Bitcoin mining software easy to use printers

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Everyone is familiar with the term "money does't grow on trees". While that may be true, money does grow in GPU's.

My first introduction to cryptocurrency mining started a few years ago after watching a Vice documentary on Bitcoin mines in China. Now at the time I did not understand at all how bitcoin mining software easy to use printers worked and assumed that an expensive ASIC machine was required to get started.

Bitcoin mining software easy to use printers time went on I found myself discovering Youtube videos and news articles on people showing how to build cheap miners using only GPU's. At this point cryptocurrency had started to spark my interest but after talking to my tech guy he assured me that there is no point in trying to mine as electricity costs are too high in North America and the returns are much to small to ever be worth it. It wasn't until my friend told me that the value of GTX graphic cards dramatically increased due to the mining potential that I became much more invested with mining cryptocurrency.

Now to give you a bit of background I work in the film industry and do a lot of editing. Adobe Premiere Pro is our software of choice so naturally I have always leaned towards Nvidia GPU's as the integration with Adobe products are far better then the competitors. At this point the idea of my computers, which will sit unused occasionally, being able to pay themselves off bitcoin mining software easy to use printers extremely exciting.

I realize that if I were to purchase my computer solely for the purpose of mining cryptocurrency it would take years in order to cover the initial investment, but I figured that I might as well utilize the equipment I already owned. When people ask how much money can you really make from mining using a computer, the daily revenue number are always underwhelming and people tend to right it off right there. But the largest misconception I feel that they are missing is the long term earning potential of the coin itself.

For example, my computers can make roughly 7 bitcoin mining software easy to use printers 12 USD within 24 hours not including electricity costs. This is the mindset I use while choosing which coins to mine and it's very simple.

By no means would I call myself an expert and based on my experience I am definitely still an novice, but if I were to give anyone who is just starting in small scale mining any advice that would bitcoin mining software easy to use printers to find a low cost coin to mine over choosing one of the flagship currencies that everyone usually leans towards.

Hands down the highest return for mining that I have seen is from using NiceHash which alternates between different coins and pays out in Bitcoin. Now if anyone was just getting started I would agree that this is the best, easiest option for them, but I stopped using the software due to the amount of noise and heat it produced within my machine as well as making my computer completely unusable while it was running.

Ethereum mining on the other hand bitcoin mining software easy to use printers not require the same type of load which allowed me to have my miner running while still being able to work and keep temperatures down. While using Claymores dual mining software I started looking into other coins that I could mine besides Ether.

Ethereum is the second most popular coin and but due to the mining difficulty and the high payout rate with the different pools I decided to try a coin that was cheaper, lower difficulty and undervalued.

At this point I discovered Ubiq which became my coin of choice very bitcoin mining software easy to use printers and with the benefit of mining Decred along side it I switched both of my systems over to it for a couple of months. Even though I like the idea of mining two different coins at the same time as it doubles the chance of one of the coins blowing up, everything changed once the Bitcoin hard fork was cancelled.

Bitcoin Gold which was released in the beginning of November sparking my interest as it is exclusively minded by GPU's. I hope you enjoyed this brief article on my mining theory and I would love to hear from other Miners about what they think is the best method or approach to take. Hi Grayson, Thanks for the post. In fact I work for the animated film industry too. I've been mining Monero. I really liked dual mining Ubiq and Decred and especially looking how Decred's value has shot up so dramatically recently I think it is a solid choice for sure.

Personally though I have switched all of my machines over to Bitcoin Gold as I see it replacing Bitcoin Cash in the future so there is quite a bit of growth potential there. I too was introduced to mining a while back, but I trusted those who said it was too late to be profitable. Let's just say I have learnt to seek information myself now. When I initially started investing in cryptocurrency, I thought - not unlike you - that it was easier for a coin of low value to double, than one of high value, but as time has passed, I'm not too sure anymore.

In summary I think a good investment is a coin which is undervalued, but not necessarily of low value. So yeah, basically what you said: Yes by no means am I suggesting to randomly find a cheap coin. You should do some research and find a cheap coin that is undervalued.

Take Decred for example. At some point in time, I think that I would be willing to invest in technology that could help me enter the world of mining. This topic provides an opportunity to take a "commercial break" to appreciate the wealth of knowledge we can gather from content here on the Steemit platform. Set the miner in a spot in the living room and make sure nothing disastrous can happen to it from small children etc etc, and enjoy the space heater.

Haha actually I have it set up below my desk by my feet so that I don't have to turn the furnace on during the winter to stay warm: The mindset should be this what you have said. In that point of view, mining is much profitable. Your writing style is very interesting. I like your article.

Im talking a lot at bitcoin mining software easy to use printers moment with a friend who bought a big fat miner, and he is also thinking what is best to mine. I think adding a small coin is not a bad thing in this one. Great post, a lot better written than mine. The idea is to think long term not bitcoin mining software easy to use printers term.

A lot of people nowadays just want the result asap because they expect technology can truncate the time it takes to happen. Reality is everything valuable always takes time. Check out my post and see what you think? I feel like getting a rig day by day. Well worth it in the long run. Sorry if you think this is spam. I am invested in a company who is managing my mining hardware for me.

They indicated it was a RX which i have read can run at 24 mh however per the company they are only running it at 12 mh for best ROI. Personally I am not familiar with those type of bitcoin mining software easy to use printers, but from your brief description it sounds like something is off.

If you have the option I would suggest you mine cryptocurrency yourself as you bitcoin mining software easy to use printers much more control over it and at the same time it is really quite fun.

I am a complete bitcoin mining software easy to use printers when it comes to mining. I do have a option to request for the servers and run it on my own. Is this "Doable" for your average everyday guy? Sorry for stealing viewers from your post, but if you allow, ill link my "Gamers and Miners, unite!

If you dont allow it, just reply here and ill remove it. Thanks for the info and best regards! Authors get paid when people like you upvote their post. Also do you think 'Ubiq' would be a good coin to mine? Does that sound accurate? Im mining ethereum with claymore, selling it for DMD.

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Cryptocurrency mining has come to Georgia. Andrew North for NPR hide caption. Since long before anyone can remember, the big, fertile slopes of the Alazani Valley in eastern Georgia have been planted with grapevines. It's the heartland of winemaking in the country that invented it 8, years ago.

But in recent months, the valley has been going through a new kind of ferment, because of bitcoin. It's another sign of how this tiny former Soviet republic of fewer than 4 million people has become a virtual printing press for this new money you can't see.

Cryptocurrency mining is the digital equivalent of minting real money, except that anyone with the right hardware and software can do it, by taking part in what amounts to a giant virtual competition.

Think of it like a lottery, where computers linked across the Internet compete to solve complex mathematical puzzles, with the number of players constantly rising. The owner of the computer that finds the right solution is rewarded with a "block" of bitcoin or other cryptocurrency, which is then registered and verified on a decentralized database system known as the blockchain.

In practice, it involves a kind of constant digital bombardment to find these solutions, 24 hours a day, consuming huge amounts of electricity. And thanks to its cheap hydropower and low regulation, Georgia is now ranked second in the world for cryptocurrency mining — behind only China. It has generated plenty of controversy too over claims that it received overly generous terms for its electricity bills.

But scores of smaller data centers have now sprouted up, with many more people mining from home using processors bought online from China. One Georgian political party has even started raising funds by mining cryptocurrency via the computers of willing supporters.

And because electricity has traditionally been more heavily subsidized in the Alazani Valley, wine country has been seeing a kind of digital gold rush. Hoodie-wearing Buzhaidze is one of the growing army of home prospectors. He signed up last summer, as he watched the price of bitcoin surge, borrowing several thousand dollars from his father to buy three graphic cards, the backbone of any home mining operation.

Ever since, they have been churning away 24 hours a day in the family living room, a constant low hiss emitting from their cooling fans. Bezhani Buzhaidze is one of the growing army of home prospectors for cryptocurrency mining in Georgia.

His earnings are down now from the highs of last year, but it is still a healthy supplement to his monthly salary working at an online marketing company in Telavi. Part of the attraction, Buzhaidze admits, is "easy money. But he adds he is also attracted by the libertarian promise of cryptocurrencies. That is the question.

Is this crypto boom going to help or hinder Georgia, a country still struggling with widespread poverty? Some see an opportunity for Georgia to vault ahead, by embracing the technology and libertarian philosophy underpinning cryptocurrencies. But skeptics fear the country has become an outsourcing center for the global crypto craze, creating few jobs and no lasting gain if it all comes crashing down. The National Bank of Georgia, the equivalent of the Federal Reserve, has issued a warning, urging people to "exercise caution" about investing in virtual currencies.

It certainly looks that way on Bitfury's website , which has videos showing executives enjoying ritzy gatherings on the private tropical island of British billionaire Richard Branson. It has positioned itself as a one-stop shop for all aspects of the business , making its own mining chips and software, and consulting other organizations that want to set up data centers or use blockchain technology.

While it has offices in San Francisco and Washington D. A shop in Sandy, Utah, mints physical versions of bitcoins, with codes protected by tamperproof holographic seals. It has an outsize presence in Georgia. According to Bitfury's own figures , it was using around 28 million kilowatt-hours of electricity per month for its mining operations here, equal to the average consumption of , Georgian households, or 10 percent of the population.

But it pays significantly less per unit, which has fueled charges that Georgia is getting ripped off. Opposition politicians have claimed that the country's richest man, former Prime Minister Bidzina Ivanishvili, is a hidden beneficiary. An investment fund linked with the billionaire tycoon lent money to Bitfury when it first arrived. But the company's lawyer in Georgia, Eprem Urumashvili, says the loan was repaid, and he denies any financial ties remain.

However, the vice chairman of Bitfury's board, George Kikvadze , also has a senior role on Ivanishvili's fund. Perhaps hoping to sidestep all this controversy, Bitfury recently announced it had sold its main data center to a Chinese concern.

But its logo is still emblazoned on the building. And it remains the landlord, according to Urumashvili, as the company runs the surrounding tax-free zone where the data center operates. Bitfury has had unfair press, its lawyer says, insisting that it is looking far beyond mining bitcoin in Georgia.

Last year, it helped the government become the world's first to start using a blockchain-based database to secure public records — with the company providing server space and technical expertise. As with cryptocurrencies, records encrypted on a blockchain are distributed across countless computers, with no single entity having control, making the system both more resilient and harder to tamper with. It began with a property registry. Next will come marriage certificates and other personal records.

Bitfury has also been talking to the authorities in nearby Ukraine about using blockchain technology to run future elections there. Advocates say this will make it much harder to hack the voting process, in light of allegations that Russia tried to do just that in previous Ukrainian polls, even before accusations of Russian interference in the U. One small, ultralibertarian Georgian opposition party has more radical ideas.

If it ever gains power, the party Girchi — which translates as "pine cone" — wants to issue a national Georgian cryptocurrency allowing citizens to buy unused state assets, including large areas of land. Every Georgian citizen, he adds, would get an allowance of what the party is calling, no surprise, "pinecoin. He sees longer-term political benefits too, helping the party build a new constituency of libertarian-minded supporters.

Japaridze says the party has had discussions with an outside technology company he won't name about the mechanics of creating a pinecoin cryptocurrency. He envisions a day when there will be no central banks, and property deeds worldwide will be stored on a giant blockchain database with no government or other entity having control. That, he claims, will both give owners greater protection from attempts to disenfranchise them as well as boost overall transparency: Cryptocurrency mining rigs operate at the Golden Fleece company in Kutaisi, Georgia.

The company uses a cargo container with Chinese-built computers inside a dilapidated Soviet-era tractor factory to extract cryptocurrencies using low-cost electricity generated by water flowing from the nearby Caucasus Mountains.

Girchi believes it is the first party to raise funds via cryptocurrency mining. When supporters log on to its website , they are given the choice of allowing their computer processors to be used to mine Monero , a newer virtual coin being marketed for its extreme anonymity. One of Japaridze's team came up with the idea. And when he attended a recent global conference of like-minded political groups, delegates there told him it was the first time any party had tried to raise funds this way, he says.

It has only raised a few hundred dollars so far, he says, but "it has also helped boost our reputation for innovation with younger voters. Such ideas are "just the beginning," says Luka Kobalia, co-founder of a Tbilisi-based company called Blockmentor, which provides training for businesses seeking to use blockchain technology in their operations.

Everything about the way the economy functions is going to change, he says. Facebook groups now regularly advertise conferences and gatherings to share ideas, addressed by people who call themselves "blockchain evangelists. Georgia's finance sector has been sitting on the fence over cryptocurrencies, but some institutions are already invested.

The country's Liberty Bank now offers a means of buying and selling the best-known cryptocurrencies via its eMoney service. But it is still a long way from the point where this virtual money replaces so-called fiat currencies like the U. Like the original Klondike, Georgia's digital gold rush has attracted some colorful characters hoping to make their fortune. Take Andrew Thornhill, an energetic financial entrepreneur from Chicago and founder of a cryptocurrency startup called Spotcoin.

He first came to Georgia a decade ago to provide Internet-banking advice. In , he was briefly imprisoned for fraud, but he says his conviction does not restrict him from running a financial business either in the U. Now Spotcoin is issuing its own cryptocurrency and setting up an online exchange to make it easier to buy and sell other virtual currencies. Concerns that cryptocurrencies are being used as a money-laundering vehicle have been overdone, Thornhill says when we meet at Spotcoin's Tbilisi headquarters.

And blockchain technology has the potential to make financial transactions far more secure, he maintains. But the world's central banks are right to proceed cautiously, Thornhill adds: I'm a digital revolutionary, not a digital anarchist.

While some people outside Georgia may have become multimillionaires thanks to the bitcoins processed inside the huge Tbilisi data center, just down the road is Gldani, one of the city's poorest suburbs. The main street is lined with pawnshops and discount stores. It's a similar story in many rural areas. Against this economic backdrop, according to professor Tutberidze, it's not surprising so many Georgians have dived into the cryptocurrency craze, hoping for quick wealth.

But he warns a "mass psychology" has developed, with people buying in as prices rise but then panicking and selling again as they fall. He sees it as one of several alarm bells that this could become a dangerous bubble for Georgia.

Many people are spending savings or taking out loans to buy their own mining setups. Such is the demand, a secondary online market has sprung up for mining cards. But it's not hard to find stories of people who have overreached and overpaid, with little chance of ever recouping their investment. Kobalia, the training company co-founder, acknowledges there are dangers. Tutberidze has tried to warn Georgians off it. But the risks are part of the attraction of having left the Soviet planned economy behind, according to Bitfury's lawyer Urumashvili.

Back in Telavi, Buzhaidze says even though his profits are down, he is sticking with it. Accessibility links Skip to main content Keyboard shortcuts for audio player. Parallels The former Soviet nation of Georgia now consumes more power in mining cryptocurrencies than the United States.

Facebook Twitter Flipboard Email. April 23, 8: Andrew North for NPR.