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23 Oct 2018 19:38:26
so how on earth do you go about 'mining' it?
{Ed033's Note - Bitcoin mining is now reserved for large scale operations.
What you need to mine Crypto coins:
You will need ten things to mine Litecoins, Dogecoins, Feathercoins etc.
1. A free private database called a coin wallet. This is a password protected container that stores your earnings and keeps a network wide ledger of transactions.
2. A mining software package, typically made up of cgminer and stratum.
3. A membership in an online mining pool, which is a community of miners who combine their computers to increase profitability and income stability.
4. Membership at an online currency exchange, where you can exchange your virtual coins for conventional cash.
5. A reliable constant internet connection, ideally faster than 2 megabits per second.
6. A hardware setup location in a cool and air-conditioned space.
7. A desktop or custom built computer designed for mining. You can use your current computer to start, but you won't be able to use the computer while the miner is running. A separate dedicated computer is ideal.
8. An ATI graphics processing unit (GPU) or a specialised processing device called a mining ASIC chip. The GPU or ASIC will be the workhorse of providing the accounting services and mining work.
9. A house fan to blow cool air across your mining computer. Cooling the hardware is critical for success.
10. You need to constantly learn as there are ongoing technology changes and new techniques for optimising coin mining results. The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.
1.) 23 Oct 2018 20:18:00
best start at the beginning though 7, 8 and 9 I am fine with - my pc is liquid cooled so cooling should be covered, however, I do not know what a coin wallet is or how to get one or set one up, whichever applies.
{Ed033's Note - Coin wallet examples are:
1. Trezor (https://shop.trezor.io/)
2. Ledger Nano S (https://www.ledger.com/products/ledger-nano-s)
3. KeepKey (https://www.keepkey.com/)
2.) 24 Oct 2018 04:54:12
I thought you said they were free!
{Ed033's Note - Those i mentioned are hardware wallets. You can get free software wallets, but the software wallets aren't as secure.
An example of a free software wallet is Exodus wallet
3.) 24 Oct 2018 09:30:45
I was just thinking, if I was to start off, I would be very unlikely to earn enough for a long term to need a more secure wallet. If it becomes worthwhile later I would revisit that, but for now I am just looking to do it as cheaply as possible to see if it is worth bothering with.
{Ed033's Note - It would probably only be worth doing if the coins you mined end up being worth a lot more in the future. But if you think they will be worth a lot more in the future, then you can always buy those coins or tokens now.
An alternative to mining could be to buy some Redd Coin then hold the Redd Coin in their 'staking' app on your PC. They then give you 5% per annum extra Redd Coin. This assumes you think Redd Coin will increase in value.
4.) 24 Oct 2018 10:57:38
Ed 33 great knowledge and insight.
Ed 001, like Ed 33 righly said, an alternative to mining is to buy and then resell at a higher price in future if the value of the coin appreciates.
There are exchanges that offer free software wallets. All you need do is register with them.
One Exchange that is quite reliable is Remitano but they do not support all coins. They only support bitcoin, bitcoin cash, ethereum, ripple, litecoin and USDT.
You can check it out. They have got live chat support in case you need to make more enquiries.
5.) 24 Oct 2018 13:11:12
I don't have the spare cash to buy something I know almost nothing about. May as well gamble on football as do that, as it would be just as risky.
The idea was, I was thinking I could leave the comp mining to make extra money while I am sleeping. Then either hold onto it until it rises in value or sell it / use it.
{Ed033's Note - ok, good luck.
24 Oct 2018 13:11:12
I don't have the spare cash to buy something I know almost nothing about. May as well gamble on football as do that, as it would be just as risky.
The idea was, I was thinking I could leave the comp mining to make extra money while I am sleeping. Then either hold onto it until it rises in value or sell it / use it.
{Ed033's Note - ok, good luck.
24 Oct 2018 09:30:45
I was just thinking, if I was to start off, I would be very unlikely to earn enough for a long term to need a more secure wallet. If it becomes worthwhile later I would revisit that, but for now I am just looking to do it as cheaply as possible to see if it is worth bothering with.
{Ed033's Note - It would probably only be worth doing if the coins you mined end up being worth a lot more in the future. But if you think they will be worth a lot more in the future, then you can always buy those coins or tokens now.
An alternative to mining could be to buy some Redd Coin then hold the Redd Coin in their 'staking' app on your PC. They then give you 5% per annum extra Redd Coin. This assumes you think Redd Coin will increase in value.
24 Oct 2018 04:54:12
I thought you said they were free!
{Ed033's Note - Those i mentioned are hardware wallets. You can get free software wallets, but the software wallets aren't as secure.
An example of a free software wallet is Exodus wallet
23 Oct 2018 20:18:00
best start at the beginning though 7, 8 and 9 I am fine with - my pc is liquid cooled so cooling should be covered, however, I do not know what a coin wallet is or how to get one or set one up, whichever applies.
{Ed033's Note - Coin wallet examples are:
1. Trezor (https://shop.trezor.io/)
2. Ledger Nano S (https://www.ledger.com/products/ledger-nano-s)
3. KeepKey (https://www.keepkey.com/)