How to mine Bitcoin? 0 151

How to mine Bitcoin?

Mining of world’s first digital currency has become very attractive as bitcoin price increased from cents to thousands dollars. Besides, the competition on this market has significantly risen. Mining is actually a number of calculations intended to create a new block in Bitcoin blockchain. This is the only way the cryptocurrency is issued. Miners can generate a total of 21 million digital coins.

To mine Bitcoin it is necessary to make calculations and find the needed algorithm (hash). The more computing power a miner has, the more chances are there to generate a new block successfully. Moreover, as new blocks appear, further mining requires more and more computing power.

In 2015 it was already 10 thousand times more difficult to mine BTC. It used to be enough for miners to use their PC and graphic cards to “extract” the digital gold. However soon this amount of computing power was not able to carry out all necessary calculations and special ASIC-processors appeared. GPU mining remained very profitable for other altcoins, like ether, but was no longer suitable for BTC.

Today key players of Bitcoin mining market are pools of miners. Each miner of a pool conducts a part of calculations, which increases chances of the whole “factory” to get hash faster. Usually the reward is distributed considering the amount of computing power provided by a particular miner. Earlier this reward was 50 BTC for one block. Back than it was not even enough to buy a can of cola but today this number of coins cost approximately half a million dollars. After every 210,000 blocks are generated (approximately once in 4 years), the reward is reduced two times.

Anyway there’s still a chance to make a fortune on mining and that’s what thousands of users all around the world do. If you want to join them, first of all you should create a bitcoin wallet to store your cryptocurrency. Then you will need an equipment: ASIC-miner, energy block and other components. You will also have to set up power connection and install coolers for your ASICs. After that you can join a pool. That would be a good idea, because your chances to get a reward as a solo miner will correspond to a ratio of your own computing power to computing power of all other miners in the system. So, if you have a lot of huge mining rigs, you won’t need a pool, but if not – that would probably be a good option. You can sign up and connect your computing facilities to a pool according to instructions. As a pool member you will make easier algorithms and the whole pool will generate a new block and get 12.5 BTC for that. You’ll receive a part of this reward too. One more thing, you will also need to install mining software. Many pools have their own software for mining, like for example Bitminer. There are many different programs for mining, such as BTCMiner, CGminer or BFGminer.

The equipment for mining, as well as it’s maintenance is rather expensive, so  this may quite difficult for many users. There is an alternative — cloud mining, when a user rents remote mining equipment for a certain time. There are plenty of cloud mining services, for example hashflare and Genesis-Mining. Although cloud mining is about renting cloud facilities but not owning them, if you choose it, you won’t have to pay for power, worry about heat and noise, repair them and maintain their operation. As a result, the profit can not be less than if mining is carried out using owned equipment. So cloud mining, especially if we are talking about BTC, is nowadays rather popular.

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How does Ethereum work? 0 96

How does Ethereum work?

The concept of Ethereum was published by a Canadian programmer born in Russia Vitalik Buterin in 2013. Next year Vitalik received 2014 World Technology Award and also 100 thousand dollars from Thiel Fellowship.Ethereum was planned to become a decentralized blockchain-based platform for the creation and operation of applications. In 2015 after one of the greatest ICOs ever, the project was finally launched. Ethereum indeed inspired the crypto-boom of recent years. It has also broadened the use of blockchain. Not only cryptocurrencies can use this promising technology but also startups and applications – that was what Ethereum revealed. Flexible functional environment of Ethereum made it possible to create and operate blockchain-based apps even for those who were not IT-professionals and, thus, brought many startups to life. The Coin Shark will tell, how the platform works and how important is it for a modern information technology market and economy.

Ethereum is actually a decentralized software. A really large number of projects from investment funds and online-banks to online gambling apps were created on this platform within just several years. Many ICO-projects used Ethereum platform to issue their digital tokens.

Ethereum was the first project to use smart-contracts. This innovation is a special algorithm that enables users to make commercial deals. Smart-contracts can be written on special.programming languages, such as Solidity (similar to JavaScript), Serpent (similar to Python), LLL (similar to Lips) and Mutan. Smart-contracts are really a new form of economic and contractual relations that does not need either lawyers, courts or banks. Transactions are made directly between parties without agents and regulatory authorities. In case the contract is breached, it will just automatically become invalid. If one party does not make a particular algorithm the deal just won’t be done. Guarantees are really strong – it’s math. There are no ambiguous interpretation, no improper performance, no court bureaucracy – everything is carried out automatically. If you have taken part in ICO, you know that every initial coin offering uses smart-contracts.

Ethereum has its own decentralized digital currency called ether. Today this cryptocurrency has second-biggest market capitalization and is among top-3 world’s most expensive coins. Ether is a very promising currency that is already used by many users as an exchange and payment tool. Respectively, it is also pretty attractive to mine it. Unlike Bitcoin, it is possible to mine ether both using graphic cards (GPU-mining) and АSIC-miners. It is also possible to mine ether in the cloud, renting remote mining facilities.


Ethereum is more than just another cryptocurrency. It is a distributed software, blockchain-platform where everybody can create and operate applications. It is a programming environment and financial system. As Vitalik once said, Ethereum is not just about money, it’s an idea, that you want to follow.

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XcelTrip’s CEO shares his vision for the one-of-a-kind “Decentralized Travel Eco-system” 0 964

XcelTrip’s CEO shares his vision for the one-of-a-kind “Decentralized Travel Eco-system"

XcelTrip LLC located in San Jose, California, is working to revolutionize the travel industry by integrating Blockchain and Tokenomics on its XcelTrip web platform and mobile app.

We believe the existing model, in which the middleman like OTAs (online travel aggregators) and GDS (global distribution systems) take away a big chunk of the business revenue without directly adding any value to anyone in the travel chain, is neither sustainable nor desirable as a business, especially when technology is allowing us to create an alternative and more efficient system” says XcelTrip’s CEO Hob Khadka.

After careful evaluation of the entire travel market and economic environment, XcelTrip has come up with a model that is not only going to change the way the travel business operates, but will also help to direct a part of the travel revenue from a few corporate executives to hundreds of thousands of service providers and users within the Travel Ecosystem, resulting in more equitable and expansive economy.

“Being an entrepreneur I had always envisioned a system that empowers the masses at large. Imagine being armed with the ability to earn when you travel. You would like that wouldn’t you? Now if you are able to earn when your friends traveled or even better when anyone traveled, wouldn’t that be fantastic? So at the core of XcelTrip we created the IMP (Independent Marketing Partner) program where any individual with an entrepreneurial spirit is entitled to a share from the earnings of XcelTrip by simply doing two things: encourage and ensure listing of vendors at XcelTrip to market, promote and sell their products or services and to consistently engage with the vendors giving them an edge over their contemporaries in the market while providing the best quality of products and services and concurrently increasing the gross margins”, says Hob.

The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.

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