Crypto Currencies ~ " Duck Tales Spin From The Crypt"

Anyone can do a quick dummy down on what mining is?

 

Absolutely! And I just changed jobs, so moar monies!

Basically running a program on your computer, which utilizes your graphics cards, and the programs solve mathematical equations. For each solution found, you make money.

 

So pretty much anyone can just make their there own coins ... such as popular btc, xrp, ltc etc? So free money?

 

Yes in most cases. I know some coins are no longer mineable, and others take so long to accumulate (i.e. BTC), that they aren’t worth it.

@Jibbs is mining ZCL, which pays decently and is still easily mineable. That’s what I’m going to start mining

 

you don't exactly make your own coins, there's lots to learn and it's hard to explain it all here, just search google, reddit and youtube has lots of good info. I'm using awesome miner and mining 3 algos on a profit switching profile using 3 pools, my dad is mining ethereumclassic using claymore on 6 nvidia 1070 on a linux OS. I'm on 6 1070's on windows, awesome miner only works on windows for now.

 

So is mining actually generating coins or is it verifying transactions and reaping transaction fees?

Or does that vary by coin?

Or am I completely off base and it's something else entirely?

 

theres POW or POS mining POW is kinda what you're thinking where you "work" verifying transactions by solving the algorythm which is always getting harder so you make less and less as the difficulty increases. you make less because you or your pool get paid for finding blocks first.
POS you get paid a portion of the network fee for solving the problem.
both cases mining is what happens whenever a transaction is made in that currency, the miners are the ones doing the transactions.
but there's a lot more to it then that
edit to add: https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/

 

It's the second one. You verify transactions and get shares of the fees collected on those transactions for lending your processing power. That's about the tldr

 

I think by default they are 120w? Most people Ive seen that have them undervolt them to limit them to ~70W with a bit of an overclock. Its kind of the sweet spot for a Hash per watt.

And yup the 1060 is a good card to get for the price. So is a 1070 though that adds up to more cost. Its kind of like sure you could get a 1080ti, and itll earn you more, but it has higher costs up front.

 

Ah good to know. I’m not responsible for the power bill, so OC with as much power possible for me!

And the nice thing is, you can always add more cards lol

 

what motherboard are you going to run? there's some designed for mining that allows for 10 cards now!

 

Theres a chinese company making a (i THINK) 12 gpu motherboard. As in 12 GPU's all on the same motherboard with no risers. Havent heard much about it though.


With awesomeminer are you mining specific coins? When i tested it out it kept over trying ot tell me I would get more coins per a day than I knew i could.

 

ya the payout is kinda funny it'll range from 20 to 75 per day depending on what pool and algo it's running.
I'm running undefined coins with neoscrypt, blake2s, equihash on zpool, hashrefinary and multipoolhub, so the miner selects what pool and what algo is most profitable every 30 mins. On zpool today I've mined neva, gun, gobyte, trezar, innova, ninja and verge then the pool converts it all to BTC and sends it to my wallet

 

Transaction fees, they use the highest priority settings which costs the most. Sending coins to and from my ledger is almost instant so I am not at all lacking speed. Exodus is a free software wallet but fees will end up adding up depending on what coins you put on it

 

Stellar on da run again

 

I bought some at .33 and it doubled my money. I shoulda bought more but i was just trying it out with 150 bucks

 

Ill have to give it another try. I didnt realize you could have no specific coin selected. Id only put in the couple Ive been switching between with the same pools. Then it kept saying one of them would mine about 80 more coins than I know it can since I had been mining before

 

Get more at the next dip! Got my first buy at .13 but have bought at .30 , .50 , .55 and .58

 

380% return on 50 bucks. Woulda coulda shoulda thrown more at it. Still really like stellars platform so might go big money into it soon

 

Do it!