Since the release of Crypto Jacker I’ve had a lot of questions about crypto mining and the various CPU miners out there so I figured I would write a post about it. Cryptocurrency of course is digital currency like bitcoin only their are many other alt coins. I’m unable to judge the solvency of any investment there is risk associated with any investment advice.
While there are over 1,200 crypto-currencies and none are on the market some could be viewed as “penny stocks”. However others like bitcoin have significant market capital, meaning there is billions of dollars invested in them. The top 10 crypto-coins have a market capital in the billions.
Many forms of altcoin and bitcoin itself are “mineable”. This means the amount of currency in circulation when coin is first offered is not the final amount that will be available when it’s completely circulated. According to Blockchain.info there are currently 16.8 million bitcoins in circulation of the total 21 million that will be released. If you own a bitcoin miner you could potentially get free bitcoin if you solve the blocks that release them. After the full 21 million are circulated miners will be rewarded for solving algorithms related to transaction fees.
Mining bitcoin requires an ASIC graphics card. This type of equipment can be expensive to invest in and it goes up as the value as bitcoin increases. Other currencies are mineable with various graphics cards or CPU power. Some people choose to mine altcoin using both CPU and GPU power simultaneously on different devices. Currently only one of the major altcoins can be mined using browser mining which is what cryptojacker is based on. This coin (monero) currently has a market capital of nearly $5 billion dollars. It can be exchanged for bitcoin, which I explain how to do in the members area. You can find more information about monero mining @ this reddit. The CEO of McAfee announced today that he backs Monero and other related privacy currencies.
What makes Monero fully anonymous is that wallet users do not have any personal details tied to their accounts. You don’t even create a username and password making it even harder to trace, or hack, as many have tried to do with other currencies. There are also other factors involved making it attractive to investors interested in security and anonymity.
Monero CPU Mining Software
Here are a few Monero CPU mining softwares available free on github:
(They typically charge 1-3% of mining profits to cover development fees)
Of course if you can afford the investment you should check out GPU mining but that ‘s for another topic. CPU mining is much easier and more approachable for many. It’s also available on a larger array of computers given that you don’t need specific graphics cards. There are miners optimized for specific processors that may be more optimal and switching to different mining pools could give you greater gains.
Finally, there’s the option for cloud based mining which is effective for many crypto currencies such as monero, ethereum, litecoin and bitcoin.
Check out: Bitcoin Miner Host. If you go this route you can calculate your earnings using this mining calculator. Are you interesting in crypto-mining or actively doing it right now? Comment below and let me know you’re interested and I’ll keep writing about it! I’m giving away 5 free copies of Crypto Jacker to people who comment on this blog soon!