Break even point of bitcoin. Cryptocurrencies are the new gold rush
What is the break-even price of Bitcoin today for the miners? Got it!
A lot of people have heard about bitcoins, but they have no idea what they are mining for and how they work
After choosing a cryptocurrency for mining, we need to find the pool in which we will mine it. Of course you can mine "in solo", i.e. Alone, but it's more efficient to still unite with other miners and mine in the pool. A pool is a site where many small miners combine and collect cryptocurrencies with common efforts. The more power the pool has, the more likely it is to find the right block and get more coins. Pool sites usually point to official cryptocurrency sites in the Pool section or to topic forums such as Bitcoin Talk. The main criteria for choosing a pool is the total mining power of your cryptocurrency and the commission.
Ten years ago, few people knew what cryptocurrency is. Bitcoin mining easily started on a dual-core processor. The argument against the use of cryptocurrencies, which is most often heard from ordinary people: cryptocurrency is not money because it cannot be touched and put in your pocket. But, traditional money also exists in electronic form, and not only on a credit card.
If you decide to start mining cryptocurrency, you need to develop a business plan. Determine which cryptocurrency you will mine, the amount of investment and the profitability of the business. To do this, it is necessary to calculate the current production profit and prospects of the selected coin for long-term storage.
How to start mining yourself? Mining the most popular coins does not always yield maximum profit. Miners can earn on any projects, most importantly, exchange little-known coins in time for more reliable assets such as Bitcoin or Ethereum. Mining can be done in the cloud.
What is cryptocurrency in simple words (for adult dummies and small children)?
Sooner or later, we all have to explain complex things in simple terms. This is how life is arranged. For example, if a child asks about his own origin, then you need to be able to explain this simply and clearly. Similarly with cryptocurrencies. For ten years this topic has not left the agenda, but the average person still has a vague idea of this phenomenon. Probably, only because few have so far managed to explain cryptocurrencies in simple words
The mining speed of any cryptocurrency, including Bitcoin itself, is measured in hashes per second. At the time of writing, the actual unit for measuring mining speed is "kh / s" (kiloheshes per second). You and I need to find out how much our computer can give out "kh / s". The mining speed depends on the characteristics of your video card, for example, take the NVIDIA GTX 580, with an average mining speed of 220 kh / s.
You can see what speed your video card can give out at this link. How to understand which cryptocurrency is best to mine today? Two popular sites will help us with this: coinwarz and whattomine, where we will see summary tables of all cryptocurrencies that can be mined today, as well as mining algorithms.
For us, important indicators are "Revenue / Profit (per day)", which means "remuneration / profit (per day)" and the "Exchange Volume" column, which means the amount of coins that we can sell on the exchange at such a price that get exactly the profit that we see in the "Revenue / Profit (per day)" column. You better change your mined coins to Bitcoins once a day so as not to lose profit, if suddenly the price of cryptocurrency goes down, and this happens quite often.
Which cryptocurrency to choose? A virtual coin is chosen before buying mining equipment. If you want to mine precisely bitcoin or altcoins unprofitable for GPU farms, for example, Litecoin, buy ASIC. But keep in mind the noise and vibration levels of the ASIC miner exceed the sanitary standards for residential premises. You can get coins available for mining on video cards and exchange them for BTC.
When choosing a wallet for storage, always remember that the safety of your money is primarily up to you. Never store private keys and passwords electronically and do not disclose this data to unauthorized persons. To send you a transaction, you only need to know the public address. Starting cryptocurrency mining is impossible without a wallet address for paying a reward.
Smart Russian women - What is the breakeven point and how is it calculated?