How to Mine altcoin

[nelson4lov]

Hello guys. I'm pretty much new in the bitcoin scene so I'd to know how altcoin are mined.


Do I need a Mining hardware machine like how bitcoin is mined? A friend of mine  told me something about staking from the altcoin wallet. So I'd like to know how it works .


Also a little info about how to join the mining pools for altcoin and how to solo mine.


PS: I have no idea about some of the terms like Solo Mine for example.


I'd appreciate If someone can help me out

[nelson4lov]

Bump

[crairezx20]

check this one https://bitcointalk.org/index.php?topic=1713638.0
Just found in search button above.. just always use the search button above with the double quote "keyword"
EX: "how to mine altcoin"

[NeuroticFish]

Hello guys. I'm pretty much new in the bitcoin scene so I'd to know how altcoin are mined.


Do I need a Mining hardware machine like how bitcoin is mined? A friend of mine  told me something about staking from the altcoin wallet. So I'd like to know how it works .


Also a little info about how to join the mining pools for altcoin and how to solo mine.


PS: I have no idea about some of the terms like Solo Mine for example.


I'd appreciate If someone can help me out

There are thousands of altcoins. Each one of them has a name and an algorithm. Most can be mined.
There are basically 2 ways to mine: PoW (put a device to work) and PoS (hold some amounts of the coin and just keep them in the wallet and the wallet running).

How you mine PoW coins, depends on the certain coin's algorithm: some have the same algorithm like Bitcoin!, some (like Litecoin or Dogecoin) need special ASIC devices but different from the ones for Bitcoin.
Then there are coins you can mine with good GPUs (Ethereum, ZCash), coins that are CPU only (Magi coin), or coins you can mine with CPU and/or GPU (Monero).
There are too many coins and algorithms to discuss about all of them now. In most cases it's better to mine in pools, unless you have a ton of hardware.

For PoS you need to invest. You need an amount of coins to keep in the wallet. You will get some percents for that, like in the bank, so the amounts you get depend on the amounts you have. I am not into PoS mining because if I am unlucky the coins' value can fall much more than I'd earn and I don't like to do too risky investments. There only PoS coin I know of is Magicoin (because it also offers PoW mining).

[nelson4lov]

Hello guys. I'm pretty much new in the bitcoin scene so I'd to know how altcoin are mined.


Do I need a Mining hardware machine like how bitcoin is mined? A friend of mine  told me something about staking from the altcoin wallet. So I'd like to know how it works .


Also a little info about how to join the mining pools for altcoin and how to solo mine.


PS: I have no idea about some of the terms like Solo Mine for example.


I'd appreciate If someone can help me out

There are thousands of altcoins. Each one of them has a name and an algorithm. Most can be mined.
There are basically 2 ways to mine: PoW (put a device to work) and PoS (hold some amounts of the coin and just keep them in the wallet and the wallet running).

How you mine PoW coins, depends on the certain coin's algorithm: some have the same algorithm like Bitcoin!, some (like Litecoin or Dogecoin) need special ASIC devices but different from the ones for Bitcoin.
Then there are coins you can mine with good GPUs (Ethereum, ZCash), coins that are CPU only (Magi coin), or coins you can mine with CPU and/or GPU (Monero).
There are too many coins and algorithms to discuss about all of them now. In most cases it's better to mine in pools, unless you have a ton of hardware.

For PoS you need to invest. You need an amount of coins to keep in the wallet. You will get some percents for that, like in the bank, so the amounts you get depend on the amounts you have. I am not into PoS mining because if I am unlucky the coins' value can fall much more than I'd earn and I don't like to do too risky investments. There only PoS coin I know of is Magicoin (because it also offers PoW mining).

Thanks for your response. What does CPU & GPU mining mean? Mining with a PC or a special hardware?

[NeuroticFish]

Thanks for your response. What does CPU & GPU mining mean? Mining with a PC or a special hardware?

CPU is your computer's processing unit. Intel, AMD, i3, i7.. maybe it rings a bell.
GPU is your computer's graphics card. Newer Radeon and GeForce use to work.

Some things to add:
1. If you want to mine on PC it can be OK. If you want to mine on laptop, don't. You have good chance to burn it.
2. If you don't have a strong gaming PC your graphics card (GPU) will most likely not work for mining.
3. Mining with your PC (CPU/GPU) means in most of the cases that you will pay more for the electricity than you would pay to just buy those coins from the market.


Keep in mind that somebody that wants to mine altcoins for profit has special built machines with big number of GPUs and they live in places where electricity is cheap.

[nelson4lov]

Thanks for your response. What does CPU & GPU mining mean? Mining with a PC or a special hardware?

CPU is your computer's processing unit. Intel, AMD, i3, i7.. maybe it rings a bell.
GPU is your computer's graphics card. Newer Radeon and GeForce use to work.

Some things to add:
1. If you want to mine on PC it can be OK. If you want to mine on laptop, don't. You have good chance to burn it.
2. If you don't have a strong gaming PC your graphics card (GPU) will most likely not work for mining.
3. Mining with your PC (CPU/GPU) means in most of the cases that you will pay more for the electricity than you would pay to just buy those coins from the market.


Keep in mind that somebody that wants to mine altcoins for profit has special built machines with big number of GPUs and they live in places where electricity is cheap.

I understand Now. Thank you

[tbolt256]

No offence, but most of these question can just be googled. That's what I did when I got into bitcoins and altcoins. There are a lot of articles available online. For more specific doubts use the forums. You can also try bitcoin stackexchange

[nelson4lov]

No offence, but most of these question can just be googled. That's what I did when I got into bitcoins and altcoins. There are a lot of articles available online. For more specific doubts use the forums. You can also try bitcoin stackexchange

I guess you didn't read through? Lemme know when you do

[Lafu]

Also you should know the different algorithm gives and you calculate whether it is worth the respective coin to mine