HOW TO MINE CRYPTO AND A GUIDE FOR …

HOW TO MINE CRYPTO AND A GUIDE FOR CRYPTOCURRENCY BEGINNERS

Table of Contents

Chapter 1: Introduction.................................................................................................................................................8 What is cryptocurrency? ..........................................................................................................................................9 Beginners Understanding on cryptocurrency..................................................................................................9 History of Bitcoins and other coins................................................................................................................... 10 Who is Satoshi Nakamoto?.................................................................................................................................. 11 What is Bitcoin?........................................................................................................................................................ 11 Brand New Bitcoin Reward .................................................................................................................................. 12 Understanding how to trade with Bitcoins .................................................................................................... 12 Understanding Steady Change of Bitcoin Price ...................................................................................... 13 Breaking Complexity in Crypto Mining ........................................................................................................... 13

Chapter 2: How Bitcoins Works .............................................................................................................................. 15 Owning a Bitcoin...................................................................................................................................................... 16 Origin of Bitcoin Addresses ................................................................................................................................. 16 Bitcoin Transactions................................................................................................................................................ 16 Working of Blockchains......................................................................................................................................... 17 Can Bitcoin be Created out of Thin Air? ......................................................................................................... 17

Chapter 3: Bitcoin Mining and Consensus.......................................................................................................... 18 Securing and synchronizing blockchain by mining .................................................................................... 18 Abuse of Bitcoin....................................................................................................................................................... 19 Why has Bitcoin become very controversial over the years?.................................................................. 19 Bitcoins Economics and Currency Creation ................................................................................................... 20 A De-Centralized Consensus............................................................................................................................... 21 Independent Confirmation (Verification) Of Transaction......................................................................... 22 Aggregation of Transactions into Blocks........................................................................................................ 23 Transaction Fees, Age, and Priority .............................................................................................................. 24 Generation Transaction .................................................................................................................................... 26

Coinbase Fees and Reward ............................................................................................................................. 27 Successfully Mining the Block............................................................................................................................. 27 Chapter 4: Should You Mine in a Pool or Solo ................................................................................................. 28 How to solo mine .................................................................................................................................................... 30

Step by step of setting up a solo mining server ..................................................................................... 30 Advantages of solo mining ............................................................................................................................. 32 Disadvantages of Solo mining ....................................................................................................................... 32 Pool mining................................................................................................................................................................ 33 Payout systems .................................................................................................................................................... 33 Characteristics of pool mining ....................................................................................................................... 36 Using a pool.......................................................................................................................................................... 37 50 BTC.......................................................................................................................................................................... 37 BTC GUILD.................................................................................................................................................................. 38 Chapter 5: How To Set Up A Bitcoin Miner ........................................................................................................ 39 Step 1. Purchasing a Custom Mining Hardware .......................................................................................... 40 Hash rate. ............................................................................................................................................................... 40 Energy consumption.......................................................................................................................................... 40 Why custom hardware is the best ................................................................................................................ 40 Categories of Bitcoin Mining Hardware ..................................................................................................... 41 Step 2. Obtaining a Bitcoin Wallet .................................................................................................................... 44 Step 3. Secure Your Wallet................................................................................................................................... 45 Step 4. Decide the mining pool to join or whether to mine alone....................................................... 47 Step 5. Download a mining program ............................................................................................................. 47 Step 6. Run your miner.......................................................................................................................................... 48 Step 7. Keep an eye on temperatures.............................................................................................................. 48 Step 8. Check your profitability. ......................................................................................................................... 48 Chapter 6: Top 6 Coins you can mine Apart from Bitcoin ............................................................................ 50 Ethereum (ETH)......................................................................................................................................................... 50 Litecoin (LTC)............................................................................................................................................................. 51 Zcash (ZEC)................................................................................................................................................................. 51

Monero (XMR) .......................................................................................................................................................... 52 Ripple (XRP) ............................................................................................................................................................... 52 Dash.............................................................................................................................................................................. 52 Chapter 7: How to Mine Different Altcoins ........................................................................................................ 53 Ethereum..................................................................................................................................................................... 53

How to Mine Ethereum (ETH) ........................................................................................................................ 53 Mining ..................................................................................................................................................................... 57 Litecoins ...................................................................................................................................................................... 60 Hardware you need to mine litecoin ........................................................................................................... 61 The process of mining litecoin....................................................................................................................... 61 Zcash ............................................................................................................................................................................ 67 Reasons for mining zcash ................................................................................................................................ 67 Selecting your GPU Hardware........................................................................................................................ 68 Mining Zcash on your PC................................................................................................................................. 68 Monero........................................................................................................................................................................ 76 How to mine Monero........................................................................................................................................ 76 Ripple ........................................................................................................................................................................... 85 Ripple XRP is not mineable ............................................................................................................................. 85 Reason why banks are changing to ripple ................................................................................................ 86 How do I invest in ripple? ................................................................................................................................ 86 HOW Many XRP (Ripple coins) EXIST?........................................................................................................ 87 How to buy ripple in 3 simple steps ............................................................................................................ 88 Buy ripple with fiat currency ........................................................................................................................... 89 Buy Ripple with Bitcoin (trade BTC for XRP) ............................................................................................. 89 Dash.............................................................................................................................................................................. 90 Advantages of dash ........................................................................................................................................... 90 Advantages of Dash over Bitcoin.................................................................................................................. 90 How to mine Dash.............................................................................................................................................. 90 Requirements for mining Dash...................................................................................................................... 91 Mining process..................................................................................................................................................... 91

Change the Dash Wallet Address ................................................................................................................. 94 How much you will be earning mining dash............................................................................................ 95 Steps on how to buy dash............................................................................................................................... 96 Dogecoins................................................................................................................................................................... 97 How to mine Dogecoin guide........................................................................................................................ 98 What you need to start mining ..................................................................................................................... 98 Making workers ................................................................................................................................................. 100 Chapter 8: The Network of Bitcoin ...................................................................................................................... 105 Features of the peer to peer network............................................................................................................106 Bitcoin peer to peer network and protocols ............................................................................................... 106 Networking nodes and their functions ......................................................................................................... 106 Simplified payment verification nodes (SPV) and Lightweight nodes .............................................. 107 Wallet..................................................................................................................................................................... 107 Bitcoin core.......................................................................................................................................................... 108 Full blockchain node........................................................................................................................................108 Understanding Extended Bitcoin Network .................................................................................................. 108 Network transactions ........................................................................................................................................... 109 Exploring Bitcoin networking blocks..............................................................................................................110 Bitcoin difficulty networking factor ................................................................................................................ 110 Networking through pool mining or solo mining .................................................................................... 111 Chapter 9: How to Predict Return on Investment and Payback Period of Cryptocurrencies ........ 112 Investing in cryptocurrencies ............................................................................................................................ 112 A statistical analysis of cryptocurrency.......................................................................................................... 113 Ideal investment strategies................................................................................................................................114 Financial institutions ........................................................................................................................................ 117 Regulations and deregulations....................................................................................................................117 Major network compromise ......................................................................................................................... 117 Global economic event ................................................................................................................................... 117 E-commerce ........................................................................................................................................................ 117 Financial technology ........................................................................................................................................ 118

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