Scrypt Asic Currency Mining

Are you interested in still cryptocurrency investment? How about scrypt asic currency mining? Currently, Bitcoin is a hot potato. It is among the most sought-after cryptocurrency products worldwide.

There was even a previous post on celebrities giving them endorsements.  And that’s even while there have been concerns in regards to its regulations.

Anyway, many people do not know how to venture into this vastly profitable business. If you are interested in investing in cryptocurrency, then consider yourself lucky.

Asic Miner

How Does To Start?

1.    Get A Mining Rig
Bitcoin mining has become very competitive since its demand is enormous and growing. To start off, get a bitcoin mining calculator. Enter the data of the Bitcoin miner you intend to buy. This gives you a projection of the profits likely to be realized and the duration. Go through various Bitcoin mining hardware reviews from Amazon.com to choose a suitable one.

2.    Get A Bitcoin Wallet
Bitcoin is an Internet-based currency, so you’ll need a place to keep your Bitcoins. This is what your Bitcoin wallet is. Subsequently, get a wallet address, a long sequence of letters and numbers. It is worth noting that the address is public.  You may sign up here to acquire one.

3.    Find A Mining Pool.
A mining pool is a group of Bitcoin miners that combine their computing power to make more Bitcoins. It’s advisable that you don’t do it alone because Bitcoins are awarded in blocks, usually 12.5. You can’t quickly get these alone unless you’re fortunate and very hardworking.
When choosing a mining pool to consider the following:
•    The Method of Reward: Is it scoring based, proportional, pay per share or any other way?
•    The Charges for mining and withdrawal of funds
•    The frequency of the blocks (being rewarded)
•    The process of funds withdrawal
•    The Stability of the pool

4.    Get A Mining Program For Your Computer
You’re almost there, ready to mine. At this point, you will need a mining client on your computer so that you’ll be able to control and monitor your rig. Many mining pools have their software while some don’t. In case of the latter, you can check out different mining software (BFGMiner, 50 Miner and much more.)

5.    Start Mining
With everything set, you need to do is connect your miner to a power outlet and start. Of course, you ought to connect the miner to your computer (mostly via USB) and open your mining software. Enter your mining pool, username, and password, mine!

Pros and Cons of Solo Mining

If you want to venture solo, you need a few tricks and risks to avoid. It’s an investment, and you need to make profits.

Pros
•    If you find a block, 99.5% of the block reward is sent directly to your address; you share it with nobody.
•    There is no need to log in and input all those details, for instance, passwords, withdrawals, authentication or pool wallet hacks.
•    You remain anonymous apart from your Bitcoin address. All that you confirm is that you’re mining to your address.
Cons
•    If you do not find a block, you do not earn. Why? Unlike in a pool where a pool member may find a block, and all members get a share; going solo does not have the advantage.
Pool mining has its benefits and flipside.
•    It generates steadier income as compared to solo.
•    It can generate 1-2% higher income (before any charged fees) because of the long polls providing the pools.
Factors to Consider when Purchasing Mining Rigs
In mining Bitcoin, you need miners commonly referred to as mining rigs. There are factors to consider before settling on a particular miner.

a)    Hash Rate

This is the speed at which the miner can perform mining calculations. Device performance is measured in Terahashes for every calculation executed per second. The count gives you a rough estimate of the machine performance.

b)    Electricity

Electricity consumption is also something you should consider before settling on a machine. Unless you’re going to get electricity for free, the power consumption of a rig should not be too high as it will cut your profit margin.
c)    Device Cost
One of the most important figures is the cost of the machine you intend to purchase. Pre-manufactured rigs cost between $500 and $2,000, depending on the performance and whether it’s new or second-hand.
d)    Time and Maintenance
Bitcoin mining takes time. But before mining sometime is taken in setting up the machine, and maintaining them throughout the entire process. Just like any other machine, parts can malfunction, and as a result, Bitcoin miners need to replace them. Fans are often replaced.

Some Common Mining Rigs

•  AntMiner L3+ 504MH/s 1.6/MH ASIC Litecoin Miner (504 MH)
• Aluminium 6 GPU Mining Case Rig Open Air Frame for ETH/ETC/ZCash
• 6 GPU Miner Aluminium Stackable Open Air Mining Case Computer ETH Frame Rig for Bitcoin Miner Kit Unassembled Ethereum
• GekkoScience Compact USB Stick Bitcoin Miner 8gh/s (May or may not be available as of the date of this writing)
• Gridseed Blade Scryptic Asic

Other Mining Rigs  (Some may be hard to find online as of this writing)

•  DualMiner USB 2 Gridsed Litecoin, Dogecoin, Scrypt Miner
• ASCIMiner Block Erupter
• Gaw Miners Fury
• Gridseed ASIC Miner for Litecoin and Bitcoin Mining

Conclusion

Scrypt Asic currency mining remains a lucrative venture, but it needs time, dedication and teamwork. Although many of the products mention may come up unavailable, there are several other options to choose from on Amazon.

As mentioned earlier, making a kill as a solo miner is not an easy task. If you’re considering the venture, follow these steps, and you will make it.

However, if it proves too complicated, there is another way, buying and selling Bitcoin.