Mining is a superb way to come in the cryptocurrency ecosystem. However, Bitcoin/Litecoin is almost unlikely to mine for the average user. It requires expensive equipment called ASICs that are made by a controversial, centralized company called Bitmain. Thesis ASIC chips consume high amounts of electric current, and ASIC mining farms often use cheap &, ecologically-destructive coal power. Thesis centralized mining cartels mint the vast majority of fresh Bitcoin, and are responsible for contentious forks of Bitcoin te order to maintain a monopoly of the network.
I am not attempting to personages a negative light on Bitcoin- I am highlighting how far wij have come from Satoshi’s (the mysterious creator of Bitcoin’s) white paper that described a democratic mining system of “One CPU” spil “one vote.” Back ter the early days of Bitcoin, any old laptop could mine hundreds of Bitcoin a week (worth millions of $ at today’s value). Te a way, this wasgoed utopian ter the sense that anyone, anywhere could verify and support Bitcoin’s network. However today, CPUs and even more powerful GPU’s are worthless for mining on Bitcoin’s network- which leaves all of the mining to one powerful mining company te China.
However, just because you do not own an expensive ASIC miner doesn’t mean you can’t “mine” with any average laptop to ultimately obtain Bitcoin (using a regular CPU, GPU, and even a Hard-Drive).
Very first Option: Mine Monero with CPU
Monero is a particularly interesting alternative to Bitcoin. Unlike Bitcoin where every transaction is public on a distributed ledger, Monero offers true anonymity. While being a philosophically contentious kwestie, I believe that anonymity could be useful for people living under dictatorial governments. The Dark Web browser of choice called Tor, wasgoed created by an agency of the U.S. Department of Defense for this reason. And while anonymous devices like Tor and Monero can be used by drug dealers and criminals, so can cold hard contant.
Monero has an interesting feature that permits CPU mining to always be competitive, no matter the size of its network. This feature seems to fulfill the original intention of Bitcoin for “One CPU, one vote.” Therefore, it is possible to mine Monero on ANY rekentuig. A user-friendly webstek that I have used to CPU mine Monero for the past year is called Minergate. Make an account, download the software, and turn on “Extended Mode.” I choose to turn off the “Smart Miner” and instead only mine XMR (Monero) spil I believe it is the best coin they suggest.
If you leave a spare core, you should have no problem doing most tasks on your laptop while at the same time earning passive mining income. It depends on your equipment, but if you have a welvoeglijk CPU you can make a reasonable income spil long spil your pc is on and running. Every month or so, Withdraw your earnings to your dearest altcoin exchange(i.e. Binance) and either a. Hodl your Monero or b. Sell for Bitcoin (then sell for metselspecie on Coinbase, get Ten$ free BTC with this verbinding).
This past year I have continuously sold most of my earned Monero directly for Bitcoin. (I have actually missed out on greater gains with this method spil Monero has gone to the moon, but I very likely will proceed this way)
Next Option: Mine Zcash/Eth with GPU
This is slightly more limitary, spil not everyone has a suitable AMD or Nvidia Graphics Processor so I will not go into too much detail for this one.
I personally mine Zcash and sell every week for Bitcoin or other interesting cryptocurrencies. I choose to use Suprnova pool. Minergate also offers GPU mining if you like their interface better. Here, Suprnova offers a detailed guide for how to get up and running. Zcash is another anonymous coin similar to Monero. However, Zcash may be less suitable for Hodling long-term from what I understand. ZEC is ter its infancy (and has a very high inflation rate). I only mine to sell, and for this kleintje of short-term thinking, Zcash mining has served mij well.
If you want to support Ethereum’s network instead of Zcash, check out eth.suprnova.cc, albeit it is a slightly more involved involved process than Zcash.
Final Option: Mine Storj with Hard Drive
An interesting idea that has come from Bitcoin, is to distribute opstopping storage on the blockchain like Bitcoin/Ethereum does for computing power. Spil such, it is possible to use reserve hard drive space to “mine” and host files on decentralized storage networks like Storj, Sia, and Filecoin. Filecoin looks to be the most arousing of the three, but unluckily it is not live yet. Therefore, I mine Storj with my hard-drive. (Sia is legitimate spil well, but very unprofitable at the ogenblik spil a host)
Evidently, Google is an investor te Storj, and while it has had growing agonies, I am bullish on Storj going forward. On Mac it’s utterly effortless to set up Storj and embark up, but it is a little more in-depth for Windows users:
Click “Rent Your Drive” and go after the steps to download.
Very first step after opening the app is to inject your ERC20 token address:
Get that by “Creating a Fresh Wallet” on MyEtherWallet and following the instructions to copy your “0x” ethereum address like the one above.
Come in this address ter Storj Step 1, then budge on and choose a folder to host your rented HD space. Go after through the steps, and the default setup should work for most Mac users no problem.
If you are a Windows user, you need to do two reserve things. 1. Sync your time clock with the nearest server, spil described te Trio.1 te this Storj guide. Next, you need to make sure you chose an Open Port, spil described te Trio.Trio.Two of that same guide.
It will take weeks to pack up all of your space, but a few GBs worth of rented space can still yield profits.
While some of thesis mining processes may sound confusing and most likely won’t make you a millionaire, I think mining is a rewarding way to explore the crypto-ecosystem. While some people call Cryptocurrency a bubble, I believe it will one day become an significant part of the world economy.
Furthermore, I think that a few dollars worth of Cryptocurrency today can grow into a loterijlot more ter the future. Whether you hold thesis CPU, GPU, and HD-mineable coins, or simply sell directly for Bitcoin on your beloved exchange like Binance, I believe that you will ultimately thank yourself zometeen.