genesis mining Archives

Litecoin ranks 4th on CoinMarketCap, it was launched on 7th Oct 2011 by Charlie Lee, an ex-Google employee. Litecoin is the fork of Bitcoin. The main feature of Litecoin is it has a lower block generation time of 2.5 minutes and a different hashing algorithm. Litecoins all-time high rate was 375$ on 17th Dec 2017. The current rate of Litecoin is 100$ (while writing). Let’s learn more about Litecoin Mining

Litecoin is the lite version of Bitcoin ~ ANN Thread

It is profitable to mine any coin when it launched first but after a few months and difficulty, it is not profitable. Like Bitcoin, nowadays bitcoin mining is not profitable. The same case is with Litecoin, you can mine Litecoin but you need high-quality equipment to mine Litecoin in profitable ways.

It is said that miners can’t make money using CPUs or GPU’s but using ASICs is profitable. Let’s check out how we can mine Litecoin and in profitable ways. Lee says If Bitcoin is Gold then Litecoin is Silver.

Things that you need to have before start Litecoin Mining are Litecoin wallet, Mining Pool, Cloud mining sites(for cloud mining) & Hardware (for GPU mining), Mining Software, Exchange sites.

Litecoin mining tutorial by Jeff

Litecoin Wallets

The first step in starting mining is having a Litecoin wallet. Without wallets, you can’t start mining because you need to store your LTC somewhere. Click here to get your own Litecoin Wallet. We recommend using Hardware wallets or Paper wallets.

Methods To Mine Litecoin (Cloud & ASIC Mining)

Cloud Mining is low-cost mining but having more risk than ASIC mining. Cloud mining means you are using someone’s hardware. For example, there is a company that has a mining farm and they allow the public to purchase hash/part of the output. The following are some trusted cloud mining sites.

Genesis-Mining: Genesis mining is one of the oldest bitcoin cloud mining companies or sites. The company is based in Hong Kong but the founders are from Germany. 7 coins are available to mine are Bitcoin, LTC, Dash, ETH, Zcash, XMR, and Monero classic. Companies HQ is located in Hong-Kong. The problem with genesis mining is their customer support is very slow.

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Eobot: The site is active since 2013 from LA. EoBot supports more than 10 coins including Ethereum. Outputs are updated every 60 seconds. The fees on EoBot are high and complex to understand, check the fees page of Eobot to understand.

ASIC Mining stands for Application-Specific Integrated Circuit. ASICs are more powerful than CPU & GPU. ASIC is made to mine specifically any one coin which makes it more powerful. You can mine using GPUs but it’s not profitable in any sense. Below are some best ASIC Miners.

AntMiner L3+: It is the “World’s Most Powerful and Efficient Litecoin Miner”. Antminer L3+ is scrypt algorithm based it means users can mine any coin supported on the scrypt algorithm. Currently, there are more than 100 coins based on Scrypt Algorithm including Litecoin and DogeCoin.

AntMiner L3+ can be purchased from the BitMain shop but you can search on eBay and amazon too but make sure to check buyers’ profiles first before purchasing.

Always purchase Mining Equipment from the original manufacturer.

Litecoin Mining Pool

There are two ways to mine Solo and Pool. In solo, you have to mine alone and it may take months or years to mine one Litecoin for solo miners. In a pool, where all miners come and mine as a team. Check some best Litecoin Mining Pools below.

LiteCoinPool: One of the best and oldest mining pool, started in 2011. The payment system on LiteCoinPool is PPS (Pay-Per-Share). There are a number of features that make this pool different from others you can read features on their homepage.
ProHashing: Started in 2013 with supporting not only LiteCoins. Users can get the reward in any coins they want for more details visit here. ProHashing is using the PPS method.

Click here to find out more litecoin mining pools.

Litecoin Mining Software

Mostly ASIC miners come with pre-installed software. Users just need to plug in and start mining. Click here to check out all litecoin mining software.

All statistics related to Litecoin can be viewed here.

How to mine Ethereum- Ethereum Mining

Since the launch of Bitcoin, mining has been a sweet way to earn some extra Bitcoins, as rewards were high and the difficulty was still low, because of the low amount of miners. Let’s learn How to ethereum mining.

The current Ethereum price is [eth-price]$.

If we manage to put them on the ladder wise then it will look like a;

Selecting hardware
Installing software
Joining pool
Starting mining
Start earning Ethereum

Currently, the situation is a bit different… Right now, it’s almost impossible to make any profit mining Bitcoin without specialized hardware and even then there are tons of risks and the possible rewards stay low. If you are not knowing how to start Ethereum mining then you are at the right place to learn.

That’s why many people are switching from mining Bitcoin to mining other cryptocurrencies. Ethereum is one of such cryptocurrencies. It’s a great alternative to Bitcoin and mining it can surely be profitable.

The problem is that most people don’t know how to mine Ethereum and the vast majority of them don’t want to find out, simply because they think it would take too much effort or that it would be too difficult. That’s why this article will focus on providing a simple guide on how to mine Ethereum. You will learn Ethereum mining how to.

Cloud Mining: An easy, but dangerous way

Cloud mining is probably the easiest way to mine Ethereum. The idea is amazing: You invest in a cloud mining company, the company buys miners, pays for the electricity, and runs them in a large facility, so they can make more ROI (Return On Investment) than you can by mining at home.

There are tons of Cloud Mining websites out there, offering you Ethereum Mining contracts for a certain price, often packed together with some maintenance costs. However, most of these Cloud Mining companies are scams. They will take your money, pay some of their investors to build trust, and then run away with the rest of the money.

Some Cloud Mining companies are less shady. One of these is Genesis-mining.com, which has been dominating the Cloud Mining sector for years now. The big disadvantage of investing in Cloud Mining companies like Genesis Mining, however, is that they don’t offer a lot of ROI (Return On Investment), unless the price of the cryptocurrency rises, which is what you want when you invest in a Cloud Mining contract.

Ethereum mining online is supported on multiple websites, although the problem is that the legitimate companies don’t pay a lot of ROI and the companies that do give you a lot of profit, are scams.

That’s why I suggest not to invest in Cloud Mining and to follow our guide below on how to mine Ethereum yourself.

Mining Ethereum yourself: A great opportunity

Mining Ethereum yourself is a bit harder than simply making an account on a cloud mining website and paying the company some money, but it’s also much more rewarding and isn’t as risky.

But don’t know how to mining ethereum? Do not worry this article will guide you to start mining Ethereum at your home.

Below, I will be talking about each part of the mining, from choosing the right hardware to joining the most profitable mining pool.

Choosing the right hardware

Choosing the right Ethereum mining hardware is hard. You have to find a low-cost miner that doesn’t consume much electricity but still provides some nice profits. The best way to mine Ethereum is through specialized GPUs. There are multiple places you can look for GPUs that fit your needs, such as on eBay, Bitcointalk & trusted webshops. Beware of fake reviews on these webshops though, so always google “[webshop name] scam”.

Here I mentioned the best Ethereum mining rig which you can purchase.

If you’ve found a miner that’s not too far out of your budget, you could try putting the information of the miner in a mining profitability calculator, like https://www.cryptocompare.com/mining/calculator/eth. What this calculator doesn’t show, is the noise the miner makes and the space it takes. Obviously, you must do your research

Remember that drops in Ethereum’s price or the rising mining difficulty might make reality a bit worse than what the calculator shows… Rises in Ethereum’s price, however, could make you some extra money. Also, take into account the quality of the miners. If the miner has been used for years already, its hash rate is probably a lot lower than when it was new and it will most likely stop functioning properly quickly.

If you’re not sure whether it would be wise to buy a miner or not, you could try asking people in the Mining Support section of Bitcointalk or on the other site. It’s definitely not an easy choice and mistakes are made very often.

Cooling, Power supply, etc.

As mining Ethereum consumes electricity and produces heat, you must get a power supply and a cooling system too. The amount of cooling your mining rig requires, depends on where you live though, as living in Antarctica obviously doesn’t require a very expensive cooling system, whilst living in a desert would require a well-functioning cooling system.

Power supplies and motherboards are also necessary for an Ethereum mining rig. What Power supply and motherboard you should get really depends on the miners you have in your rig. It’s recommended to do your research on both the miner and the cooling system, power supply, motherboards, and any additional parts like the computer cases, before purchasing any of these.

Installing Software

To mine Ethereum, you also need the right software. One of the best places to get your Ethereum mining software is https://github.com/nanopool/Claymore-Dual-Miner/releases. Although there is other mining software available, claymore’s is the best I know of. Install the newest version, configure it as you like, and go here to see all commands and features: https://bitcointalk.org/index.php?topic=1433925.0. That is also the place to request help if needed.

Joining a mining pool

Joining the right mining pool is a very important part as well. As solo mining has become nearly impossible nowadays, due to the total hash power being very high, which makes your chances to find a block very low, and thus it might take years to earn your first dollar worth of Ethereum.

Therefore, it’s recommended to join a mining pool. Mining pools are groups of people mining in one “pool”, combining their mining power to achieve a higher total mining power, which makes your chances to find a block higher and thus you will find blocks more often and your income will be higher.

As most pools take a fee, it’s also important to take the fees into consideration. Some mining pools offer very low fees, but if their total hash power is still very low, it won’t be worth it. Therefore, you must look for a combination of high total hash power and low fees. This will grant you the best possible income.

Managing the risks & rewards

The final part of the game is managing your risks & rewards. It’s very important to be the only one who has access to the Ethereum address you’re sending your mining rewards to, you must make sure not to lose your keys and you should never rely completely on mining. If you completely rely on mining, a simple drop-in Ethereum’s price, a rise in its difficulty, a break-down of your miners, or some other disaster could ruin your life permanently.

Ethereum Mining Calculator

You can use the below form in order to calculate ethereum mining.

[eth-mining-calculator]

Ethereum Mining FAQ

Is there anything like free Ethereum mining sites?

There is no way to mine Ethereum for free but there are some sites that are not really worth it.

Ethereum mining profitability?

The mining of Ethereum is still profitable with only the best and high-quality mining rigs.

What is the best Ethereum mining pool?

Click here to find all pools which you can use in your mining.

Is there any Ethereum mining app?

If you are doing mining with hardware then there is no need for the ETH mobile mining apps and if you are doing cloud mining then there are many apps.