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Getting Started With Mining Cryptocurrencies

Jesal Gadhia on November 12, 2017

With the cryptocurrency space being white-hot I've been very curious and learning all that I can. What better way to understand the core concepts... [Read Full]
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Cryptocurrencies are the coffee capsules of the computer science world. They are not necessary and they are pretty bad in terms of wasting energy and resources... Please don't waste energy on that stuff. Can't believe people really do this...

 

What subdomain of cryptocurrency is the most interesting to you?

 

I think developing commercial solutions using the blockchain is very interesting/promising. Although I'm sure there are a lot of challenges that need to be overcome before we see widespread adoption.

My next deep dive is probably going to be looking at various strategies for scaling the blockchain and maybe even messing around with Solidity / Smart Contracts in ETH.

 

Sigh, I bought a ant miner from overseas, didn't receive it for 3months. Was too noisy to run and lost money on sale of item. The cost of electricity and internet speed can factor into 24/7 mining. By the sounds of it you are doing well with it. Personally, I wouldn't touch it with a barge pole as Australia has high electric and shit internet. Sometimes I swear, the almighty gods don't want me to have money

 

Oh yeah buying a mining rig is tempting but probably not profitable unless you are someplace where electricity is dirt cheap or mining some obscure coin and counting your luck.

I'm really not making any profit on it either. I mainly see it as a tool to learn more about crypto. Unless you have a beefy spare machine or can build a rig with relatively low cost forget about profits. You will have better luck just trading on exchanges.

 

You would like this YouTube guy siraj, he talks about using decentralization with crytocurrency erthereum. What I understand by the concept is a the data is more peer to peer reducing bottle necks from major servers like say netflix and then incorporates crytocurrency to pay each user for their contribution to the decentralised network. Why over my head coding wise but you may find it interesting. :)

Nice, will check it out, looks like he has some interesting videos!

 

I tried this on mac but for any reason I'm not able to get the daemon running, seems it's updating the blocks because the logs says I'm 1700 days behind. Reading somewhere it says better to download the binary files (23gb) and sync it manually.

Will Try and write here later, hope I works, after reading abount minergate don't think I could use it

 

Yeah, syncing is slow, I had to keep it running overnight to get it done. Manual syncing sounds like a good option.

 

did it! but... still unable to connect to the daemon, so after sync everything...no mining.

 
 

Yeah arguably simpler although they've been accused of being part of some scams and "stealing" your hashrate. They are also close-sourced so no way to verify what's going on. Besides what's the fun in doing it the easy way? ;)

 

I've heard the same rumours indeed, but when you're just starting, it's nice to see a Hashrate displayed in less than 1 minute. Anyway, any pool has the theoretical power of stealing your hashrate, right?

I agree for the fun. :-)

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