To mine Bitcoin is exciting and dangerous, to mine Altcoins is fun and not as dangerous, but still scary at times!
Bitcoin mining is a business that has become very competitive and expensive to get involved in.
Hard Truth - About bitcoin mining.
Mining for Fun - a Hobby and don't care if you make a profit or just make a little profit.
Mining for Profit - if you can do it very efficiently with a large investment to chase after a profit.
Speculative Mining - using DCM and inexpensive miners - mining beta coins and alt coins in the hope to grab a bunch before everyone else realize that they have value.
Mining - Processing
Mining is a distributed peer to peer network that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
The most effective way to try your luck at Bitcoin Mining in 2014.
ASIC Miner Setup:
Choose: Web Hosted (ZenMiner Cloud) or Home / Work Solution.
- Purchase good quality ASIC Miner SHA-256 (Not - Scrypt)BTC Bitcoin Miner that works!, - try a ANTMINER: 441+ GH/s or if your are serious about trying make money: YUKON Batch 1.
- Alternative: Hashlet DCM Mining - They are the newest profitible way to miny for BTC coins. - Check them out - Hashlet Mining for bitcoin.
- Note: Scrypt mining is for ALTCoins such as LTC light coin which is more reasonable to mine in 2014, not BTC Bitcoin Mining.
- Wait for Cloud setup usually 24 hrs
- Sign into website site: https://www.zenminer.com/ and choose "ZenMiner Cloud Login"
- Pick pool that meets your needs.
Notice: A higher end ASIC Miner SHA-256 - usually can not mine Scrypt - so you will be limited to older coins such as (BTC) Bitcoins and others.
Keep your eye on your ROI:
Return on Investment: cost of miner, cost of hosting compared to how many coins you can mine each month.
Plus - every year faster equipment that uses less electricity will come out.
Your profit in the pool is how many shares of the coin found you contribute to the pool during the mining of it.
The faster your miner rig (more Hashes) the more shares you get within the pool.
It is very easy to get excited about mining and purchase lots of equipment. When only for months later others now have even faster equipment and your costs to compete exceed your ablity to mine coins (ROI). So be careful out there - do not loose your pants chasing for bitcoins.
Digital Cloud Mining (DCM)
The future of bitcoin mining is here!