, Litecoin, Monero, Dash and ZCash to name a few.

With my setup, I'm planning on mining Ethereum, Zcash or most likely, a combination of the two. As time goes on and the market and crypto values change, that will be subject to change.

1 comment:

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