Minex bitcoin mining
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Thanks to hackers, you might be mining cryptocurrency without realizing it
First things first. If you're only interested in owning litecoin , you should probably buy it from an exchange such as Coinbase. If, on the other hand, you want to try your hand at mining litecoin—because you think you have the time and resources necessary to make a profit, because you want to help keep the litecoin network decentralized, or out of a sense of curiosity—this guide will give you a sense of the concepts, an introduction to the vocabulary, and suggestions for further research.
Because the nitty-gritty of litecoin mining depends so much on your hardware, software, operating system, and pool, this is not a step-by-step tutorial. If you've gotten those variables figured out, there are good guides available online and helpful forums for when search engines fail you. Depending on your level of expertise, you may want to pass over certain sections of this guide.
Use the links in the table below to skip to a section. Investing in cryptocurrencies and other Initial Coin Offerings ICOs is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions.
Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author has no position in litecoin or any other cryptocurrency.
In proof-of-work cryptocurrencies like bitcoin and litecoin, mining is the process by which the blockchain —a distributed ledger of all transactions ever made on the network—is maintained. Miners receive transaction data broadcast by the various participants in the network since the last block was found, they assemble those transactions into structures called Merkle trees , and they work to find an acceptable hash.
A hash is a result of running a one-way cryptographic algorithm on a chunk of data: a given dataset will only ever return one hash, but the hash cannot be used to recreate the data. Instead, it serves the purpose of efficiently ensuring that the data has not been tampered with. Change even one number in an arbitrarily long string of transactions and the hash will come out unrecognizably different.
Since every block contains the previous block's hash, the network can know instantly if someone has tried to insert a bogus transaction anywhere into the ledger, without having to comb through it in its entirety every 2. The mining process illustrated.
This image comes from our bitcoin infographic, but litecoin miners follow the same process. Why must miners run these hash functions over and over again, if doing it once—a near-instantaneous process for a modern computer—would do the trick? The reason is that, by harnessing a lot of hash power, an attacker could spend some coins then pile a huge number of spam transactions on top of it—ones that do not reference the attacker's original spend. In this way, they could spend their coins and have them too; this is known as a double-spend attack.
By requiring the network to plug through millions or billions of hash functions, the blockchain generates so much "work" that undoing it or overwhelming it would be too expensive.
Since a given set of data only generates one hash output, miners must append meaningless numbers known as nonces to the end and run the function again. Mining is competitive. The first miner to generate a hash that is smaller than a target set by the network "finds" the new block, receives the block reward—currently Since there is no way to know what nonce will generate a below-target hash, miners' results are subject to two factors: luck, which is outside of their control, and computing power, which can be bought or stolen.
To maximize their computing power, miners have developed specialized gear to plow through hash functions as fast as possible. They have assembled enormous collections of these machines, pooled their resources, and concentrated in places where electricity is cheap so as to maximize profits.
These trends have led to the increasing centralization and professionalization of mining. In October , Charlie Lee, then a software engineer at Google, announced the creation of litecoin, a clone of bitcoin with modifications intended to help it scale more effectively.
A little over seven years later, the cryptocurrency has demonstrated the kind of staying power other early bitcoin alternatives couldn't. With a new block mined every 2. Litecoin can hardly claim to have scaled the way that centralized payment systems like Visa have, but Lee's claim to have created the "silver to Bitcoin's gold" has some merit to it.
One of Lee's initial claims has not held up, however: the ability to mine litecoin using a computer's central processing unit CPU. Lee adopted the Scrypt hash function from Tenebrix, an early altcoin, instead of using bitcoin's SHA function.
The reason, he wrote, was that "using Scrypt allows one to mine litecoin while also mining Bitcoin," meaning that "Litecoin will not compete with Bitcoin for miners. In the early days, even bitcoin could be mined using a CPU. By , the competition had ramped up, and the only way to mine bitcoin profitably was using a graphics processing unit GPU.
Soon, GPUs were being used to mine litecoin as well. Older ASICs may not be competitive, making it hard to turn a profit. Note that Scrypt ASICs can also be used to mine other coins based on the same algorithm; you can choose the most profitable coin to mine based on relative price and difficulty a parameter the network sets to make sure a new block is mined every 2. It's a way to get exposure to the process, to familiarize yourself with the vocabulary and concepts, and to avoid dropping thousands of dollars on a pursuit you find out doesn't interest you.
And if you're an altruist, offering your tiny sliver of hash-power to the network is a way to reduce its centralization. If you are ASIC mining, your hardware likely comes pre-installed with mining software. A software package could contain malware.
You should also watch out for other tricky, if not outright malicious, behavior. It's easy enough to find yourself accidentally mining on behalf of the software's developer because their system configures their worker as the default. GUI versions of mining software are not always available, so you may have to use the command line. The software's provider and your pool see next section should explain the necessary steps.
Don't follow instructions from sources you don't trust: it's easy to wreak havoc on your system using the command line, and tricking the inexperienced into doing so is some people's idea of a good time. Once you've decided what equipment you'll use to mine, you need to decide how to mine: solo or in a pool. Mining alone, you risk going long periods of time without finding a block.
When you do find a block mining solo, however, you keep it all—the whole 25 litecoin plus fees. To be clear, this tradeoff exists only if you have a lot of hash power multiple ASICs. Pool mining, in which large numbers of miners combine and distribute the proceeds according to the hash power contributed, is still subject to the vagaries of chance: your pool might find three blocks out of 10, then wait for blocks to find another one.
Even so, your earnings are almost certain to be more steady with a pool; the tradeoff is that you only earn a small cut of each block the pool finds. Another aspect of pools to consider is security.
Some pools have excellent reputations, but others fall on the spectrum from questionably managed to outright scams. Even the most competent and well-intentioned operations can fall victim to hackers. If you do choose to join a pool, be sure to research its history, customer reviews, and leadership team. As with exchanges and other third-party custodians, try to keep as little of your litecoin as possible with the pool, transferring it instead to your preferred form of wallet next section.
Finally, keep in mind the market concentration of the pool you want to join. It can be tempting to join the biggest pool since it likely offers the greatest chance of finding blocks frequently and turning a profit.
If your pool reaches half the network's hashing power, though, it represents a risk to the litecoin network itself. You'll need a place to store your litecoin, known as a wallet.
You have a range of options, which impose tradeoffs in terms of security and convenience. The best balance is probably to download the Litecoin Core client. This will take up around 15 gigabytes of space since the client downloads the entire litecoin blockchain unlike with ethereum , you can change where these files are stored, so it's possible to keep them on an external hard drive. On the other hand, if your priority is security, it's best to keep your litecoin stored in one or more cold wallets —ones that have never been connected to the internet.
People dealing with large sums of cryptocurrency sometimes generate key pairs on fully air-gapped computers. Others use paper wallets , storing their keys in physical form as QR codes or strings of numbers and letters. Some even advocate "brain wallets": remembering a series of random "seed" words that can be used to recreate a private key.
At the other extreme are the exchanges, which provide the most convenient experience available to cryptocurrency holders. By keeping your litecoin on an exchange, you're able to swap it quickly for fiat currency. Relatively, that is. Even the best exchanges experience frequent trading outages.
Historically, cryptocurrency exchanges have been prone to massive hacks and spectacular collapse. Exchanges keep your private keys in custody, so while you might legally or notionally control your litecoin, you cannot move it. You can only ask the exchange to do so. Choosing a pool can be stressful. So can choosing a wallet. Which is why setting up a "worker," a name you give to your mining device that you use as a login for your mining software provides additional peace of mind.
While you can set up a single worker for all of your miners, it is often recommended to give a worker name to each mining device to better track mining performance and spot any weaknesses in the mining operation. Calculating the profitability of your litecoin mining operation depends on a number of factors: your hash-rate, the fees your pool charges, the cost of your electricity, the upfront cost of your equipment, and the price of litecoin.
A number of mining profitability calculators are available online to help you make these calculations. CoinWarz is one example. Hopefully, this guide has helped you get a grasp of the concepts involved in litecoin mining, the decisions you'll have to make, and some of the considerations that should factor into those decisions. Once you get started, though, you're almost certain to have specific questions regarding your pool, your hardware, your software, and your exchange.
Forums are the best place to get answers: your question has probably already been asked, but if it hasn't, you can pose it yourself.
Litecoin mining and litecoin subreddits are great places to start. Your Money. Personal Finance. Your Practice. Popular Courses. Table of Contents Expand. Table of Contents. What Is Mining? Why Mine Litecoin?
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Cryptocurrencies have been on a wild ride this year , and criminals are cashing in. Thousands of people are being targeted by these attacks, said Martin Hron, a security researcher at Avast, a Prague-based computer security company. Mining is the process of verifying transactions on the blockchain, the digital ledger on which cryptocurrencies are built. Solving the cryptography behind a transaction and verifying it releases a financial reward to the users who do it, incentivizing the mining process. Cryptojacking can significantly lower the lifespan of your devices, he said. Some miners claim to make hundreds of dollars per day doing relatively little work mining.
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BTCs will launch next year. For more information check out there white paper. Note that, individual results may vary for several reasons whatsoever. Thanks for watching. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of followup comments via e-mail.
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Contracts from different companies and with different terms are collected into a single package and balanced according to their algorithms and unique strategy. Their managers are always working on finding the best offers and adding them to our packages. Their goal is to bring you the most diversified packages, which would maximize your rewards. Until recently, that dream seemed unrealistic and crazy — but Bitcoin has changed this pre-conception. View All Posts.
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The idea never found a truly useful cause until when bitcoin was created. Bitcoin itself utilizes this protocol in its transaction blockchain and thanks to this we can witness the growth in bitcoin mining. The base idea of this lies in a challenge and proof or response. The challenge is a transaction, which is a specific cryptographic puzzle. The proof is that a miners computer cracks the puzzle, so the transaction goes through.
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Minex Free Bitcoin Mining. Sell or buy computing power, trade most popular cryptocurrencies and support the digital ledger technology revolution. Bitcoin Miner Bit Hub. Bitcoin savings account with daily interest.
On registration it provide GHZ free power for lifetime which you can use to mine for free. The more power you have the more speed of mining is. SO plan is to claim this free bonus every hour to increase power and we can freely enhance our speed. My friend has also withdrawn his amount from here, so looks legitimate for now.
Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Mine it. This could how long will it take to get a zcash coin bitfinex show pending deposit impact your earnings as a Bitcoin miner by mining either the legacy or BIP chain. Beside cloud mining at some platforms users can also sign up for special features Eobot offers cloud SETI program to run the PC power to find aliens in the space. See all members. Stackexchange to questions applicable to…. On average transactions take 0.
BTCs will launch next year. For more information check out there white paper. Note that, individual results may vary for several reasons whatsoever. Thanks for watching.
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