Tag: crypto-currency

Cryptocurrency Course Available Learn The Basics And More…

Course Content

What is cryptocurrency
What is Bitcoin
What is Blockchain
What is a Wallet
How to Buy and Sell Cryptocurrency
What is Mining
What is Cloud Mining

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We are a great team of Crypto enthusiast we have designed this course to help those new to cryptocurrency wanting to learn the basics.

 

 

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What is Electroneum? ICO Review..

 

Electroneum is a kind of mobile application for accessing crypto currencies. This application permits the users to send and receive payouts and also to manage and monitor their online funds. It is easily understandable for all types of users. It can be accessed even by an ordinary user. It is being designed on a custom blockchain with a variety of special features.

Unique features of Electroneum:

-It is simple, transparent, user – friendly and easily usable in nature.
-It provides full security by offering offline wallets.
-It holds a professional team of engineers and developers with vast experience and success record.
-It focuses on the convenience of the users by allowing scanning of simple QR code.
-It ensures unlinkable transactions and untraceable payments.
-It does not need any special type of technical knowledge from the users.
-It also does not require any special hardware for the mining of crypto currencies like bitcoins (BTC) or Ethereums (ETH).
-It provides a great experience to the crypto currency miners.
-It provides an API integration that facilitates third party payments.
-It offers an unique chance to the investors and also gives several discounts to them.
-It is as best as bitcoins in the aspects of security and speed.
-It facilitates anonymous and faster transactions, which can be done even in seconds.
-It avoids hacking of wallet contents and transaction history from unauthorized users.
-It holds transaction hashes, which can be accessed easily by the public.
-It does not impose any charges for the creation of offline wallets.
-It allows bulk transfer of electroneum coins to the users’ wallets.
-It provides very quick potential returns upon the investments made by the users.
-It allows the transfer of currencies between various games and applications.
-It dominates the market of mobile currencies.
-It offers special equipments for the mining of crypto currencies.
-It can be operated at an extremely low cost on 3G/4G data.
-It makes the mining process easier with the help of an open – source mining pool software.

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How to Calculate Mining Profitability

Are you serious about mining cryptocurrencies? If so, you need to know how to make the best use of your money and equipment. In this guide, we’ll show you how to mine your digital treasure in the most profitable way.

Obviously, the big money is going into costly bitcoin ASICs. If you are already in that position, you probably know how the process works and are intending to mine bitcoin. However, those of you on a more moderate budget are probably looking at building a GPU miner for scrypt currencies, or a buying a small ASIC machine for bitcoin or other SHA-256 currencies. In that case, you have come to the right place.

How do I start?

Choose your currency

Digital puzzleThe process of mining digital currencies involves solving complex cryptographic puzzles. By doing this, miners are providing ’proof of work’ that is rewarded with digital currency. Broadly speaking, there are two proof-of-work hashing algorithms in use today: SHA-256 and scrypt. Note that there are some lesser-used alternatives, which we will not be looking at in this guide (for example, Primecoin).

  • SHA-256
    The SHA-256 algorithm favours raw processing power. In bitcoin’s very early days, one could mine effectively with the CPUs and GPUs (graphics processing units) that you find in a normal home PC. That time has passed, however, and the difficulty level of bitcoin is so high that specialised processors known as ‘Application Specific Integrated Chips’ (ASICs) are needed to mine it. The use of such powerful processors, along with bitcoin’s exponential increase in difficulty level, have created a technological arms race, which means that even quite recently designed chips can quickly become obsolete.
  • Scrypt
    The scrypt algorithm favours greater amounts of RAM and parallel processing ability, which is why GPU-based rigs are still the way to go. Furthermore, ASICs for scrypt have yet to take off, so the difficulty level of those currencies has not been pushed up as dramatically as has been the case with bitcoin.

The right rig

shutterstock_88988593Depending on your budget and the type of currency you intend to mine, there are two ways to go when setting up your mining system:

  • DIY mining rig
    These can be built from your own PC, with as many graphics cards (ie: GPUs) as you can fit or afford. While some people may use a standard PC case, many use unusual casings, such as beer crates, which allow for increased air flow around the components. A bonus of DIY systems is that you can carry out both CPU and GPU mining at the same time (see our guide to mining altcoin).
  • ASICs
    ASICs are self-contained units (power adapters not withstanding), which come with a USB and/or Ethernet port, and are usually ready made by manufacturers. ASIC miners are usually more expensive than DIY rigs and are mostly produced in the USA, which means those of us in other parts of the world will have to spend a little extra to get them imported.

Power up

Mining rigMining requires electricity – lots of electricity. If you are building a DIY rig, you’ll be getting an ATX power supply unit (PSU) anyway, so it’s worth investing in the most efficient supply you can get.

Consider the following two cases, for example: A PSU that is guaranteed to supply 860W and is 93% efficient would actually draw 925W (860W/0.93). By contrast, a 750W power supply that is only 80% efficient would actually draw 937.5 W (750/0.8) – thus using more power, but supplying less.

When building a mining rig, you will need to take account of the power requirements of all the components you are using – especially all those graphics cards. Plus it’s a good idea to provide some excess capacity to deal with unexpected events and provide the potential to overclock your system.

ASICs, on the other hand, can do far more calculations with far less power because they are highly specialised devices. And since they ship with an appropriate power adapter, you won’t have to worry about doing all the maths to find one that is up to the task.

The mining efficiency of different systems can be compared by taking the ratio of the number of hashes it can perform in a second, divided by the power it consumes:

Hashing speed / power consumption = mining efficiency

Check your bills

After the initial expense of your rig, the essential thing you need to know to calculate your ongoing profitability is the cost of your electricity. Check with your provider, or take a look at your last bill. If the power charges add up to more then you earn, it obviously isn’t a good business model.

Pool your efforts

Rather than go it alone, it usually makes more sense to join a pool, where you combine resources with other miners. By joining a pool, you earn a share of the coins mined by all members of the pool and stand a greater chance of solving a block.

Miners earn a share of the rewards if the difficulty level of the blocks they solve is greater than the level set by the pool operator. That level is always somewhere between 1 and the difficulty level of the currency.

Problems to be aware of

Spend to earn

shutterstock_96423176Inevitably, the difficulty level of all currencies increase with time – a fact that will reduce the chances of your equipment earning coins or mining shares. As a result, it is important to start with the best equipment you can afford, in order to mine profitably over the longest period of time.

The volatility of the currency being mined also affects your long-term profitability. If the price suddenly drops, you will be faced with the choice of either selling at a low price or hanging onto your coins until their value increases. In the former case, you would have to keep mining for longer to recoup your expenditure on equipment and electricity.

Keeping cool

Mining rigWhichever way you mine, it’s a computationally intensive operation that creates lots of excess heat. Mining efficiency decreases as temperature increases, so make sure your rig has adequate ventilation and cooling. As mentioned above, this is why some mining rig builders  use beer crates rather than PC cases – to maximise airflow around their components. Even a standalone desktop fan can help to keep your kit cool.

Power problems

When building a DIY mining rig, it doesn’t make sense to save money by buying a cheap PSU. Any instability in the power supply could hit performance, or even cause a system crash that will lead to downtime, so do invest in a high-quality unit.

Avoiding downtime

If your hardware isn’t mining, you are losing money. Here are some ways to minimise downtime:

  • Get the best power supply you can afford.
  • Consider using an uninterruptible power supply (UPS), so that, if your electricity supply cuts out for a moment, it won’t affect your miner.
  • Configure your mining computer to automatically start mining on start-up, so that if the system crashes and reboots, it will automatically start mining again. (This applies to DIY rigs and computers hosting an ASIC.)

Hidden costs

Losing moneyThere are costs involved with mining, of course, like the rig and the ongoing electricity costs for starters. However, some extras are less obvious:

  • Delivery and customs
    We imported a Jalapeno ASIC miner from Butterfly Labs to the UK. The delivery cost £53 ($88), and UK customs charged £46.09 in duty (around $76). These costs are significant, and if you’re importing an item, try to work out beforehand what costs it might incur.
  • Accessories
    Will you need cables, adapters, etc, for what you are planning to use and/or build?
  • Cooling costs
    It’s not just the cost of your miner’s power use. What about the electricity of running any extra cooling system, such as fans or air conditioning?

Doing the sums

Profitability calculators

shutterstock_135890222For assistance with some of the calculations miners need to make, there are several websites that provide profitability calculators. You can input parameters such as equipment cost, hash rate, power consumption, and the current bitcoin price, to see how long it will take to pay back your investment.

As a test, we entered the specifications of two mining systems into the calculators below. For our Scrypt GPU mining rig, we used the system described, and for our SHAS-256 ASIC miner we used the specifications of a Butterfly Labs miner.

With a UK electricity price set at £0.20 per KWh (which equated to $0.33), these are the recommendations and profits that the following sites presented

 

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How to Cloud Mine Profitably

How to Create a Wallet

How to Buy Crypto-currency online

Getting a Return on a low budget

The Pro’s and Con’s of cloud mining

 

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