Getting Began: What to mine, how to mine and where to mine (UPDATED 2018) Archive – Overclockers Forums

Very first, if you are nosey what this entire thing is about please take a look at the following two articles on Wikipedia (I truly don’t want to type a entire history te here :)):

Our very own, 250page long discovery of bitcoin (http://www.overclockers.com/forums/showthread.php/674572-Bitcoin)

I will begin by mentioning Bitcoin (BTC) mining has become almost unlikely for the regular huis user who runs a pc with a movie card or two, it is now only an option for the big guns who buy specialized miners (ASICs), which cost ridiculous amounts of money and ter time become worthless spil difficulty goes up.

A note here: Difficulty, what is that. Mining any crypto is subject to a difficulty (computations needed to achieve a result) and of course the more people join ter and the more time passes, difficulty increases, spil such keep ter mind that what you make today, you most likely will not make next week. But with some luck prices on the coin will go up or you will switch coins, that takes us to the next chapter of this intro.

Very first, Id like to say that here wij concentrate on the huis/hobby miner, not industrial levels, so here wij go – the largest alternative to Bitcoin is Litecoin (LTC), it’s a coin that wasgoed still profitable for good ol GPUs until a few years back, but sadly it has fallen to the ASIC curse spil well. So at this time and day wij shall turn to Ethereum (ETH), Z-cash (ZEC) and so many others which are still good on GPUs, and wij even have Monero (XMR) which is fine on both GPUs and strong multi-core CPUs.

There are a ton of alternative coins (altcoins) available for mining and one can lightly check which ones are profitable and how profitable by using a cross-calculator such spil this:

If you have determined you want to attempt this and need some help getting embarked, here wij go:

Quick note: for btc, the official wallet is super strenuous (lots of history to download) so I recommend Electrum (https://electrum.org/#huis), a lightweight and very good all around wallet. Same for LTC (https://electrum-ltc.org/),)

Find a pool for your coin. There are a bunch of pools for about every coin out there so listing them here won’t be feasible. However you can search the forums or the web or postbode ter our cryptocoin sub-forum asking fellow forum members for advice.

Note: Many of us here on OCF choose to run hassle-free auto-trade pools, thesis pools mine the best coin and pay us directly ter bitcoin! example: nicehash.com (https://www.nicehash.com), its effortless to use,they have their own automaat benching miner, and it pays directly te BTC.

* The best miner (IMO) for ETH and similar Ethash coins is Claymore’s miner, obtainable here (https://bitcointalk.org/index.php?topic=1433925.0)

Set up miner. I will only address basic configs for now, but zometeen I can come back with linux builds and so forward.

Far lighter than what it used to be te the older days omzetbelasting ,)

Find an exchange for your coins. Major exchanges are:

Bitstamp (https://bitstamp.com/) (BTC and a few alts to USD and EURO)

Poloniex (https://poloniex.com) (BTC to altcoins and USDT) useful for trading altcoins to BTC, then trading BTC to USD on a different exchange that does not support the altcoins you have.

Bitfinex (https://bitfinex.com/) (BTC to altcoins and USDT) same spil Poloniex truly

there are others too, but thesis are the majors.

Note: the exchange deposit address can be used instead of a wallet, you can mine directly to the exchange, however keep te mind that holding large amounts of coin on exchanges can be risky, a wallet is a far more secure bankgebouw.

Optional: Get a Bitcoin wallet (good options are Electrum (https://electrum.org/) or standard Bitcoin wallet (http://bitcoin.org/plusteken/choose-your-wallet)). If you want to hold longterm, it is best to hold Bitcoin and not altcoins, since Bitcoin is the yardstick to which all the others compare to at the end of the day.

The exchanges mentioned earlier remain ter effect, but wij’ll go into detail spil to what they require to deposit/withdraw real life paper money and the fees associated with that.

Localbitcoins – this is my beloved option period. However BEWARE! this is not an exchange, this is a person to person sales webpagina, the webpagina basically connects buyers and sellers, but the surplus is done inbetween them, so selecting the right buyer and payment option for your bitcoins is VERY significant. The webpagina does provide both terugkoppeling and trade totals and verification options.

Now if you pick this option I very recommend you choose to either receive payment by Western Union or to meet the buyer face to face (its possible if the buyer is willing) or use MoneyPak (for US based Paypal accounts), it is irreversible once cashed.

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