The information technology manager for the department overlooking the functioning of the citrus industry in Florida, Matthew M., was arrested for using state-owned computing hardware to mine cryptocurrencies, according to a statement released by the Florida Department of Law Enforcement (FDLE).
The crypto industry is vast, diverse and new and there are plenty of things that you can do, depending on your imagination, skills and amount of effort you are willing to put into it. Together with the development of this industry, new jobs have appeared and those who spent enough time to understand how things work have gotten rich in the past few years. There is a need for experts in the crypto field when it comes to marketing, PR, developers, advisors, and so on. However, I will focus on the most popular ways to make profit in the crypto industry, and I will start with the most popular one: mining.
What is cryptocurrency mining and how does it work?
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining or Bitcoin mining (from the first coin, and the most popular one to this day, Bitcoin), cryptocurrency mining has become popular in the past years, but its difficulty increased, miners ending up buying power stations to make a big profit.
Because crypto industry is a decentralized market, all transactions are made through a cryptocurrency miner, that is responsible for ensuring the authenticity of information and updates the blockchain with the transaction. Another thing about crypto mining is that it involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data. The first crypto miner that cracks the code is rewarded by being able to authorize the transaction with small amounts of the cryptocurrency they choose to mine.
If you want to mine, you need advanced hardware and video cards, usually, this being the reason why video gamers complain that the video cards price has tripled in the past months. However, if you do not own professional hardware, there is always the option of cloud mining.
Not all cryptocurrencies can be mined. Some cryptocurrencies are not coins, but tokens with the sole function to power an ecosystem or a project, and thus, they cannot be mined. Bitcoin, Ethereum and Monero are the most popular options for cryptocurrency miners.
After you have purchased the hardware you need for your Ethereum mining rig, you need to configure the software side as well. One of the best options for mining software is Claymore. You can also find more about this on a dedicated thread on BitcoinTalk and download the latest version. After downloading the latest version of Claymore, you will have to unzip this file somewhere accessible on your PC. I choose a dedicated folder for this. Once again, in order to mine, you need high-end graphic cards, like the RX 470, 480 or 580 with at least 2 GB RAM, as well as the top-of-the-line cards from nVidia.
Before you can set up Claymore, you need to choose an Ethereum mining pool. Of course, you can choose to solo mine, but it is complicated and not recommended. After trying multiple mining pools, the one that I recommend from my experience is Ethermine. On their website, they write that Ethermine is the high performance Ethereum Mining Pool with instant payouts as soon as you reach your configured payment threshold. It is easy to use after you have correctly configured it.
Before you set-up Claymore, you need to make an Ethereum wallet, and you can easily do that by going on MyEtherWallet (MEW). It’s free, but you have to enter a strong password, note it on a piece of paper, print your Private Key and save your Keystone. Put the private key and password somewhere safe and save your wallet address. You will need to return to the folder that you extracted earlier, and search for start.bat, right click on it and choose “edit”. You will now edit a batch file, which is basically a script that Windows can run. You are telling command prompt to use a program, and the parameters that program can use. On Ethermine, you can find the details you need to insert there: the miner, the pool, the port and insert your MEW. You can also insert options for dual mine, because Ethereum uses the actual memory chips of the graphic cards and other coins use the core, the actual processing power of the cards, so you can run both of them in the same time. You can basically delete everything in your batch file, and replace them with the template provided from Ethermine:EthDcrMiner64.exe -epool eu1.ethermine.org:4444 -ewal <Your_Ethereum_Address>.<RigName> -epsw x
Select a server that is physically near to you to reduce ping. You can change it later by simply replacing that part of the URL in the start.bat file. Replace <your_Ethereum_Address> with your actual Ethereum address (the one starting with 0x…). Replace <RigName> with any nickname you want to give your rig, and leave a period in between Ethereum address and the rig name. After you are done changing the details, save the changes and unless you want to dual-mine a different coin, which brings a bit more work to setup Claymore to do it, you are done seting a basic Ethereum pool mining.
After you feel comfortable with Claymore, you can read the "Readme!!!" text file, where you can find parameters to customize how your mining rig mines. To start mining, all you have to do is run your batch file, load up your Ethereum address at the website of the pool of your choice and watch as you slowly start to earn Ethereum. If you have problems with its configuration, there are crypto communities dedicated to mining all over Telegram, you could find one from your country, join it and ask for guidance.
We have decided to make a series of articles about Cryptocurrency and Blockchain for beginners. Stay tuned for more!
YOU MIGHT ALSO WANT TO READ: A guide for beginners in cryptocurrency - Part I
Hello, everyone! In today’s blog, I will take a deeper look into Cloud Mining, and I will explain what it is and, more importantly, what can you do with it.
As you may already know, virtual money can be made by miners, with the use of various graphic cards, processed by machines specialized in mining. There is various ways to quantify virtual money, and one of the most common ways is by classical mining, when you put your PC to work. However, if you do not have a big budget to purchase the best hardware for this, or the space to deposit it, there is another way that is great especially for starters who do not have knowledge about mining, called Cloud Mining.
For many people, mining is used as a passive income, because it does not cause much stress and time, but the downside is that a big investment is needed to get good equipment, that can make real profit over time. Because of this, many people started turning their attention towards cloud mining.
How does Cloud Mining work?
Cloud Mining works like this: you pay a certain company to mine for you and make virtual money for you, in exchange of a commission taken by the company. The positive thing about this is that you don’t have the initial costs of purchasing expensive equipment and you do not have to work about buying machines, or paying for electricity, or having an insupportable noise where you live (if that is where you put the mining rig). Everything you need to do is register and buy or rent the power and hashes for mining.
There are negative aspects that you need to pay attention to. Sadly, there are many fraudsters and scammers on the internet, especially when it comes to crypto, and you need to be cautious at all times. A good idea would be to check the website on WhoIs.com before investing your money. Don’t jump on anything just because of good advertising, and always do your own research first.
Fortunately, there are companies that have a long-standing experience with renting mining power, for example, Hashflare, a company that will celebrate 3 years of existence this spring, and that has a great action for both new and existing users.
Before going on, I want to point out that anyone who decides to use this platform must first investigate it and be sure they understand basic concepts of cryptovalue and how this technology works. We can not respond to possible errors or loss of user data that may occur from the user itself or any possible technology or platform failure, and financial volatility of the crypto market as well. None of the technologies or products that we mention are our product. These have been objectively rated as currently one of the best solutions on the market.
What I found out to be a relevant example is Hashflare, a mining service in the cluster, available to everyone at extremely low input costs. This means that anyone can try this service, with a small amount of money, before deciding to scale their investment and become a bit more serious of a crypto miner. The mining equipment is stored in high-tech plants designed solely for mining crypto. The hardware is kept at an ideal temperature to get the best performance. This company also gives you the choice to choose between one of the offered mining groups.
How to start Cloud Mining
In the following, I will explain how you can start Cloud Mining on Hashflare, mining Bitcoin, Ethereum, ZCash or Dash.
The first step is to make an account on their official site: HashFlare.Io and after that, you will be able to access your dashboard. This is where you will be doing all your actions within the platform. In a future update, they are planning to introduce instant messages and announcements from the company as well.
The second thing you need to do is go to your e-mail and confirm your account. After that, you can add your Bitcoin address (or ETH, ZCash or Dash wallet), to make it easier for you to receive payments. To do this, you need to go to “Settings”, and enter your BTC address. At this point, you can also fill out your bank information, which you will need if you want to pay from your bank card. Afterwards, I highly recommend you to activate the 2 way authentication to increase your account security.
For the next step, an algorithm is required. Bitcoin uses SHA256, and we will choose it in this guide. Litecoin uses Scrypt, Ethereum uses Ethash, Dash uses X11 and ZCash uses Equihash. Just select the one that you want to use, and choose how much hash power you want to rent. Hashflare allows new users to try this service with a minimum 0.80$ roster, so you can try it out before you decide to invest larger amounts.
After you have chosen the amount of hash's you want to rent, press "Proceed" and then click on "select payment method". The next step is to choose the most appropriate payment method (credit card, Bitcoin, Payoneer, etc). After you have selected the payment method, you must accept the Terms & Conditions and click Confirm. After you make the payment, that should be it, congratulations you've become a miner!
My advice to you is to play with small amounts, until you understand how the platform works. Once you know how to do it, move on to bigger investments. Another thing that I noticed is that this system offers you a referral bonus, meaning that once you sign up, you can refer your friends with your referral link and get 10% of what they buy. For example, if your friend buys $100 hash’s, you get an extra $10 for free. You get nothing from your friend, and you get paid.
Mining is becomming a serious business, and Hydro Quebec in Canada is worried that it won't be able to keep up with the increasing demand of power necessary to satisfy cryptocurrency miners' demand. “We won’t be able to power all the projects that we’re receiving. This is evolving very rapidly, so we have to be prudent.”, explains spokesman Marc-Antoine Pouliot. He continued to say that the company is “receiving dozens of demands each day.” Hydro Quebec isn’t necessarily turning down any entrepreneurs just yet, but a surge in demand is prompting executives to “clearly define their strategy” and reexamine how they’re planning to do business.
Because of low power costs, China has been the cryptocurrency mining heaven, but things are changing lately. Authorities banned cryptocurrency exchange last year, but they've recently noted activity in alternative venues. The government plans to block domestic access to homegrown and offshore platforms that enable centralized trading. Up until last year, China was the most active market for bitcoin trading on exchanges, with some of the biggest bitcoin miners. A ban on ICOs and cryptocurrency exchanges last year has made for harsh environment for virtual currency in the country. Nevertheless mining operations continue, but if these regulations are enforced, operators could face strict controls in terms of energy use.
A small town in Washington, only three hours away from Seattle, will become the home to bitcoin miners. Welcome to Wenatchee, a rural area, which is the house of a dozen of the largest bitcoin miners. "We’ve come from just a few people out there who have been knocking on the door to all of a sudden to people who are banging on the door pretty loudly." Bitcoing mining is energy-consuming, but the miners from Wenatchee are lucky to live in an area where power is extremely cheam for the town - only 2 to 3 cents per kilowatt hour.