Giant post about mining...



Jun 26, 2018
Mining - is a way of earning by supporting the work of cryptocurrency. It may sound paradoxically, but in 21 century people have learned how to mine money like they used to mine precious metals, however they’re digital.


Yes, all of us are now really able to mine digital money. After all, mining is the exact thing, that makes cryptocurrencies different from old fiat money - there’s no need in someone like central bank, who can create money. So any person can become such a ‘bank’. In this post we’re going to take a closer look at mining as a process.

It lies in creating new blocks in blockchain to support the work of cryptocoin. To do this you need computing power. That way, power is needed to make some mathematical operations aimed at finding the digital signature or, how they say, hash.
The man, who have found this hash becomes an owner of reward in size of certain amount of coins. From this point, mining is a process of production cryptocurrency by using your computer power. Miner get rewarded for helping the network to keep its legacy and functionality.

Which coins to mine?
When you’re choosing which one to mine, you should pay attention to some factors. To begin with, all miners are focused at profits - how big it is going to be? Bear in mind the fact that cryptocurrencies have very big volatility and mining isn’t very simple process. These are the most important factors:
  • Coin liquidity. You have to analyze the potential of exact cryptocurrency. Is it going to be popular in the future, so you were able to sell it for good money
  • Price. Of course, the bigger price of the coin, the better it is to mine such
  • Volatility. To be sure that coin won’t lose in price very much, you might choose the one with the lowest volatility compare with the market
  • Mining difficulty. Miner’s profit would be as big as the total computer power
  • Mining type. Different cryptocurrencies are mined in different ways. You may also check all the algorithms and proof types to find the most suitable for you
  • Development perspective of the coin. It's obvious
Probability of having good profit is the most important for any miner. Of course, having good profit means big attachments. After analyzing all the aspects below, you can find something right for you.

Bitcoin mining


Blockchain first appeared as a basic technology inside the bitcoin network. During the first time, people didn’t realise the fact that mining can give them good money. Bitcoin was used only by people interested in the technology itself. Some after, mining became popular, people started to mine bitcoin at their homes, building small mining farms using basic components.

A few years gone, and people started to create groups to mine bitcoin in more effective way. Today the capitalization of the world most popular cryptocurrency is more than $100 billions, what is almost a half of all other coins capitalizations. Despite it’s the most popular, it is not fair to say that it’s the most popular among miners. The problem is that the popular some coin is getting, the harder it becomes to mine such, because more and more people are now interested in it. As usual, the bigger advantage is owned by those, who have more powerful hardware.

Ethereum mining


This cryptocurrency appeared a short time ago if compare with bitcoin and a few others, though, it became very loved by miners. About the capitalization level, here Ethereum loses only to digital gold. The coolest advantages of Ethereum are:
  • Support of smart contracts, that are getting more and more popular and, probably, will be commonly used in a while
  • Ability to create your own blockchain projects, using this platform
At the beginning, it was profitable to mine Ethereum using common GPUs and not very powerful computer, but now it won’t be profitable - asic miners are more helpful in it.
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Jun 26, 2018
Ripple mining


Capitalization of this coin is more than $18 billion. It was created open source. The security level is much higher than bitcoin can offer, because it doesn't use blockchain network. So it isn’t an alternative to the “gold”. Ripple’s history begins in 2004, when it was developed by Canadian engineer Ryan Fugger. As cryptocurrency it appeared only in 2012.

The are no mining pools of this coin. The easiest way to get it is to buy them on a stock exchange. You can also get it from the creator himself, in reward for your help in distribution of the computing power.

Besides, you can use an opportunity of indirect mining, what is also pretty simple: you mine classic coins (Bitcoin or altcoins) at first and then change them for Ripple.

Litecoin mining


First Litecoins were issued almost 7 years ago. Founder of this cryptocurrency is exGoogle Charles Li.

Interesting fact
Someday Charles has found some big problems in bitcoin’s algorithm and workflow, after what he decided to create a coin without such problems.

Litecoin was build on the bitcoin, however, there a lot of differences between them:
  • Simplified encryption algorithm
  • Coins emission - 84,000,000
  • Time of creating new block is 2,5 times less than in bitcoin network
Mining of the litecoin is now done using special asic miners as well as using common GPUs, you can easily find all the hardware in your local store. Process itself is pretty simple, so Litecoin is very popular among miners. You can even do it at your home.

Mining farms - what is the purpose?

To oversimplify, farm is just a room where special hardware work for mining cryptocurrencies. To make it very profitable, you have to make your farm works smoothly 24 hours a day.
In such case, the most important miner’s problem is to support ideal terms for stable work of the farm: cooling of cards and asics, keeping them in good condition. Any, even small problem can cause the termination of the whole system.

Mining farm

There are three ways of mining:
  • Mine yourself! To open your personal farm for cryptocurrency mining, you need seed money to buy hardware. Price on them depends on the computing power. But anyway, it isn’t going to be cheap
  • Mining pools! A good alternative for those, who don’t have lots of money for big amount of hardware. Cryptocurrency mining is getting harder and harder every year, so miners are used to consolidating and creating mutual farms. Every person in such pool has right to get money equivalent to the computing power he gives. To make it clear, bitcoin uses protocol called proof-of-work, so in this case it is fair that every miner get as big as his hardware power is. Using this protocol makes the network to be under secure and, what is more, it helps to calculate profit for every single miner. In other words, miner’s reward is directly depends on the quantity and quality of his work
  • Cloud mining. New and extremely progressive type of mining. The most important is that it doesn’t require big investments or even some skills. You will find some more information down

The most common mining types by hardware


  • CPU mining - the most useless. To begin with, only small amount of coins such as Monero supports this type of mining. Even very powerful computer isn’t able to give you big profit. This way of mining can be found useful only by those people, who have an unlimited source of electricity
  • GPU mining - the most popular. Using your video card you’re able to mine different coins including Ethereum, Dash and others
  • ASIC mining - the most efficient. This can give you very well profit compare with other methods. This hardware are designed especially for exact coin and took all specialties of it in count
  • Browser mining - can’t be called efficient as well. It consists in mining coins by running special JavaScript code. Besides, there are lots of scammers in the web. Their aim is to instal a hidden miner on user’s computer. This way, scammer becomes able to use power of someone’s hardware to mine coins on his wallet
  • Hidden mining - half legal. Using special virus that instal itself into the file system. Common user can’t even guess, because not every antivirus is able to find such problem
  • Mining using phone and laptop - the most useless. Usually this mining type is used only by those who’d like to learn more or tryed mining himself. Earn something using this is absolutely unreal. However, Minergate mining pool has developed special mobile app for earning coins, it is available for all android gadgets. Google has been fighting hard with mobile miners, though, it’s still pretty simple to find and install such.
  • HDD mining - the most unknown. It consists in using proof-of-capacity protocol. This method can’t be used for mining popular coins. What is more, to earn at least $1 you need more than 500 Tb disc capacit


Jun 26, 2018
What is cloud mining?


A lot of people have question how it works. Cloud mining (cloud hashing sometimes) is a new technology that makes users able to create new pools but not individually. They can organize a joint mining farm with other people using this concept. To simplify, it’s just a cryptocurrency mining using hardware rented from some company. When mining of, for example, bitcoins is done in cloud users can avoid lots of very different problems: hosting, big power consumption, preliminary setting, errors with connection, additional charges, annoying noise and others.

This way, cloud bitcoin mining is more reliable and profitable for users, because they are able to get extra income, avoiding lots of risks.

The first company that started to provide cloud mining service was CEX.IO - it foundation took place in 2013. At present there big amount of company, that offers cloud mining. Hopefully, there are special posts about the best of them:

More experienced miners will also tell you about PBMining, Genesis Mining Cointerra as well as about lots of different aspects and advices. By the way, you can ask any questions in comments - I’m going to help you anyway.

Most of the companies specialised in cloud mining have their facilities in several countries:

  • China. Cheap electricity as well as pow prices on hardware
  • Island. Great opportunity of natural cooling during the mining process
  • Estonia. Big concessions for such type of business and for lots of other thing from crypto industry as well
On an industrial scale of cloud mining they use special hardware called ASIC miners. Profitability of cloud mining depends on the size of your investment and how hard is it to mine coin. During the contract time (1-2 years as usual) investor get mined coins, he can easily withdrawal them or reinvest.

Is cloud mining profitable? Answer is depends on some factors that affects. The most obvious is price (rating of company is usually proportional to price of its service). What you pay is spend on electricity bills, hosting and hardware. On the other hand, due to the quantity of scammers and bankrupts in this industry, the most important factor is reliability of exact company. Otherwise, you won’t get your money back in case your long-term contract stopped almost instantly when it was signed.

What is more, profit depends on some factors that no one can predict or control: at least it is volatility that is pretty big during the last time. So you should choose the most stable coins for cloud mining.

Another factor is the power of the whole network. It is determined by quantity of hashing operations per second. For the last years it has been growing very fast. Is it going to continue growing, depends on the price of the bitcoin as well as on innovations in integral circuits development.


In which cases cloud mining is optimal solution:
  • You have neither opportunity nor will to mine yourself
  • You live in a country where electricity is cheap
  • You have enough money, you’re ready to lose, to invest in cloud mining development
  • You have calculated and thought out everything, so you’re now sure in quality of your investment
  • You have analyzed the cloud mining market well and found the company that has affordable price and its service as well as great reputation

Advantages of cloud mining:
  • Lack of coolers’ noise
  • Decrease of the price on electricity
  • You don’t have to set the hardware or to repair it
  • Lack of production of excess heat
  • No expenses on electricity
  • No need to buy expensive hardware

Disadvantages of cloud mining:
  • Expenses on ranting make the final price bigger, what can cause some problems to miner
  • Minimal control and no ability to choose minimal service options
  • Scam alert! Companies in this industry usually aren’t affected by any laws or rules
  • Unclear workflow of cloud mining companies
  • Profit gets lower and lower: company interested in its own money
  • Service can stop money withdrawal in case exchange rate falls
  • You are unable to resell the hardware if mining isn’t profitable no longer
  • You can’t also choose which software to use

The biggest cloud mining farms

Mining Farm

China is the world’s leader in cryptocurrency mining industry. How experts say, almost 70% of all coins are mined here. There are also lots of big mining farms in Iceland, where due to the natural environment it is possible to save lots of money on cooling.

Bitfury company, which now mines 12% of all Bitcoins, has build three giant facility on the outskirts of Tbilisi Economic Zone: price on electricity in Georgia is pretty small, so mining is popular there. But it also offers very interesting products for your personal farm. Fortunately, there’s a special post for you.

Because of the high rentability and lack of law regulation, the exact place of mining farms are kept in secret.

Payback of mining: is it right time to start?

Unfortunately, no one can say for sure unless he wants to cheat you. Uncertainty of mining is one of the biggest problems in this industry. Quality of mining depends on the cryptocurrency exchange rate, hashing difficulty, price on hardware, electricity bill, efficiency as well as changes, including, the volatility of cryptocurrencies.

You mustn’t forget that as coin price grows, payback is becoming shorter and shorter. But as more people interested in mining or more farms appears, price on hardware becomes higher and higher.

To sum up everything, later you will start, the more seed money you will need.

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