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Mining Bitcoin

Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.

Quarterly comparison of average hash rate and per unit power consumption of Bitcoin mining machine models.

Quarterly comparison of average hash rate and per unit power consumption of Bitcoin mining machine models. submitted by ghpexofficial to u/ghpexofficial [link] [comments]

How do I mine Dogecoin?

How do I mine Dogecoin?
Let’s take a lucky guess that you’re here today because you’ve heard a lot about cryptocurrencies and you want to get involved, right? If you’re a community person, Dogecoin mining might be the perfect start for you!
Bitcoin was the first in 2009, and now there are hundreds of cryptocurrencies. These new coins (that operate on their own native blockchain) are called altcoins or alternative coins. One popular altcoin is Dogecoin. It can be bought, sold and traded, just like Bitcoin. It can also be mined!
So, what is Dogecoin mining?
You’ll know what hardware and what software you need to get started. You’ll also know whether or not Dogecoin mining is for you!
So, where would you like to start? The beginning? Great choice. Let’s have a quick look at how Dogecoin got started.
A (Very) Short History of Dogecoin
In 2013, an Australian named Jackson Palmer and an American named Billy Markus became friends. They became friends because they both liked cryptocurrencies. However, they also thought the whole thing was getting too serious so they decided to create their own.
Palmer and Markus wanted their coin to be more fun and more friendly than other crypto coins. They wanted people who wouldn’t normally care about crypto to get involved.
They decided to use a popular meme as their mascot — a Shiba Inu dog.

Dogecoin was launched on December 6th, 2013. Since then it has become popular because it’s playful and good-natured. Just like its mascot!
Dogecoin has become well-known for its use in charitable acts and online tipping. In 2014, $50,000 worth of Dogecoin was donated to the Jamaican Bobsled Team so they could go to the Olympics. Dogecoin has also been used to build wells in Kenya. Isn’t that awesome!
Users of social platforms – like Reddit – can use Dogecoin to tip or reward each other for posting good content.
Dogecoin has the 27th largest market cap of any cryptocurrency.
Note: A market cap (or market capitalization) is the total value of all coins on the market.
So, Dogecoin is a popular altcoin, known for being fun, friendly and kind. It’s a coin with a dog on it! You love it already, don’t you?
Next, I want to talk about how mining works…
What is Mining?
To understand mining, you first need to understand how cryptocurrencies work. Cryptocurrencies are peer-to-peer digital currencies. This means that they allow money to be transferred from one person to another without using a bank.
Every cryptocurrency transaction is recorded on a huge digital database called a blockchain. The database is stored across thousands of computers called nodes. Nodes put together groups of new transactions and add them to the blockchain. These groups are called blocks.
Each block of transactions has to be checked by all the nodes on the network before being added to the blockchain. If nodes didn’t check transactions, people could pretend that they have more money than they really do (I know I would!).
Confirming transactions (mining) requires a lot of computer power and electricity so it’s quite expensive.
Blockchains don’t have paid employees like banks, so they offer a reward to users who confirm transactions. The reward for confirming new transactions is new cryptocurrency. The process of being rewarded with new currency for confirming transactions is what we call “mining”!

It is called mining because it’s a bit like digging for gold or diamonds. Instead of digging with a shovel for gold, you’re digging with your computer for crypto coins!
Each cryptocurrency has its own blockchain. Different ways of mining new currency are used by different coins where different rewards are offered.
So, how do you mine Dogecoin? What’s special about Dogecoin mining? Let’s see…
What is Dogecoin Mining?
Dogecoin mining is the process of being rewarded with new Dogecoin for checking transactions on the Dogecoin blockchain. Simple, right? Well no, it’s not quite that simple, nothing ever is!
Mining Dogecoin is like a lottery. To play the lottery you have to do some work. Well, actually your computer (or node) has to do some work! This work involves the confirming and checking of transactions which I talked about in the last section.
Lots of computers work on the same block of transactions at the same time but the only one can win the reward of new coins. The one that earns the new coins is the node that adds the new block of transactions to the old block of transactions. This is completed using complex mathematical equations.
The node that solves the mathematical problem first wins! It can then attach the newly confirmed block of transactions to the rest of the blockchain.
Most cryptocurrency mining happens this way. However, Dogecoin mining differs from other coins in several important areas. These areas are;
  • Algorithm: Each cryptocurrency has a set of rules for mining new currency. These rules are called a mining or hashing algorithm.
  • Block Time: This is the average length of time it takes for a new block of transactions to be checked and added to the blockchain.
  • Difficulty: This is a number that represents how hard it is to mine each new block of currency. You can use the difficulty number to work out how likely you are to win the mining lottery. Mining difficulty can go up or down depending on how many miners there are. The difficulty is also adjusted by the coin’s protocol to make sure that the block time stays the same.
  • Reward: This is the amount of new currency that is awarded to the miner of each new block.
Now, let’s compare how DogeCoin mining works compared to Litecoin and Bitcoin…
Mining Comparison
Bitcoin uses SHA-256 to guide the mining of new currency and the other two use Scrypt. This is an important difference because Scrypt mining needs a lot less power and is a lot quicker than SHA-256. This makes mining easier for miners with less powerful computers. Fans of Litecoin and Dogecoin think that they are fairer than Bitcoin because more people can mine them.
Note: In 2014, Litecoin and Dogecoin merged mining. This means they made it possible to mine both coins in the same process. Dogecoin mining is now linked with Litecoin mining. It’s like two different football teams playing home games in the same stadium!
Mining Dogecoin is a lot faster than mining Litecoin or Bitcoin. The block reward is much higher too!
Don’t get too excited though (sorry!). Dogecoin is still worth a lot less than Bitcoin and Litecoin. A reward of ten thousand Dogecoin is worth less than thirty US Dollars. A reward of 12.5 Bitcoin is currently worth 86,391.63 US Dollars!
However, it’s not as bad as it sounds. Dogecoin mining difficulty is more than one million times less than Bitcoin mining difficulty. This means you are much more likely to win the block reward when you mine Dogecoin.
Now I’ve told you about what Dogecoin mining is and how it works, would you like to give it a try?
Let’s see what you need to do to become a Dogecoin miner…
How to Mine Dogecoin
There are two ways to mine Dogecoin, solo (by yourself) or in a Dogecoin mining pool.
Note: A Dogecoin pool is a group of users who share their computing power to increase the odds of winning the race to confirm transactions. When one of the nodes in a pool confirms a transaction, it divides the reward between the users of the pool equally.
Dogecoin Mining: Solo vs Pool
When you mine as a part of a Dogecoin pool, you have to pay fees. Also, when the pool mines a block you will only receive a small portion of the total reward. However, pools mine blocks much more often than solo miners. So, your chance of earning a reward (even though it is shared) is increased. This can provide you with a steady new supply of Dogecoin.
If you choose to mine solo then you risk waiting a long time to confirm a transaction because there is a lot of competition. It could be weeks or even months before you mine your first block! However, when you do win, the whole reward will be yours. You won’t have to share it or pay any fees.
As a beginner, I would recommend joining a Dogecoin pool. This way you won’t have to wait as long to mine your first block of new currency. You’ll also feel like you’re part of the community and that’s what Dogecoin is all about!
What You Need To Start Mining Dogecoin
Before you start Dogecoin mining, you’ll need a few basics. They are;
  • A PC with either Windows, OS X or Linux operating system.
  • An internet connection
  • A Shiba Inu puppy (just kidding!)
You’ll also need somewhere to keep the Dogecoin you mine. Go to Dogecoin’s homepage and download a wallet.
Note: A wallet is like an email account. It has a public address for sending/receiving Dogecoin and a private key to access them. Your private keys are like your email’s password. Private keys are very important and need to be kept completely secure.
There are two different types; a light wallet and a full wallet. To mine Dogecoin, you’ll need the full wallet. It’s called Dogecoin Core.
Now that you’ve got a wallet, you need some software and hardware.
Dogecoin Mining Hardware
You can mine Dogecoin with;
  • Your PC’s CPU: The CPU in your PC is probably powerful enough to mine Dogecoin. However, it is not recommended. Mining can cause less powerful computers to overheat which causes damage.
  • A GPU: GPUs (or graphics cards) are used to improve computer graphics but they can also be used to mine Dogecoin. There are plenty of GPUs to choose from but here are a few to get you started;SAPPHIRE Pulse Radeon RX 580 ($426.98)Nvidia GeForce GTX ($579.99)ASUS RX Vega 64 ($944.90)
  • A Scrypt ASIC Miner: This is a piece of hardware designed to do one job only. Scrypt ASIC miners are programmed to mine scrypt based currencies like Litecoin and Dogecoin. ASIC miners are very powerful. They are also very expensive, very loud and can get very hot! Here’s a few for you to check out;Innosilicon A2 Terminator ($760)Bitmain Antminer L3 ($1,649)BW L21 Scrypt Miner ($7,700)
Dogecoin Mining Software
Whether you’re mining with an ASIC, a GPU or a CPU, you’ll need some software to go with it. You should try to use the software that works best with the hardware you’re using. Here’s a short list of the best free software for each choice of mining hardware;
  • CPU: If you just want to give mining a quick try, using your computer’s CPU will work fine. The only software I would recommend for mining using a CPU only is CPU miner which you can download for free here.
  • GPU: If you mine with a GPU there are more software options. Here are a few to check out;CudaMiner– Works best with Nvidia products.CGminer– Works with most GPU hardware.EasyMiner– User-friendly, so it’s good for beginners.
  • Scrypt ASIC miner:MultiMiner– Great for mining scrypt based currencies like Litecoin and Dogecoin. It can also be used to mine SHA-256 currencies like Bitcoin.CGminer and EasyMiner can also be used with ASIC miners.
You’re a beginner, so keep it simple! When you first start mining Dogecoin I would recommend using a GPU like the Radeon RX 580 with EasyMiner software. Then I would recommend joining a Dogecoin mining pool. The best pools to join are multi-currency pools like Multipool or AikaPool.
If you want to mine Dogecoin but don’t want to invest in all the tech, there is one other option…
Dogecoin Cloud Mining
Cloud mining is mining without mining! Put simply, you rent computer power from a huge data center for a monthly or yearly fee. The Dogecoin is mined at the center and then your share is sent to you.
All you need to cloud mine Dogecoin is a Dogecoin wallet. Then choose a cloud mining pool to join. Eobot, Nice Hash and Genesis Mining all offer Scrypt-based cloud mining for a monthly fee.
There are pros and cons to Dogecoin cloud mining;
The Pros
  • It’s cheaper than setting up your own mining operation. There’s also no hot, noisy hardware lying around the house!
  • As a beginner, there isn’t a lot of technical stuff to think about.
  • You get a steady supply of new currency every month.
The Cons
  • Cloud mining pools don’t share much information about themselves and how they work. It can be hard to work out if a cloud mining contract is a good value for money.
  • You are only renting computer power. If the price of Dogecoin goes down, you will still have to pay the same amount for something that is worthless.
  • Dogecoin pools have fixed contracts. The world of crypto can change very quickly. You could be stuck with an unprofitable contract for two years!
  • It’s no fun letting someone else do the mining for you!
Now you know about all the different ways to mine Dogecoin we can ask the big question, can you make tons of money mining Dogecoin?
So, Is Dogecoin Mining Profitable?
The short answer is, not really. Dogecoin mining is not going to make you a crypto billionaire overnight. One Dogecoin is worth 0.002777 US Dollars. If you choose to mine Dogecoin solo, it will be difficult to make a profit. You will probably spend more money on electricity and hardware than you will make from Dogecoin mining. Even if you choose a Dogecoin pool or a cloud pool your profits will be small.
However, if you think I am telling you to not mine Dogecoin, then you’re WRONG! Of course, I think you should mine Dogecoin!
But why? Seriously…
Well, you should mine Dogecoin because it’s fun and you want to be a part of the Dogecoin family. Cryptocurrency is going to change the world and you want to be part of that change, right? Mining Dogecoin is a great way to get involved.
Dogecoin is the coin that puts a smile on people’s faces. By mining Dogecoin you’ll be supporting all the good work its community does. You’ll learn about mining from the friendliest gang in crypto. And who knows? In a few years, the Dogecoin you mine now could be worth thousands or even millions! In 2010, Bitcoin was worthless. Think about that!
Only you can choose whether to mine Dogecoin or not. You now know everything you need to know to make your choice. The future is here. So, what are you going to do?
submitted by alifkhalil469 to BtcNewz [link] [comments]

🔵 Block.one to Mine Bitcoin, Powered by EOSIO? B1 Misalignment with EOS Genesis ICO Contributors? Cardano Price Surge & Comparison to EOS.

🔵 Block.one to Mine Bitcoin, Powered by EOSIO? B1 Misalignment with EOS Genesis ICO Contributors? Cardano Price Surge & Comparison to EOS. submitted by ColinTalksCrypto to eos [link] [comments]

Is Bitcoin and crypto mining still profitable in 2020? Big comparison of mining area that makes $70k/day vs kids that mine at home on graphic cards.

I must say I was impressed when I counted those numbers , didn’t expect the results. Watch video here: https://youtu.be/7Jqs9dC2JdI
What’s your opinion on the video ? Are those results right ?
click here to watch full video
submitted by AxecapitalM to Bitcoin [link] [comments]

Dominion Bitcoin Mining DBMC vs VERSA BANK- Canadian CUSTODIANS comparison

**(Spoiler Alert - Canadian Crypto Currency Custodians sound like they are full of shit, just like Quadriga was full of shit)**
The problem with Quadriga was no third party custodian was required by law. But when I think about it there is no such thing as legal crypto custody in Canada anyway, crypto-custodians haven't been recognized by any regulatory authority, yet.
What is custody?
Back in the early 70's traditional banks and securities dealers were legally forced to place the equities and certificates (stocks and bonds), into the hands of a third party, also known as custodians (back then everything was printed on paper). Custodians were not involved in trading or in taking buy and sell orders or marketing of stocks, that's what dealers did. Custodians job is to keep safe the paper shares and certificates or other financial documents safe while the dealers traded them.
Too Tempting...
The idea being, that it isn't wise to trust just one group of people (dealers/stock brokers) with the responsibility of making deals AND holding the things they are making the deals about. The temptation for hanky-panky would be too high. (Sound like Quadriga?) Therefore custodians came into the picture.
Now, with cryptocurrencies, the well thought out lines of separation between custodians and dealers has gone blurry again. But that hasn't stopped Canadian companies from pretending to offer crypto currency custody.
Two Canadian Crypto Custody Jokes:
Versa bank.
Here is a video with the guy from Versa bank talking about his security....(You only need to watch the video for about 60 seconds from where it starts). Here are some of his phrases "Digital Safety Deposit Box", "Super Safe and Secure", "Cyber security people", "Things move very rapidly". https://youtu.be/a__E3axX498?t=273

Here is the guy from DBMC, (same thing, you only need to watch for 60 seconds) Here are some of his phrases "Cryptological Aspect", "physical side", "Secret Sauce", "Very very quickly" https://youtu.be/1OdeqhGuCEg?t=3856
DBMC even says they will buy and sell for you & be the custodian...That's pre 1970's type of thinking.

Both these schmoes are pushing almost the exact same crap. Neither of them has stepped up and made statements about Quadriga. I wonder why. When one criminal goes down (Quadriga) others of the same persuasion just stay quiet.

Anyway here is an article which shows DBMC was charged by Saskatchewan securities regulators for misleading investors....Yea like I'd want to keep my crypto with them.https://www.newsbtc.com/2015/10/11/dominion-bitcoin-mining-company-vs-fcaa-accusations-continue-to-fly/ We'd all be better to go with BitGo or something stable without such a checkered history.
submitted by bitscambuster to BitcoinCA [link] [comments]

Is there any decent comparison of mining rigs through bitcoin's history?

I remember back when I first heard about Bitcoin around the first bubble, and I had a friend who ordered miners from some kickstarter that never showed up. Fun times.
I'm curious about how the arms race has progressed and I'm looking for some kind of historic comparison of how much hashrate you could buy for ~$500 at various points in BTC's history, including back when it was graphics cards and CPUs. Any good place for that info?
submitted by AppleGuySnake to Bitcoin [link] [comments]

10 Best and Biggest Bitcoin Mining Pools 2018 (Comparison)

10 Best and Biggest Bitcoin Mining Pools 2018 (Comparison) submitted by ososru to Bitcoin4free [link] [comments]

10 Best and Biggest Bitcoin Mining Pools 2018 (Comparison)

10 Best and Biggest Bitcoin Mining Pools 2018 (Comparison) submitted by Rufflenator to 3bitcoins [link] [comments]

Top 5 Best Bitcoin Mining Pool in 2019 [ Latest Review & Comparison]

Top 5 Best Bitcoin Mining Pool in 2019 [ Latest Review & Comparison] submitted by perky_coder to BitcoinMining [link] [comments]

Bitcoin Mining Hardware Comparison Tool

Bitcoin Mining Hardware Comparison Tool submitted by ososru to Bitcoin4free [link] [comments]

Bitcoin Mining Hardware Comparison Tool

Bitcoin Mining Hardware Comparison Tool submitted by Rufflenator to 3bitcoins [link] [comments]

Cloudminers GMBH Best Bitcoin Cloud Mining Contract Reviews and Comparisons

Cloudminers GMBH Best Bitcoin Cloud Mining Contract Reviews and Comparisons submitted by cloudminerde to u/cloudminerde [link] [comments]

Comparison of Bitcoin Cash (BCH) mining pools & explanation of recent fork

Comparison of Bitcoin Cash (BCH) mining pools & explanation of recent fork submitted by Dixnorkel to bitmining [link] [comments]

About Us - Buy or Sell Bitcoin and Litecoin Cryptocurrency Mining – A Comparison from 2014

About Us - Buy or Sell Bitcoin and Litecoin Cryptocurrency Mining – A Comparison from 2014 submitted by shirleyrsmithm to ProjectOblio [link] [comments]

In comparison to bitcoin, does Ethereum have as much of an effect on your computer when mining?

submitted by awscy to ethereumnoobies [link] [comments]

Is there any decent comparison of mining rigs through bitcoin's history? /r/Bitcoin

Is there any decent comparison of mining rigs through bitcoin's history? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Overview of Bitcoin and Litecoin Cryptocurrency Mining – A Comparison

Overview of Bitcoin and Litecoin Cryptocurrency Mining – A Comparison submitted by wmx11 to Crypto_Currency_News [link] [comments]

The Top 10 best Bitcoin Mining Softwares 2018 [Latest Comparison]

The Top 10 best Bitcoin Mining Softwares 2018 [Latest Comparison] submitted by cs_moderator to BitcoinMining [link] [comments]

Comparing Bitcoin Mining With Gold Mining - The Estimation and The Comparison

Comparing Bitcoin Mining With Gold Mining - The Estimation and The Comparison submitted by cryptoanalyticabot to cryptoall [link] [comments]

Comparing Bitcoin Mining With Gold Mining - The Estimation and The Comparison

Comparing Bitcoin Mining With Gold Mining - The Estimation and The Comparison submitted by EffigyBoy to btc [link] [comments]

Overview of Bitcoin and Litecoin Cryptocurrency Mining – A Comparison

submitted by wmx11 to Crypto_General [link] [comments]

Comparing Bitcoin Mining With Gold Mining - The Estimation and The Comparison

Comparing Bitcoin Mining With Gold Mining - The Estimation and The Comparison submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

DIY Bitcoin Mining: Hardware (part1) - YouTube Which Crypto Mining Software Do You Use? - YouTube Bitcoin & Cryptocurrency Mining Pools Explained  Best ... Genesis Mining vs Hardware Mining Comparison HASHRATE of the 8 x 480 8GB Mining Rig! - YouTube

Search, order and filter through all bitcoin mining companies, mining pools, bitcoin mining equipment and ASICs and ethereum cloud mining contracts. Prices are updated every ten minutes so it is easy to find the top miner for your needs. Want to buy mining bitcoin hardware or ethereum mining graphics cards or GPU's? Use our tables and rankings to find the best products - list rigs and ASICS by ... Nowadays all serious Bitcoin mining is performed on dedicated Bitcoin mining hardware ASICs, usually in thermally-regulated data-centers with low-cost electricity. Don’t Get Confused. There is Bitcoin mining hardware, which mines bitcoins. There are also Bitcoin hardware wallets like the Ledger Nano X, which secure bitcoins. See also: Non-specialized hardware comparison Below are statistics about the Bitcoin Mining performance of ASIC hardware and only includes specialized equipment that has been shipped.. GPUs, CPUs and other hardware not specifically designed for Bitcoin mining can be found in the Non-specialized_hardware_comparison.. Notes: Bitcoin Mining vs. Gold Mining: a Comparison. Evan Faggart Jan 20, 2015 08:00 . Share. Tweet. Send. Share. In the ongoing discussion about Bitcoin price volatility, one theory for a rapidly falling Bitcoin price is the fact that so many coins are mined every day. Currently, Bitcoin miners produce 3600 coins daily. Coin mining difficulty comparison ASIC (application-specific integrated) is an integrated circuit specialized for solving a specific problem. In contrast to General-purpose integrated circuits, specialized integrated circuits are used in a particular device and perform strictly limited functions specific to that device only; consequently, the ...

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DIY Bitcoin Mining: Hardware (part1) - YouTube

Profit Comparison of All Asic Miners antminer d3,a5,E9plus, NEW MINER FOR DASH ANTMINER D3 bitcoin bitcoin wallet bitcoin mining crypto cryptocurrency cypto wallet cryptocurrency wallet crypto ... Now that you have Bitcoin mining hardware, your next step is to join a Bitcoin mining pool. While mining pools are desirable to the average miner as they smo... I mined cryptocurrency full-time for over a year, this is a story of my journey navigating mining cryptocurrency such as Bitcoin, Ethereum, Zcash and many mo... Genesis Mining vs Hardware Mining Comparison. Genesis Mining is the most profitable cloud miner right now. ... Worlds Best/highest paying bitcoin cloud mining sites!!(September 2017) - Duration ... What is a mining pool and why is it best to mine Bitcoin and other cryptocurrencies on mining pools? Here is our review and explanation of mining pools, how ...