Before reading this mining guide don’t forget to read our explanation of what is a cryptocoin and a cryptomoney !
CPU mining guide
Let’s start this mining guide by saying that if you don’t have a powerful pc with a dedicated graphics card you can still mine using your CPU, this is never as profitable than GPU or ASIC mining however it is generally quite quiet and you will probably be able to use your pc to do other things whilst it mines away.
Coins using the ‘CryptoNight’ algorithm can be effectively mined using CPUs and are seen as having higher privacy when you compare with the popular bitcoins.
Success stories so far are coins like Monero, DarkNote and Bytecoin.
To mine using your CPU you can use programs such as Nicehash, MinerGate and Betterhash, these are all super easy to use and does all the work for you, typically these will only support the most profitable coins, which although is not a bad thing, may not be what you’re looking for, if you want to mine the very latest coin then you’ll need to research the coin site and of course we will be looking to help too.
GPU mining guide
The most efficient coins to mine on an AMD GPU are typically coins based around the Bitcoin algorithm-SHA 256, although the AMD is efficient at all the coin types and as such has been a popular card to mine with, so much so, that they began to get a shortage and prices went up.
Nvidia cards have certainly closed the gap on AMD cards for mining now and can be excellent at mining alt coins based around similar algorithms to Ethereum(Ehash-PoW) and ZCash (Equihash-PoW).
ASIC mining guide
Hardware specifically designed to mine Bitcoins or coins developed on the same algorithm(sha 256). These miners can be very costly with the example of the latest Antminer s9 which cost around $2100 at launch but now fetches between $3000-$5000 on eBay. They are designed for one purpose and that’s to mine Sha 256 coins. Having said that if you calculate the current profit based on the BTC price it will make almost $10,000 in 1 year, that’s with power taken into consideration as well. This is, however based on the price of BTC remaining constant and is therefore a risk.
PoS Mining guide
PoS(Proof of stake mining requires no mining equipment at all and can be eco/power friendly. You do however require to have a wallet for the coin which you leave open and coins in that wallet to be rewarded, more coins more reward. There are a lot of hybrid coins at the moment where you mine with your GPU/CPU and then once a certain block has been reached it moves to PoS, so getting in early on these coins could be good as you would have a decent amount of coins in your wallet which you can then be rewarded via PoS.
Cloud mining is a good solution for people who don’t want to use hardware to mine using a remote datacenter that does all the work for you. You typically have to sign up for around 1-2years depending on the coin type you wish to mine. There are two main cloud based companies, Genesis and HashFlare. Genesis has been hugely popular and is sold out all of its plans (as of 19/12/17) apart from Monero mining, prices start at a fairly hefty $830 which gives you 2 years of mining. Again like ASIC this would pay off nicely if prices stay the same with an estimated profit of $1400 a year, so you would break even in around 7 months. Hashflare has started to become more popular now due to the limited availability of Genesis and has plans starting for as little as $2. Again, you have to do your research as cloud mining can be risky and there is the potential not to get anything back at all.
More information about cloud mining can be found here.
Recommended mining tools:
When it comes to mining there are alot of differents tools.
It really depends on what and how you will be mining.
Here are some tools we think you will might interesting:
If you are new to the world of mining you might want to try Multiminer or easyminer they both feature a great graphical interface and a lot of option and honestly are alot easier to configure and use than any other text mining softwares !