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Bitcoin Mining for Beginners

Bitcoin Mining for Beginners

Bitcoins mining went from something of a hobby to a tech-savvy high-value investment within just a little time. The challenge for beginners is that majority of mining sites are targeted to an advanced audience. Most beginners aren’t professional coders, are inexperienced with Mac, Linux or Ubuntu. Therefore, this article is written to show such beginners how they can start with bitcoins mining in very simple language.

Get a Rig

Bitcoin mining is truly competitive. Mining difficulty progressively increases daily as progressively more miners join with trending and fast hardware. You must do your due diligence to know if it will be profitable for you before you even start out. Using a bitcoins mining calculator like is gotten on USI-Tech is the best means of doing this. After making your calculations, you need to get a miner (also called mining hardware or mining rig). There are several options of miners you can choose from. Apart from power consumption and computation speed, each option has its own unique advantages that make users prefer it.

Get a Wallet

The next thing you must get is a bitcoin wallet. You require a safe place to store your funds as bitcoin is a digital currency. Ensure that you get your wallet address and keep it safe. Your wallet key (somewhat your wallet’s password) should not be its public address. If your wallet is self-hosted on your PC, ensure that you copy it to a thumb drive or print it out and ensure the security and safety of the printed copy. This is as you will certainly lose all your funds should your PC crash. They might not go to another person, but they will still disappear into thin air forever.

Join a Bitcoins Mining Pool

To get bitcoins, you possibly need a mining pool. This is a group of miners that combine computing power to generate bitcoins. The reason for not going solo is that bitcoins are given in blocks normally 12.5 at any given time, and you won’t get any of those unless you are extremely lucky. Pools give easier and smaller algorithms to members to solve, and the combined work makes solving much bigger algorithms much more likely. Earnings are then shared according to contribution in the group. You will basically and consistently make more bitcoins and will be extra likely to get excellent ROI. Reward method, mining and withdrawal charges, block discovering frequency, and ease of withdrawals are among factors to consider before joining any mining pool.

Get a Software Program

You require software which is the mining client you will run on your PC to enable you monitor and control your hardware which is your mining rig. You must find the correct software in relation to the option of chose among mining rigs. Most mining pools like USI-Tech have their own software, so you then need not worry yourself about getting software.

Begin Mining

Connect your miner to power and fire it up. Ensure that it is connected to your PC and you’ve opened your mining software too. Firstly, you must enter the username and password you chose when joining the mining pool. Once you are let in and configured, you basically begin to mine for bitcoins.

If mining will be too overwhelming for you, then perhaps it’s best for you to just buy. USI-Tech is still the most valuable platform for you if that’s what you’ve decided to do.

Top 10 Bitcoin Mining USBs

Top 10 Bitcoin Mining USBs

In the beginning, miners of bitcoins needed only their CPUs, then, when they became inadequate, they went on to using GPUs. Though GPUs could hash data 50 to 100 times faster and needed much less electricity, they also turned inadequate with time. The custom equipment came in 2011 and changed mining considerably. Performance standards were pushed much higher. The first of these were miners that were based on FPGA processors. They are attached to PCs via a convenient USB connection. They need much less power than both GPUs and CPUs. Here are the top 10 bitcoins mining USBs

1. Sapphire Miner

These block erupters were the first bitcoins mining USB on the market. Their hash power is about 330 MH/s. It is a good choice especially for those that want to understand how mining works.

2. GekkoScience USB Stick

This a bit better when compared to initial block erupters. Its manufacturer says it functions completely silent and it works using just one USB port on your PC.

3. Avalon Nano3

This is a 3.6 GH/s miner. It requires no fan and just plugs into the USB port of any kind of PC you might be using.

4. 21Bitcoins Computer

Though some people disagree, this is also a USB miner technically. This is because it also connects to your PC via a USB port.

5. Antrouter R1 WIFI Solo Miner

Though not exact, this is similar to a USB miner. It has a hash rate of about 5.5 GH/s and also functions as a wireless router enabling you to offer internet connection to all of your other devices.

6. AntMiner U2

This is an ASIC miner that has a power efficiency of 1 W/GH and a hash rate of 2 GH/s. it also a Bitcoins miner that connects to your PC’s USB port.

7. BPMC Red Fury USB

This is a USB miner that offers a 2.5 GH/s hash rate with a power efficiency rate of 0.96 W/GH. It’s also a popular option.

8. BitFury USB Miner

This is also an ASIC miner that features various models from the same manufacturer. They feature hash rates of about 4 GH/s on the average.

9. Bitmain AntMiner U2

 

This is another Bitcoins USB miner that has a hash rate of about 2.2 GH/s and a power efficiency of about 1 W/GH. It also connects to just one USB port on your computer.

10. Bi-Fury USB Miner

This is another popular one. It offers about 5 GH/s for its hash rate. It features a double chip technology as a block erupter and connects to just a single USB port on your computer.

One thing that should not confuse you is that there is USB Bitcoins mining hardware. But they vary from USB wallets. Miners mine bitcoins while ledgers like that Ledger Nano S only serve to store your funds. They are both USB devices but they serve different functions when it comes to dealing in bitcoins. This is the 10 USB options you were promised at the beginning of the article. Go through them and choose the option that best suits your purposes.

BITCOIN MINING KITS

BITCOIN MINING KITS

Bitcoin mining process is a computer process whereby mathematical computations are solved to release new bitcoin chains. Miners keep the block chain clean and free from manipulation. This process requires that miners use from cryptographic hash algorithm that is present in the previous block chain to produce the next one. For the miners’ block chain to be accepted by the network, there must be a proof of work in it and this proof of work is called a ‘nounce’. The process of mining Bitcoins is time consuming, expensive and painstaking and is made easier with the right mining kit.

Bitcoins are mined in blocks. It is mined after the miner successfully solves the mathematical computations providing checks in the previous blockchain to rid it of scams. When the miner verifies 1megabyte of bitcoin transactions, they can get the reward of up to 12.5BTC.

Basically, the mining of Bitcoins uses either a graphic processing unit (GPU) or the application specific integrated circuit miner. The equipment used have varying hash rate production capacity and thus offer different cost and varying levels of reward. It is important to note that bitcoin mining is a process that consumes electricity and this is why the parts of the world that produce the highest amount of bitcoins are those that have a relatively low cost of electricity.

There are many miners in the bitcoin mining industry but we will be discussing a few here. As it stands today, the best bitcoin miner is believed to be the AntMiner S9.

ANTMINER S9

The Antminer S9 has a better power consumption efficiency. Seeing as the mining process is power consuming, this singular fact that the Antminer S9 is power efficient makes it useful for long term mining. It has a hash power of 13.5 TH/s- 14 TH/s and has a power efficiency of 0.098J/GH.

 

Antminer T9: this ASIC equipment is still highly sort after. Besides the fact that it is power efficient, it also has a very good cooling system. The AntMiner T9 is readily available for purchase and is probably the most common. It has a hashrate of 11.5 TH/s- 12.5 TH/s and has a power efficiency of 0.126J/GH.

 

ANTMINER R4

Antminer R4: this equipment is a home miner that emits very low noise levels. The hashrate of this equipment is 8.6TH/s and its power efficiency is 0.1J/GH

AVALONMINER 741

The newer version of the avalonminer is similar to the avalonminer 721 in terms of chips (16nm) but has some new improvements in software and design optimization. The AvalonMiner has a better hashrate production than the older model. The hash rate production for this version is 7.3TH/s. Power efficiency of 0.16J/GH

AVALONMINER 721
AvalonMiner 721: this equipment produces 6TH/s. it is produced by Canaan interactive, a company in China that focuses on producing Bitcoin ASICs. The power consumption of the machine between 880w-1000w.

ANTMINER S7
Antminer S7: in 2015, when the ROI on bitcoin was lower and the difficulty in mining it was lower, this equipment was extremely valuable in mining and some people still prefer to use it. the hashrate of this equipment is 4.73TH/s and the power consumption is 1293w.

 

AVALON 6
The Avalon 6 is not as loud as as the typical miner and its hash rate is reasonable


ANTMINER S5
This miner is an excellent equipment for beginners who don’t have the courage to risk much yet. It produces loud sound and can get to really high temperatures.

Mining Alt Vs Bitcoins Explained

Mining Alt Vs Bitcoins Explained

Bitcoins may be the most famous crypto-currency with a growing fan base and developed infrastructure. But there were about 710 other currencies out there in 2016. Even though some fell along the way, others seem to potentially challenge bitcoin’s reign. These alternatives (also called altcoins) have their own particular algorithms and characteristics. Darkcoin (now dash), was developed as a completely anonymous bitcoin version. For several industry commentators, altcoins also play a very important role in the world of crypto-currencies. This is as they inspire further decentralization, competition, and innovation. Here are some among the most famous altcoins.

Ripple

Also called XRP, this is the second largest digital currency taking market capitalization into account. Ripple labs built the currency and protocol as an alternative to the traditional modern banking system. It was created to be free of additional fees, human errors, and delay. Ripple is aiming to expand on what was started by bitcoin, by aiming to be above a simple digital currency. It is the first open transaction network in the world, serving shared transactions and accounts record of all kinds that are decentralized. By developing this global ledger, ripple does what the internet has done for every form of information, for money and currencies. Ripple brings the money history to full circle. It isn’t mined in the same way as bitcoins. Instead, it’s generated through a method called consensus, which needs ‘comparatively small computing power’.

Litecoin, another Bitcoin Alternative

This is among the first altcoins to be created. It has a varying hashing algorithm to bitcoin, and a unit is worth less than bitcoin does. This has proven to make the crypto-currency very popular. The altcoin was created in 2011, just two years after bitcoin was created, by a former Google employee. It was made to be a version of bitcoin that enjoyed more accessibility. Where just 21 million bitcoin has been earmarked to be created, 84 billion litecoin has been earmarked to be generated, making it a lot more lightweight and abundant.

Litecoin transactions are also significantly faster than those of bitcoins. But one con is that this altcoin is given to price swings that come at alarming levels. The alarming price swings have made enthusiasts become cautious with this one. In late November 2013, it jumped by 400% in just a single week for its value to peak at $40. But it has since slumped back slowly with its value currently remaining around $1.4.

BitShares

BitShares is a trading platform that uses a currency called BitAssets and operates on the peer-to-peer trading model. With BitShares, a firm can give up the regular Wall Street IPO and issue shares in the form of digital tokens instead. These crypto-tokens, which could be available in various currencies like BitEuro and BitUSD, can then be traded on the Bitshares trading platform. BitShares provide traders with the opportunity to transact in the value of their favorite commodity or currency without relinquishing the convenience and privacy of the blockchains. For users in general, the altcoins offer daily interest rates that surpass or rival majority of savings banks.

The normal question that brings the comparison between altcoins and bitcoins is whether bitcoins are still profitable. It’s a matter of taking several figures and deciding on your break-even point, that way, you will know whether its altcoins or bitcoins that is better for you.

How to Get Started With Bitcoin Mining

How to Get Started With Bitcoin Mining

The internet has brought unlimited business opportunities which you can start easily and manage from the convenience of your home. One among such businesses that only requires a PC and internet connection is bitcoin mining. There are basically two options for you if you desire to become a bitcoin miner. You can either join a pool for quick returns, or mine bitcoin blocks from your PC for long-term returns. Here are surefire tips to get you started when you decide to start mining bitcoins.

Acquire All the Information You Can
Mining bitcoins is not a subject that’s popular. So if you are interested, then you should first consider spending some time to read up all that you are able to lay your hands on, concerning the crypto-currency and how it functions first. The internet is the first and major source to begin studying the subject. Therefore, you should go online, search and discover every relevant topic and resource that discusses how to mine bitcoins. You should also not forget to get an internet-connected PC and mining Software. These are the basic tools you will need to begin mining bitcoins.

Get an Online Wallet
If you desire to begin mining bitcoins, you must have an online wallet to store your bitcoins in. There are several options you can choose from. The rule of thumb is that you go for an option that enables you to buy, save, accept and also utilize bitcoins. Your wallet must allow you to accept the crypto-currency as a means of payment when you sell products or services.

Find a Reliable Mining Pool and Join
You can either mine bitcoins on your own or join a mining pool. Your best option for getting quick returns on your investment is joining a mining pool. You are expected to search out a reliable online pool to join. USI-Tech is one of the most reliable options you can get for this. It’s a service that mines bitcoins and even offer 1-2% returns. Ensuring that you choose such reliable options like USI is a major factor that determines your success or lack thereof.

Connect Your Wallet to Your Bitcoins Mining Pool Account

Once you have joined the mining pool of your choice successfully, then your next step is also very important. You should register and connect your wallet address to your bitcoins mining pool’s account. The process for doing this is quite easy and it’s something you can do without any stress or assistance.

Launch Out and Begin Mining
Once you’ve successfully joined a mining pool, put your online wallet and all other requirements in place, then, you can begin to mine bitcoins. If the mining pool you joined has a demo session and you have started out by practicing with it, then you are very likely to not encounter even a single challenge when you begin the real thing and start to really mine real bitcoins.

You will have to be a bit persistent to be successful in the crypto-currency mining business. As bitcoins become more challenging to mine, the hardware needed to discover bitcoins becomes progressively more expensive. The only solution then becomes joining reliable and trustworthy pools like USI-Tech.

How to Mine Bitcoins with Cloud Computing

How to Mine Bitcoins with Cloud Computing

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Bitcoin mining went from just a hobby to a whole industry that required you to have a cooled warehouse that’s filled with specialized rigs within just months. ASIC miner, the Chinese company, designed a circuit meant for nothing but bitcoin mining and turned mining into a specialist task. Several other companies followed with their own hardware versions as the price of bitcoins began climbing and progressively more people became interested in mining them. Bitcoins are now truly lucrative, but can beginners join in the action? The answer is yes and the solution is cloud mining. A complete novice can begin mining within hours without the need to buy a specialized hardware. Here are steps for mining bitcoins using cloud computing.

Get a Wallet
There are many web-based free wallets that enable you to buy some bitcoins by using your credit card or linking to your traditional bank account. This enables you to bypass the complete process of going through an exchange. Registering an account with such wallets is easy. This is the very step for mining bitcoins with cloud computing.

Purchase Some Bitcoins
You need this to begin mining bitcoins in the cloud. Theoretically, you can start off mining as small as you are comfortable with, but it’s suggested that you buy a minimum of 0.1 BTC. This means an initial investment of about $150 at current BTC rates. This is a very nice low entry point for bitcoin investments. But it could take some days for your payment to be verified and the Bitcoins deposited into your wallet.

Register For Cloud Mining

This is where you go to reliable mining services like USI-Tech. UTI is a reliable service that mines bitcoins and even offer 1% return to users. You will be required to use a valid email address, choose a username and a strong password to register. For maximum security, please select a combination of password and username you don’t currently use anywhere else. USI is the best service if you desire to easily and quickly mine bitcoins. It offers mining at its possible best for all beginners.

Credit Your Bitcoins to Online Mining Account

Immediately your coins land in your wallet, you should send them to your USI-Tech account or the account of any cloud mining platform you are using. You bitcoin address, which resembles a random string of letters that are medium length, is then displayed in the appropriate space when you sign into your account. Highlight and copy this address and store it somewhere safe and secure. It’s the address you will use to receive, store and pay when performing transactions.

Purchase Cloud Mining Power

This is where you go to the cloud mining platform’s trade section to follow instructions concerning how to buy cloud mining power using your bitcoins. Hashing power which is dominated in GH/s can be bought in various ways in the trading section which, is designed like any regular digital trading floor. If you think it’s currently too costly, you can place a lower priced-order and wait for it to be filled.

The hashing power you purchase instantly goes to work to begin mining Bitcoins for you. You just need to keep watching the screen waiting for something to happen, especially if you joined USI which does all the mathematical calculations on your behalf.

Bitcoin Mining Terms You Should Know

Bitcoin Mining Terms You Should Know

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Whether experts or beginners, all enthusiasts encounter the same terms that are common to Bitcoins. Some people already know what all of the terms mean. But others always hardly understand or know some terms that are always commonly used in relation to bitcoin mining. This article has been written to explain some of the most used and common terms in a language that is simple to understand.

Address

A bitcoin address is like an email or a physical address. It’s the single information required to be paid with the crypto-currency. Nevertheless, a vital difference though is that each address must only be used for a single transaction.

Block

This is any record in a blockchain that contains and validates several waiting transactions. On average, a new block comprising transactions is added to the blockchain via mining roughly every ten minutes.

Blockchain

This is a chronologically ordered record of Bitcoins transactions that is always available to the public. It is shared among all users. It’s utilized in verifying the performance of bitcoin transactions and to safeguard against double spending.

Block Height

This is the number of blocks in a blockchain that is connected. For example, height0 will mean a first block which is also called the genesis block sometimes.

Confirmation

This means that the network has validated a bitcoins transaction, through the process that’s called mining. A transaction can never be double-spent or reversed once it has been validated. Transactions are contained in blocks.

Difficulty

 

This relates directly to mining, and how hard validating any networks blocks can be. The mining difficulty involved in verifying blocks is adjusted after every 2016 bitcoin blocks. It is also automatically adjusted to maintain block validation times at ten minutes.

Double Spend Bitcoins Transaction

Double spend is when any malicious user attempts to spend bitcoins to two varying recipients simultaneously. Mining and blockchains are there to generate a consensus across the network concerning which among the two transactions will be confirmed and taken to be valid.

Halving

Having a finite supply makes bitcoins scarce. 21 million is the total amount that will get issued ever. The number created per block is reduced by fifty percent every four years. This is what is referred to as ’halving’. 2140 is the year in which the last halving will occur.

Hashrate

This is a network’s processing power’s unit of measurement. Networks must execute intensive mathematical operations for the purpose of security. When a network reaches a hashrate of 10 TH/s, it can execute ten trillion calculations every second.

Mining

 

This is the process of utilizing computer hardware to execute the network’s mathematical calculations so transactions can be confirmed. Miners take fees for any transactions they confirm and they are given bitcoins for every block that they verify.

Private Key

This is a data string which verifies that a user can access bitcoins contained in a particular wallet. Think of it as a strong password; they mustn’t be known by anybody else but you, since they via a cryptographic signature, enable you to spend from your bitcoin wallet.

There are many other terms that didn’t make this list. But if you know even these ones only, you will surely understand what bitcoins mining is all about a lot more.