Impartial reviews of the most reliable and trusted Bitcoin, Ethereum, Litecoin Cloud Mining Platforms. Start mining today! • • 2017-11-23 • The sole reason most cryptocurrencies can function is due to mining. There are two things which your reward is based off of. Pros and Cons of Mining vs. However, if you invested that amount into a currency calculztor, that currency will most likely be worth nothing. Another benefit is that in case the currency you are mining drops in value, you can easily swap to another coin and regain your profits that way. Take Ethereum for example. One year ago and with a small mining operation, it was very easy to mine 1 or 2 Ethers a day, while at the time it was only worth a couple of dollars. Even though currency mining seems to be an easy get rich quick scheme, it does not come without risk, the main risk being: Another risk to watch out for is if you have young children or small animals. They could easily break your rig by accident, either by throwing something at it or giving it a static shock. The next risk, while not severe, is power. Mining computers draw a lot of power, and depending the size of the rig, they can easily nicehash calculator eth upwards of 1, watts. Depending on where niceash live this could mean that you are mining at a loss everyday. You can check the DAG size for some popular coins using this website. In conclusion, while there are many risks, all can easily be avoided by nivehash implementing standard safety procedures, or by making sure that your rig will last a long time by buying the best parts you can. But all in all, while you will receive a great amount of rewards for mining, you can also lose a lot of money if your rigs break down due to misfortune or just plain old bad luck. Economics of Mining Getting started with mining is relatively simple, especially if you already have a desktop PC with a graphics card. Building a mining rig is the main cost, as these can cost thousands of dollars. To find out how much you will spending on power each month, you can use this simple website linked below. Here you can input how many watts your computer will be using, and the website will tell you how many kWh that is per month http: Take your monthly power cost away from the value of the amount of the currency you mine to find your monthly profits. Though most mining calculators include this calculation for you, it can be very useful to find the exact amount you will be spending on power. Here is our formula for working out monthly profit: M is the value of the amount of coins you mine per day, this can be found through sites like coingecko where it will tell you how much your crypto is worth. W is the amount you will be spending on kWh every month. This will then give you P which is your monthly profit. You can also find your daily profit by inputting your daily mined crypto into M and daily power usage in for W, the same can be done for weekly calculations. To find your real profit however, you first need to pay back the first investment into your mining rig. To find out how long this will take, you must use this formula: This depends on what you use for the first calculation. After you pay back the rig, every cent you make will go towards your total profit. The difference between PoW and PoS is that PoS does not require graphics cards, nor does it require a very powerful system at all. Another benefit of PoS is that the computers are not very expensive, nor do they draw lots of power, making PoS a far greener alternative to PoW. There are also no block rewards in PoS, thereby making the transaction fees the only reward. Proof of Work is where you have to run powerful computers that have high hash rates. Both of these types of mining have a difficulty factor to them where the more miners there are on the network, the lower the chance you have of mining a block. In other words, the lower your reward is. Here is a good website which has lots of information on the major cryptocurrencies, including their difficulties, block times, and block reward. If you want to check when the last block was mined, and who mined it, you can use this website for Bitcoin, and this one for Ethereum. Mining works by connecting to the blockchain and verifying transactions by verifying new blocks in the blockchain. By doing this they are securing the network and preventing errors from happening such as double spending. The miners put these blocks through a process by applying a mathematical nicehash to it, turning the numbers into a shorter, random looking sequence of numbers. Each hash is unique and changing even a single character in the hash changes it completely. Here is an excellent video which explains what your computers do when its mining that uses pen and paper as an example This method is extremely inefficient so do not expect calculator make a profit off of it. You simply choose the currency you would like to mine then input your hash rate along with the wattage of your system and power cost, then the website will show you what your profits are every day, along with the amount of the currency you will mine. Everyday new miners join the network, which in turn increases the difficulty. My Crypto Buddy The My Crypto Buddy calculator is another useful calculator which has the option to include difficulty into the calculations. This leads to a problem. Though it is still useful to know that your mining income will decrease every month due to difficulty. This calculator also includes the mining pool fee. Coin Warz The Coin Warz calculator is another useful calculator, though more complicated than the rest, it comes with some quite unique features, such as allowing to input your hardware cost. The calculator will then use this information to estimate how long it will take to pay back your computer. Luckily I have compiled a list of sites which have this information. So for example if we have a single AMD Radeon R9 X GPU available that is capable of producing around 24 MHS worth of hashrate when mining Ethereum and we enter that value in eht calculator we are going to get an estimation of about 4. Another benefit is that in case the currency you are mining drops in value, you can easily swap to another coin and regain your profits that way. We are giving BTC rewards for the best information received. Another option are dedicated mining cards. Submissions that are mostly about some other cryptocurrency or alternative mining pools belong elsewhere. The miners put these blocks through a process by applying a mathematical formula to it, turning the numbers into a shorter, random looking sequence of numbers. A third useful feature is that it shows you how much you can trade your mined coins for in Bitcoin, which is useful if you think Bitcoin is only going to go up in price. You can use this calculator for about different coins making it quite useful when trying to find out what your other mining options are. The reason being that you simply fill in your graphics cards models and the site will calculate the power draw, hash rate, and the most profitable coin for your set up. The site will even show you the best exchange to sell your coins on. Additionally, the site will also apply a reasonable overclock to the cards making your results even more accurate. This site is still extremely useful for finding the most profitable coin to mine, making it my preferred calculator. Your graphics card is not listed on the What To Mine website, this can be a tricky process. Luckily I have compiled a list of sites calxulator have this information. I will also explain which coins are the best to mine with each card. This card also has an external nicehas connector, so you will not be able to plug this nicehash calculator eth any old desktop computer. This card is an excellent performer when it comes to gaming, so if you decide to sell your rig, you should be able to sell these cards for a great This is caluclator to its extremely low price and excellent hash rate performance. Like the RX s s, these cards can also be very hard to find at reasonable prices. Pagos calculator nicehash eth This list is purely based on my opinions, as well as the price of the cards and the raw performance nicehash calculator eth. Though there are other cards which are great for mining, such as GTX Ti or RX Vega 64 which I did not include due to their high costthese cards on the list are just my recommendations. Another option for mining is ASICs. ASICs are devices made specifically for mining, and when compared graphics cards, ASICs perform much better and have a much lower performance to the power draw ratio. Option are dedicated mining cards. These cards are made specifically for miners and offer a hash rate and efficiency bump over their gaming orientated counterparts, without the need for you to do much nicehash calculator eth overclocking and undervolting. Eth nicehash calculator shows If nicehash calculator eth are confident in the success of cryptocurrency however, and are willing to take the risk, these cards are an excellent option. Different Types of Mining Though this article has primarily been focused on graphics card mining, there are other types of mining. Cloud mining and ASIC mining are just two examples. I will also be talking about the difference between mining in pools and solo mining here. Pool mining is where you join with a group of other miners and every miner contributes to mining blocks. The difference between this and solo mining is nicehash calculator eth your payouts are more consistent. Solo mining is hard, especially if you are running a small rig because nicehash calculator eth will most likely not find a block for a very long time unless you get very lucky. You can use the Coin Warz calculator to estimate how long it will take you to mine a block by yourself. You will get your payments consistently, unlike solo mining where it may take a very long time to get your payout. I recommend the Ethermine. You can also check if your rig is online here, as well as how much crypto you have mined. Cloud Mining Cloud mining is definitely the easiest way to start mining, as you can purchase a mining contract whenever you like. You do not need to setup a rig nicehash calculator eth even have an internet connection, calculqtor company which hosts the miners will do this all for you. Another negative is that you will not be able to sell the rigs, and will not be able to cancel the contracts. However if you do decide to start cloud mining, one of the largest companies for this is Genesis Mining. Nice Hash is another cloud mining company which unlike Genesis does not lock you into a contract and allows you to cancel any time you want, making this an excellent option. Nice Hash also allows nicehash calculator eth to sell your hashing power for Bitcoins, so you can set your own mining rig to mine on the Nice Hash servers and earn Bitcoins. However, this can turn out to be less profitable than mining an altcoin by yourself. Nicehash Miner Pros & Cons - Is Nicehash Miner Profitable? You can check the DAG size for some popular coins using this website. Do not use URL calculator services: Your bitcoins were stolen and we are working with international law agencies to identify the attackers and recover the stolen funds. Advertently or inadvertently posting a wallet address for seeking donations or requesting hashing power towards a wallet address without prior checks and approval from the mod team is a bannable offense. This nicehash calculator eth due to its extremely low price and excellent hash rate performance. One of my favorite communities is Reddit, and although Reddit has a vast array of sub-communities, or subreddits, there are some for mining. A useful multi-wallet application which I recommend is the Jaxx Blockchain Wallet. You can use this code: My personal recommendation is to keep full control of nicehash calculator eth wallets and not in the exchanges since exchanges can be hacked and you run the risk of losing your coins forever. You should also keep your coins in an offline storage for maximum security. A useful multi-wallet application which I recommend is the Jaxx Blockchain Wallet. W is the amount you will be nicehasn on kWh every month. Additionally, the site will also apply a reasonable overclock to the cards making your results even more accurate. You can check the DAG size for some popular coins using this website. You can use this code: Luckily I have 'nicehash calculator eth' a list of sites which have this information. You can also check if your rig is online here, as well as how much crypto you have mined. This card also has an external power connector, so you will not be able to plug this into any old desktop computer. New to BitCoin and interested in learning more? You can store many different types of coins here including popular ones such as Bitcoin and Ethereum. This wallet also gives you full control of your private keys in case you want to move your wallet out of Jaxx. The Jaxx wallet also has mobile apps which allows you to take your cryptos with you anywhere. The Ledger Nano S is another useful multi-wallet, however it is a hardware wallet, so you will have to spend an extra portion of your budget on this. Mining Communities Mining can often be a quite strenuous process that is not error free. So if you are setting up your own miner, it can be useful to interact with some communities in order to get proper guidance. Earlier today the NiceHash went into maintenance mode and it has continued for hours, something that does not normally happen with the service, sparking rumours about a hack. A bit later the official confirmation has been posted that the rumored hack has indeed happened, below is a quote of the official statement released by NiceHash with more details to follow soon hopefully Official press release regarding the NiceHash security breach Unfortunately, there has been a security breach involving NiceHash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours. Importantly, our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken. Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days. In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency. We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity. We would not exist without our devoted buyers and miners all around the globe. We understand that you will have a lot of questions, and we ask for patience and understanding while we investigate the causes and find the appropriate solutions for the future of the service. We will endeavour to update you at regular intervals. While the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords. We are truly sorry for any inconvenience that this may have caused and are committing every resource towards solving this issue as soon as possible. With the release of their version 2 of NiceHash Miner there are two different versions of the software available now. The old branch version 1 is now called NiceHash Miner Legacy and it is intended for more advanced users while the new NiceHash Miner 2 is for people that are new to crypto mining and just want an easy to use GUI. NiceHash Miner is essentially a profit switching mining tool that chooses the most profitable algorithm based on your mining hashrate and sells your hashrate for that particular algorithm. NiceHash Miner 2 does not contain third party miner software, it uses the miners being developed in house by NiceHash such as for example, while the NiceHash Miner Legacy still relies on the best performing third party miners for some algorithms. The Legacy version includes miners from Claymore, EWBF, Tpruvot and others in order to maximize performance for particular algorithm. This does however make it a bit more complicated for setting up many different miners thus the advanced users target. We just gave a try of the latest NiceHash Excavator 1.2.10 alpha miner () that includes new algorithms and some performance improvements. It has been a while since we have played with last, so there are some changes that we wanted to try out. Excavator supports both AMD and Nvidia GPUs and works with some of the more popular mining algorithms, though performance wise it may not be the fastest on all of them. Nvidia CUDA supported algorithms: equihash, pascal, decred, sia, lbry, blake2s, daggerhashimoto AMD OpenCL supported algorithms: daggerhashimoto, equihash, pascal, sia, decred More notable is the performance improvement from the latest for Nvidia GTX 1060 and GTX 1070 GPUs that has also apparently been implemented in Excavator, so you might want to try that as well and see what results you are going to get if you are mining coins using the (Ethash) Dagger-Hashimoto algorithm such as Ethereum and others. Below you can find a 64-bit Windows binary that you can download and try will all of the supported algorithms, just modify the sample config files provided. Do note that Nvidia supports two more algorithms that have not yet been implemented on AMD GPUs! Copyright ©2014-2018 - - All About BTC, LTC, ETH mining as well as other alternative crypto currencies. This is a blog for crypto currency miners and users of Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), ZCash (ZEC) and many others. If you find helpful and useful information you can support us by donating altcoins or Bitcoin (BTC) to: 1AxbMZwtcmCByrHiaWwhse5r6ea1YgBwk1 ETH: 0x8d785ff337046444d8afbac169bcb7c0adfb3266 - LTC: LPYFPK7dL1uEtwrAteLmxs7w8Je446gAAJ - ZEC: t1gg5rWxeMBMsyDRMrq5PJdFLiWQ86LGggi.
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