Lately there’s bot a loterijlot of press spil to whether or not hobbyists can still make any money ter the Bitcoin Mining kampplaats (see the CoinDesk article entitled “Can Hobbyist Bitcoin Miners Still Make a Buck?“.
While mining bitcoins for the hobbyist miners may not be profitable anymore, wij want to voorstelling you how to commence bitcoin mining for one of the alternate cryptocoins that a hobbyist, with a good quality CPU, can still mine and profit from. But very first, to understand where the cryptocoins industry is today wij need to voorkant some history about the industry.
Mining with a CPU of GPU can be profitable
Back ter the early days of cryptocoins, when bitcoin wasgoed ter it’s infancy, a hobbyist could mine bitcoins with their huis PC and generate a lotsbestemming of coins te a brief period of time. However, back then bitcoins weren’t the HOT cryptocoin that they are today, so very few people were mining them. Overtime, spil more people commenced mining bitcoins, the built ter difficulty of the crypto currency enhanced, slowing down the generation of the coins and reducing the profitability for the miners.
The bitcoin algorithms, te fact all cryptocurrency algorithms, are designed with a governing mechanism called Difficulty. This difficulty is designed to govern the mining of the cryptocoins so that a pre-determined number of coins are mined overheen a set period of time. The precies number of coins and the period of the coin mining varies depending on the coin that is being mined. Spil more people mine the coins and the machines used to mine the coins get quicker, the difficulty goes up.
Te the early days of bitcoin the difficulty wasgoed low and the number of coins wasgoed set at 50 coins every Ten minutes. Ter the bitcoin algorithm the number of coins halves every Four years…, So today, the algorithm is set to generate 25 bitcoins every Ten minutes.
Obviously, spil more people got interested ter bitcoin, the more people began to mine bitcoin and thus driving up the difficulty of mining bitcoin.
Bitcoin Mining Speed
Once the difficulty of bitcoin began to increase, miners looked for better and swifter ways of mining bitcoin.
To start with you could mine bitcoin using the CPU ter your rekentuig. Then hobbyists realized that they could use the quicker resources of the Graphical Processing Unit (GPU) housed te their graphics cards to build up even quicker speeds. Soon afterwards specially designed FPGA cards were designed to build up even quicker speeds.
Then the era of the commercialized bitcoin miner kasstuk!
ASIC Bitcoin mining machines switched the landscape for the bitcoin miner. ASIC (Application Specific Integrated Circuit) machines were designed with high speed processors that were programmed to do nothing but mine bitcoins. The ASIC machines improved the speed that bitcoins could be mined so drastically that there began a gold rush for bitcoin miners.
Te mid December 2013, the price of bitcoin kasstuk $1200 vanaf coin. Te part due to the attention bitcoin mining wasgoed attracting ter the media and also because of the request for the ASIC machines and the results the early ASIC machines were achieving for the miners that were fortunate enough to get them. This “gold rush” not only attracted the hobbyist bitcoin miners but it got the attention of the corporate world and the big venture capitalist investors with money to burn.
Soon wij were witnessing bitcoin mining farms costing millions of dollars, running with ASIC machines powering Multi Tera Hash’s of speed.
All of this extra mining power, waterput into act to mine bitcoin, caused the bitcoin difficulty to raise exponentially driving the hobbyist bitcoin miners to the sidelines te bitcoin mining.
Alt-Coins the Hobbyists Alternative CryptoCurrency
Even with all the growth and increase ter bitcoin mining, and the related bitcoin mining difficulty, there were still hobbyists that were looking for information on how to commence bitcoin mining. For many hobbyists the alt-coin industry wasgoed something fresh. Many a bitcoin miner “wannabe” had never heard of alt-coins.
The Alt-Coin industry is a spin-off of the bitcoin world. Alt-Coins are various coins that were created by entrepreneurial hobbyists that wished an alternative to the bitcoin maniacal gold rush.
It’s ter the world of the specialized alt-coin mining that the hobbyist miner can still be profitable.
There are a hundreds of alt-coins available today. Many of the alt-coins are derived from the bitcoin algorithm with a few various tweaks to make them unique ter their own way. Others, are based off of the Litecoin algorithm which uses a different crypto technology all together and thus has a different requirement when mining it. Then there are the unique alt-coins, the coins that were developed from the ground up with their own unique crypto technology. Thesis coins use algorithms like X11, X15, etc…,
The alt-coin algorithm X11 is one that all hobbyists should be especially interested te because this algorithm is ASIC resistant. Meaning,
There can never be an ASIC machine created that can mine the coins using the X11 algorithm.
The X11 algorithm (and some of it’s derivative algorithms) are designed ter such a way that it is virtually unlikely to vormgeving and build an ASIC machine that could everzwijn mine the coins based on this algorithm. This should be good news to any hobbyist miner because this will deter the corporate backed miners from everzwijn getting into the industry.
So what coin uses the X11 algorithm that wij recommend the hobbyists miners get commenced mining. Our terrific recommendation for the hobbyist is to mine Darkcoin!
Why Wij Recommend Darkcoin Mining
So if you were researching the topic of “How to begin Bitcoin Mining” and you stumbled onto this article, let us highlight why you may want to rethink your idea and look at mining Darkcoin instead,
- Darkcoin can be mined with a CPU or GPU only
- Darkcoin is ASIC resistant
- Darkcoin can be profitable
- Darkcoin is being actively developed
- Darkcoin is Anonymous
- Darkcoin shows promise for the future
Te the following paragraphs wij will dig a little deeper into why Darkcoin is our choice for hobbyist cryptocurrency miners and provide more details into our 6 reasons why, if you were looking for information on how to begin bitcoin mining, you might want to reconsider your idea.
Darkcoin can still be mined using a CPU and be “Profitable”!
While you won’t make spil much money mining with a CPU spil you will mining with a GPU, any hobbyist with a late specimen pc and quick CPU can get began mining Darkcoin ter about 15 minutes. (Wij project to postbode an article soon on how to get commenced mining Darkcoin with a CPU)
GPU mining is the method most Darkcoin hobbyists are choosing for mining Darkcoin. Wij will feature some Darkcoin mining machines ter future articles too.
If you are a Darkcoin miner reading this article and you would like to have us feature your miner te one of our articles let us know.
Darkcoin is ASIC Resistant
Because of the X11 protocol used by Darkcoin it can never be mined with an ASIC machine. This is good news for the hobbyist because this means that the large venture backed corporate mining conglomerates will most likely stay away from Darkcoin mining.
Wij won’t get into why the X11 algorithm is ASIC resistant here…, Instead see for a future article on this topic.
Darkcoin Can Be Profitable
Darkcoin is a fairly fresh cryptocurrency. It’s bot ter existence less than 8 months and thus it is just te it’s infancy and has a loterijlot of future growth. Early Darkcoin miners can amass lots of Darkcoin that most likely will mature and increase ter value.
Take a look at the latest Darkcoin price increase and you can see how mining just a few Darkcoin has the potential for hefty profit.
Latest Darkcoin price and trading activity
Darkcoin is Actively Developed
There is a loterijlot of news te the Darkcoin kampplaats thesis days because it is the very first truly anonymous crypto currency. There are many other latest announcements that have helped to bring Darkcoin into the zoeklicht too.
The developers behind Darkcoin are doing active development and have a planned road ordner of releases and updates schedule for the near future.
See this movie on Instantx Technology for just one of the upcoming features of Darkcoin that are presently being tested and will soon be released.
Darkcoin is Anonymous
Anonymity te the crypto world has bot one area that many crypto currencies have talked about, but to date, none have achieved. None except for Darkcoin that is.
Darkcoin uses a technology called Dark Send to provide accomplish anonymity of the crypto transaction. You can get more information about Darkcoin from the FAQ’s located on the DarkCoin.io webstek.
So you are interested ter “How to begin Bitcoin Mining”? Here’s my recommendation. Zekering, don’t do it…, There’s no profit ter bitcoin mining for the hobbyist anymore.
If you have thousands of dollars to burn on bitcoin mining machines then do yourself a favor and waterput it into Darkcoin mining. However, if you are just kicking off out with rente ter spending spil little spil possible and you indeed just want to dip your toes into the crypto currency mining space, then Darkcoin is also for you .
Mining Darkcoin will be the best decision you will everzwijn make and you will be supporting a fine alt-coin technology too.
The world is still waiting to see whether cryptocurrencies turns out to be the fresh gold or fool’s gold.
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