Advance Mining lesson

In recent blog posts on this blog, I have given you just the basics of mining. I have explained what jobs a miner does. I have also discussed that the most profitable way to mine is to have multiple income being generated. How and which were up to you to discover for yourself. Now I am going to show you how to mine, and what to really look for.


    When you are mining on a peer to peer pool you only have to concern yourself with one difficulty set of numbers. Those numbers are the share difficulty. If you look in the example below you will see that on this particualr coin, a SHA256 coin, the difficulty for the share is low. If you think about this logically the Antminer S3 goes higher than that.

 Now look at the pool difficulty for the miners mining.  The pool difficulty is also quite low. This will show you that you can get a pretty good share each week or so when the block hits. Not bad for one coin.

    This is truly the reason why people fail in mining. One they do not know what to look for,and for two they just think they can just plug in the miner, set the pool and worker and let it go. NOPE! That is not what happens. I have covered most of this on the post of "Life of a Miner" That should tell you what you need to know to even begin this job. If you cannot do it, then perhaps you may need to research Cloud mining and hope to god that, that particular site does not go rouge. But they charge you a maintenance fee, and your reward is your reward. That may be a way for you to go, if you truly cannot understand the technical responsibilities that a miner must do.

    During Halloween this year I have had a variety of miners go down. It was days of taking them down, cleaning them, and doing a complete overhaul to put most of them back online. Here it is Almost Christmas, and I am making pretty good on my income, even though, I am now only mining at about 75% efficiency.

    So the excuse of the mining calculators, which are never right, are the one thing you must never really set it in stone. This Is mainly because of a few factors:

1.Price of coin mining could increase, dollar value increases.
2.Difficulty goes down due to price drop, More coins will be mined at the same hash rate, which increases the amount
3.More miners enter the peer to peer pool speeding up the block time, which causes more coins for you and faster time a block is completed. This also means a higher dollar amount.

These three are the main factors, but they are not the only ones. This is why the calculator can never be right because these factors alone cannot be calculated ever.

    My advice either learn the miner inside and out that you want to use so you can maintain it well, or make sure you have a good cloud mining service with a better contract of a one time payment, and they charge for the maintenance.

Why Cryptocurrency is More Logical

THE MATH OF IT ALL

Let us look a little bit into what I mean By adding up the Satoshi. This is to give you a better picture of the terms and the methods behind how we succeed. If you remember from earlier posts, I have stated you need to trade up daily to a staking coin, this is known as the DROP.

Now let us look at when I do receive a block of Litecoin, or rather the bonus I do not put into my daily figure. At this time 1 LTC=0.00319 BTC

That is three-hundred-thousand Satoshi per Litecoin. When the Block Hits, usually within a week or so, I get 25 Litecoins that is 0.07975BTC, or 7 Million-9Hundred and Seventy-five Satoshi. Now you see with just the Block we have brought this into the Millions.

The daily Drops of three or Four coins are continuing to add up stake, or interest every day. This like anything else takes time and patience, but for all those that are not too bright, or maybe just a little slow, let us examine the slave mentality of working.

You go out to look for a job, you spend an entire day filling out applications, and when you arrive home there are no calls. You get up the next day, and you do the same thing filling out applications.

Let us say you continue this pattern and you get lucky. You receive a call from one of the places you filled out on the first day. You get called in for an interview. You wake up in the morning, putting your best foot forward, and you shower, shave, and wear a good professional business suit. You are ready for the interview.

You take the time to travel to the place and let the receptionist know you are here for an interview. You sit down carrying a folder or briefcase with what you think will be the proof you are suited for the job. Waiting patiently, you are nervous, you start thinking you have bills to pay, and you are praying you get the job.

The manager that will be interviewing you finally calls you in. Let us move to a point where you were lucky to pass the interview. You are offered the job but you have to wait. YES wait. The company will now perform a routine background check which could take up to a week if you are lucky. I have seen them take 2 weeks depending on how many applicants all across the state you live in are applying for different jobs at that time.

You get lucky the background check only took 1 week So they call you in for a drug test. You get in your car and go to the place where the company has the contract to do your drug test. Now you complete that and guess what You have to wait again for maybe 48 hours, or 2 days.

So far you have waited a week and now will be waiting for 2 more days. So let us say you pass everything and you start the job. They offer you $10.00 per hour, but there is one problem You are starting on the first day of the pay period. WOW another three weeks will go by until you have money.

Do you see where this is going. You are going to wait anyway, Then why the heck would you not wait for something that you control and not other people that may not like you because you may be smarter than them and they will eventually try to get rid of you because they are fearful of loosing their job.

Might as well wait and just be happy with life.

Patience is a virtue

Mining tutorial

We have discussed mining to a degree. Here is how to fully understand mining. We now know what mining is, but it seems like people truly do not understand it's significance.

When a coin or site gets hacked, dumb people instantly panic and sell bitcoin, no matter if it was an Alton that got hacked.

Did you all forget that the bitcoin network is highly secured due to all the miners. The veterans, such as myself shrug our shoulders and keep mining.

Bitcoin did not go down to a dollar did it? No. It was stable because we continue to mine it and use it.

Secondly, if the value drops a bit, good, it simply means the difficulty will drop too. If Bitcoin value was $1,000 for 1 bitcoin the mining difficulty would be very high. We would adapt and overcome, of course but if it lowers Ok fine the difficulty lowers too. Brain dead people will always compare it to dollars, such as buy low and sell high. Bull. I always buy high so I can sell higher which also increases the value of bitcoin.

For the record mining is the most important and Intricate part of bitcoin