What's the alternative to bitcoins that can be profitably mined by beginner?

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Before we start, if you’re new to Bitcoin mining and don’t know what it is watch this short and simple explanation:

“Is Bitcoin Mining Profitable in 2017?“

The short answer would be “It depends on how much you’re willing to spend”. Each person asking himself this will get a slightly different answer since Bitcoin Mining profitability depends on many different factors. In order to find out Bitcoin mining profitability for different factors “mining profitability calculators” were invented.

These calculators take into account the different parameters such as electricity cost, the cost of your hardware and other variables and give you an estimate of your projected profit. Before I give you a short example of how this is calculated let’s make sure you are familiar with the different variables:

Hash Rate – A Hash is the mathematical problem the miner’s computer needs to solve. The Hash Rate is the rate at which these problems are being solved. The more miners...

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The early days of Bitcoin mining are often described as a gold rush.

Satoshi Nakomoto’s invention of Bitcoin, “a peer-to-peer electronic cash system,” opened up an entirely new frontier, not just of freedom but of occasionally outrageous profits.

Those with a strong interest in such things, namely cypherpunks, cryptographers, technically-minded libertarians and assorted hackers, were first to stake their claim.

But is there still gold in them thar hills?

The fact is:

Bitcoin mining has grown from a handful of early enthusiasts into a cottage industry, into a specialized industrial-level venture. The easy money was scooped out a long time ago and what remains is buried under the cryptographic equivalent of tons of hard rock.

The sad truth is:

Only those with specialised, high-powered machinery are able to profitably extract bitcoins nowadays. While mining is still technically possible for anyone, those with underpowered...

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Disclaimer, there is not a best way to mine Bitcoins.

The best way to mine Bitcoins that I believe is through energy consciousness and mutualism.

The common route is to pack a ton of GPUs or ASICs into a warehouse with intense cooling systems and let the hashing begin. This can be profitable, but it also quickly becomes a full-fledged business, which not everyone wishes to maintain.

Though not exactly the common route, if you focus on having an energy grid with the cheapest maintenance and then use cryptomining as a layer to offset costs, you could have a long-term savings plan that also helps build your cryptocurrency profile.

This requires a little bit of hands on maintenance and learning, but once you get solar panels up and running then your mining profit quickly rises from the cheap energy.

The next step towards the ultimate mining scenario is mutualism. Combining the “waste” of Bitcoin mining with other productivities to achieve maximum efficiency....

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Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

AntMiner S7

4.73 Th/s 0.25 W/Gh 8.8 pounds Yes $479.95 0.1645

AntMiner S9

13.5 Th/s 0.098 W/Gh 8.1 pounds Yes $1,987.95 0.3603

Avalon6

3.5 Th/s 0.29 W/Gh 9.5 pounds No $499.95 0.1232

“It depends on how much you’re willing to spend”, the answer would be as simple as that. Seeing that Bitcoin Mining profitability relies on many different factors, each person asking himself this will get a slightly different answer. “Mining profitability calculators” were innovated so as to find out Bitcoin mining profitability for different factors.

Different parameters that these calculators take into account are...

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This page aims to give a beginners explanation to the question "Is Bitcoin Mining Profitable ?"

Profitability Variables

In order to determine the profitability of Bitcoin mining you need to take into account the following parameters:

Network Hash Rate - What is the combined computing power of all of the network miners.

Network mining difficulty - As more miners join the network the network difficulty increases in order to mine a constant amount of Bitcoins in a given time period.

Electricity rate - How much money are you paying per per KW for running your miner.

Power consumption - How much power is your miner consuming. This is measured in Watts and can be found here.

Time frame - how long are you considering mining for.

Cost of mining hardware - as described.

BTC conversion rate - this is only important if you want to exchange your BTC to a different currency. If you wish to only gain Bitcoins you can disregard this...

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Exploring the world of cryptocurrencies and reaching profitable success is now easy with CoinChoose! A platform that presents everything you’ll need to get started with digital currencies and venture into crypto mining is now in your hands. And your future in the crypto mining industry begins here.

Learn about the coins

To the uninitiated, Bitcoin isn’t the only cryptocurrency that exists. There are far more cryptocurrencies than you can imagine, although not all reach the same level with Bitcoin. Treat the cryptocurrencies as individuals that comprise the cryptocurrency market, each with unique and similar characteristics that help define one from the other. This is exactly how Bitcoin stands out from the rest, as well as how other cryptocurrencies like Ethereum, Ripple, and Litecoin receive increasing support.

Bitcoin, as you might have heard, is the most successful cryptocurrency to date. Increasing Bitcoin adoption across the globe reflects the numerous...

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Nicehash-Ethash

Ethash

BT: -
BR: -
LB: -

0.00189
0.00201

-
66.57 BTC 0.00189
0.00201 $5.45
$4.48 95% | 101%
101% | 102%

Ethash

BT: 18.6s
BR: 4.85
LB: 4,083,320

1,322,464,934M

71.09 Th/s
-0.2%

0.0266
0.0266

$18,998,229,361
11,406.75 BTC 0.00199
0.00199 $5.40
$4.42 100% | 100%
100% | 100%

Ethash

BT: 14.34s
BR: 4.85
LB: 4,173,714

95,724,713M

6.68 Th/s
0.3%

0.3677
0.3688

...
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Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard.

Starting late in the day on June 8th, and then again on June 10th, Feathercoin succumbed to 51% attacks. While this does not directly affect bitcoin, there are several lessons that the bitcoin community can learn from this experience. There is a case to be made that alt-coins have a diversification advantage, as silver does to gold, but they also provide an interesting testing ground for both new technologies and human behavior.

Feathercoin is part of a group of crypto-currencies commonly called alt-coins. These currencies are largely based on the bitcoin protocol but with a few minor modifications. In Feathercoin’s case, there are two significant changes:

2.5 minute block time – This is 1/4 the length of bitcoin’s 10 minute block time. The intent of this is to reduce the wait time for confirmations of transactions. However, the net computing power...

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As we explored in "What is Ethereum?", ethereum aims to function both as a kind of decentralized internet and a decentralized app store, supporting a new type of application (a "dapp") in the process.

But while no one owns ethereum, the system that supports this functionality isn't free. Rather, the network needs 'ether', a unique piece of code that can be used to pay for the computational resources needed to run an application or program.

Like bitcoin, ether is a digital bearer asset (similar to a security, like a bond, issued in physical form). Just like cash, it doesn't require a third party to process or approve a transaction.

But instead of operating as a digital currency or payment, ether seeks to provide "fuel" for the decentralized apps on the network.

While this might sound complicated, you can think of a more concrete example of how tokens might power a user experience.

Let's go back to the example of a decentralized online notebook. To...

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This is a re-write of A Bitcoin Beginner’s Guide to Surviving a Coin-Split, specifically addressing issues associated with the upcoming BIP 148 UASF. (Update: And the BCC launch.)

July 26th update: With BIP91 activated, it seems increasingly unlikely there will be a Bitcoin 148/Legacy Bitcoin split at all. And while August 1st will see the launch of a new coin, Bitcoin Cash (BCC), this coin should include strong replay protection. All you need to do to be able to access your BCC is control your bitcoin (BTC) private keys on this day. This article includes information on how to.

There is a chance Bitcoin will experience a chain-split on August 1st. A segment of all Bitcoin users plans to activate a user activated soft fork (UASF) as described in Bitcoin Improvement Proposal 148 (BIP 148). Specifically, their nodes will reject any Bitcoin blocks that do not signal support for Segregated Witness (SegWit), the centerpiece of Bitcoin Core’s scaling roadmap.

If...

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Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank.

If you are new to Bitcoin, check out We Use Coins and Bitcoin.org. You can also explore the Bitcoin Wiki:

How to buy bitcoins worldwide
Buying Reddit Gold with bitcoin

Will I earn money by mining bitcoin?

Security guide for beginners - (WIP)

Community guidelines

Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person...
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Bitcoin is celebrated by supporters and admonished by skeptics because of its finite supply. There are only 21 million bitcoins that can ever be mined, regardless of the earth’s population and its corresponding demand for bitcoins. Once all 21 million have been mined, there will never be any new bitcoins (unless a change to the protocol is made to increase the supply).

Also read: The Subjective Valuations of Bitcoin and Gold

Supporters love Bitcoin’s fixed supply because it harkens back to the days of the sound money gold standard. Gold shares many similarities with Bitcoin, the most obvious being its fixed supply. Gold cannot be created out of thin air in arbitrary amounts, it must be extracted from the earth and put into circulation as market prices dictate. A gold standard hinders banks’ abilities to issue fiduciary media, since at some point the bank will be forced to redeem its paper notes in gold. Bitcoin — if it ever achieves as widespread use as gold — can...

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I would go for a change and talk about Bitcoin mining instead of alternate coins, like Litecoin. There are certainly some big hype surrounding it. Bitcoin mining is different from alternate coin mining, as there are application-specific integrated circuit (ASIC) chips designed specifically for the sole purpose of mining Bitcoin.

Mining requires a lot of processing power, and processing power requires electricity, which costs money. That is why it is not feasible to mine using GPUs anymore. With the emergence of ASICs, electricity consumption per hashrate has been reduced compared to GPUs, and there are always new, more powerful ASICs introduced for the arms race. When determining whether Bitcoin mining is profitable for you, there are several factors that you would need to consider.

Hardware cost

Once you have decided that you would want to mine Bitcoin, there are several ways to do it. Cloud mining is an option if you do not want to invest in hardware. Cloud...

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Bitcoin is now bigger than ever.

We’re in 2016 and the Bitcoin price is $674.62 USD (as of writing this) and things are only looking up in the mid-to-long term.

That is because the Bitcoin technology has been proven to be unbreakable, which has eliminated the naysayers. And now big investors and even everyday people are starting to catch on to what this technology has to offer.

But actually, the power behind Bitcoin is what makes it so special. And we’re not talking about what the mainstream media has pushed at you — it’s not the ‘Blockchain’ at all. Instead, it is the power of cryptocurrencies.

This is what many fail to get educated on when they first learn about Bitcoin …

‘Bitcoin is a Cryptocurrency’

Okay, you might be wondering what a cryptocurrency is so we’ll try to explain that in a simple way for you.

So let’s look at how Bitcoin works …

There are almost 16 million bitcoins in circulation today. This number will...

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Find answers to recurring questions and myths about Bitcoin.

Table of contents

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010...

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Can Bitcoin Mining still be Profitable?

I would go for a change and talk about Bitcoin mining instead of alternate coins, like Litecoin. There are certainly some big hype surrounding it. Bitcoin mining is different from alternate coin mining, as there are application-specific integrated circuit (ASIC) chips designed specifically for the sole purpose of mining Bitcoin.

Mining requires a lot of processing power, and processing power requires electricity, which costs money. That is why it is not feasible to mine using GPUs anymore. With the emergence of ASICs, electricity consumption per hashrate has been reduced compared to GPUs, and there are always new, more powerful ASICs introduced for the arms race. When determining whether Bitcoin mining is profitable for you, there are several factors that you would need to consider.

Hardware cost

Once you have decided that you would want to mine Bitcoin, there are several ways to do it. Cloud mining is an option...

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