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Jordan Hinsch
Interested in Mining Bitcoin or Dogecoin? Here's How You Can Do It!
2021-05-27
Interested in Mining Bitcoin or Dogecoin? Here's How You Can Do It!Jordan Hinsch
Bitcoin mining and the mining of other cryptocurrencies is a hot topic these days. Bitcoin is receiving vast criticism for excessive power usage just to mine 1 BTC (Bitcoin). This is widely disproven based on numerous models but nonetheless, it's still an issue and currently casts a dark shadow over the industry.
At first glance, you might think you need to be a software engineer to be able to mine. You also might think you need to spend $50,000 on mining equipment in order to begin the adventure. Did you know you can mine Bitcoin and other cryptocurrencies using your laptop and no additional equipment? Read on to learn how!
What is Crypto Mining?
In short, Crypto Mining is a method of earning cryptocurrencies like Bitcoin or Ethereum without paying for it. Instead, you pay for the power and equipment used to produce it. Traditional mining of digital currencies such as Bitcoin is very expensive, requires coding knowledge, and is not worth looking into anymore. Cloud mining, on the other hand, can be a decent source of passive income.
Here is an overview from Investopedia:
By mining, you can earn cryptocurrency without having to put down money for it.
Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions which are added to the blockchain.
Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.
You need either a GPU (graphics processing unit) or an application-specific integrated circuit (ASIC) in order to set up a mining rig.
How much does it cost to Mine Crypto?
This is a question with lots of variables.
Traditional mining costs quite a bit in equipment expenses and electricity usage. Most professional miners will use solar power to reduce these costs, but it's not a huge discount. Based on power alone and recent data, 1 Bitcoin costs at least $5,000 to mine. Considering the current value of 1 Bitcoin is $39,000, that sounds like a great deal! However, to mine 1 Bitcoin for $5,000, you'll likely need to have already invested $10s, if not $100s of thousands in proper equipment, carpentry, and ventilation.
Cloud mining is a bit different. Cloud mining services such as unMineable and NiceHash are the top providers and allow you to mine cryptocurrencies with very little overhead. The only overhead will be power generated by your computer. You can even run these programs from your laptop and check your profitability before you begin! After your first month of usage, you'll be able to monitor your power bill and compare it with your previous month. You can also buy a meter like this one to track your Kilowatt-hour usage.
How can I get started?
Follow these instructions to start mining with NiceHash:
Before you begin, to use NiceHash you'll need a GPU with at least 4GB of memory.
TIP: Your anti-virus and windows security will prevent you from downloading this file. It is NOT a virus. The only way to download it is to add exclusions or by turning off your protection. I recommend adding exclusions.
NiceHash is easier to install and start than unMineable. All of the software and settings are included with the download.
Ensure your anti-virus exclusion is in place, or disable your protection. Then, open the install file and run the NiceHash program.
Go to coinbase.com to create a Bitcoin wallet. Copy your wallet address and paste it in the box when prompted.
NiceHash runs in the background and the script is minimized. NiceHash uses far less GPU than unMineable while operating at the same hash rate.
Download the NiceHash app to keep track of your earnings on your phone! You can even remote start and stop your rig while monitoring all of the stats!
Follow these instructions to start mining with unMineable:
TIP: Your anti-virus and windows security will prevent you from downloading this file. It is NOT a virus. The only way to download it is to add exclusions or by turning off your protection. I recommend adding exclusions.
unMineableJordan Hinsch
Decide which token you'd like to earn! If you choose either Bitcoin or Dogecoin, be sure to use the referral codes in the graphic below to receive a discount in miner fees (this will increase your total haul).
unMineableJordan Hinsch
Open and install the unMineable app.
When it opens, it will look like this.
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Here is where you'll decide if you're going to run the miner using your GPU or CPU. There is no requirement to run it from your CPU, but the output is much slower than GPU. The minimum GPU size required to run via GPU is 4GB.
Once you decide between GPU (Ethash) and CPU (Random X) you'll click "Update miner file location".
Now you'll choose your respective miner files. For GPU, select the location of phoenixminer.exe. For CPU, select xmrig.exe. Click Next.
Choose your coin or token from the drop down.
You'll need an address to receive the tokens you mine. Go to https://dogecoin.com/ to create a DOGE wallet. Go to coinbase.com to create a Bitcoin wallet. Copy your wallet address and paste it in the box below "Enter your address".
Enter your referral code from above in the empty space.
Ensure your anti-virus exclusion is in place, or disable your protection. Then, click start.
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It'll take a few seconds to get going and the green "Starting" button will turn to a red "Stop".
Your miner will automatically update your balance every few minutes.
To play with the settings, click the gear icon.
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Don't expect incredible gains with unMineable. The good thing is that you can let it run and still use your computer. You'll earn extra money without lifting a finger.
Which is Better? NiceHash or unMineable?
NiceHash, hands down. Here is a side-by-side comparison.
NiceHash vs unMineableJordan Hinsch
Not interested in Mining Crypto? That's fine. Here's a list of ways to buy it!
Investing in Bitcoin and other cryptocurrencies is very easy. First, it's important to know that you can invest in as little as $1 worth of crypto. You don't need to spend tens of thousands of dollars to get started. Here are the best platforms to get started. Most links below come with a Bitcoin bonus :).
Coinbase - the most popular onboarding platform into the world of Bitcoin
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