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Bitcoin price hit over $1500

6. May 2017 by digital-coin.net Leave a Comment

The Bitcoin price hit over $1500 in the last days which is a new all time high for the crypto currency. Reason for it? That is the big unknown currently and probably everybody would be interested in. It could be that Bitcoin is getting more attraction also within mainstream medias and hence gains in popularity. Although rumors on various sites go more in the direction that Bitcoin acceptance is rising, as further countries intend to regulate digital currencies. Examples like Mexico, India.

Tradingview: BTC reaches 1500USD

This obviously gives a boost to all the (cloud) miners as the outcome of their investments is much more worth then before. Hope you are also one of them.  Some of them are celebrating it with  special offers. This is what I spotted so far:

  • Hashing24.com:  Use promo code RPM2YC9E at checkout and get 4% discount for your purchase!

If you got more special offers, please let me know. Happy to list.

Posted in: News Tagged: 1500, bitcoin, mining

Cloud mining

14. November 2016 by digital-coin.net Leave a Comment

This new article is about mining in the cloud, instead of buying and maintaining your own infrastructure and hardware. Various providers are offering their services in the meantime. Worth comparing prices and services.

In other words: No complex setup of hardware and software, no loud coolers running in your basement, or even worse, in your bedroom: This is all located and managed remotely in an appropriate data center.

So why should I consider cloud mining or not?

You should because:

  • No noisy fans at home
  • No increased electricity bill
  • No expensive new miner to invest into
  • No equipment to get rid of when mining profitability ends

You should NOT because

  • Lower profits: As you delegated the system management, there is some fee involved
  • Opaque mining operations
  • Risk of fraud
  • Less control (and fun)

Types of Bitcoin Cloud Mining

Usually we talk about three forms of remote mining available at the moment:

  1. Leased hashing power: Rent an amount of hashing power without owning/renting a dedicated physical/virtual equipment. This is the most popular form of cloud mining.
  2. Hosted mining: Renting mining hardware that is hosted by the provider
  3. Virtual hosted mining: Rent a virtual private (standard) server and install your own mining software on it

 

Cloud mining providers overview

On this page I will start to add cloud mining provider reviews including a scoring so you see immediately if they are worth considering or not. The page just started, so it is a bit slim currently.

Posted in: News Tagged: bitcoin, cloud, cloud mining, mining

Prepare a PC power supply to use with a mining device

29. December 2014 by digital-coin.net Leave a Comment

Many mining devices do not have an internal power supply (PSU) hence they depend on an external one. In most cases it is a standard PC PSU. All modern power supply are intended to be used within a computer and switched on via the power button. As you your miner does not have such a power button, you have to ‘hack’ your PSU to run standalone. Here is how to ‘hack’ your PSU.

Requirements:

  • paper clip (or some wire)
  • electrical tape
  • pincers
  • a power supply

Cut the paper clip according to the pictures below. Then tape it with the electrical tape for shielding.

psu_paperclip_taped

Prepare paperclips for PSU

Prepare paperclips for PSU

Once this is done, ensure the power supply is switched off and not connected to the power plug. Put the paper clip in pin 4 and 5 of the 24switch connector to connect them. This bridges the POWER function of the PSU and it starts running as soon as it gets power. You can additionally shield the paperclip with electrical tape. This also ensures the clip does not fall out of the pins.

PSU Bridged and Taped

PSU Bridged and Taped

 

To make sure you don’t damage the PSU, don’t let it run on its own for too long without any power consuming device.

 

Posted in: Tutorial Tagged: bitcoin, bridge, litecoin, mining, power, power supply, psu, standalone

First try with CPU Mining (incl Tutorial)

24. November 2013 by digital-coin.net Leave a Comment

After getting a quick overview of digital coins, having collected one or the other free coins, we want to give it a try to mine our first coins. Lets have a look at that topic:

To mine coins we got the following options to mine with:

CPU Mining: This is the easiest way probably to try mining for coins as a first run. The requirements here are pretty basic: You need a CPU. Luckily every computer got that. And you need a program called cpuminer. Cpuminer is also known as “minerd”. Sign up to join a mining pool and you are ready to go. Advantages of mining with your CPU are pretty obvious: almost no requirements, no additional hardware besides your CPU. Disadvantage is the performance of you CPU: it is pretty slow compared to the other methods. Your energy costs will eat up all of your profits.

GPU Mining: Mining with your GPU is already a much more efficient way to mine coins and was the next step after CPU mining. Compared to your CPU the GPU is able to solve the hash values much more efficient; you get way more out of your energy bills. To mine with your GPU you need a modest graphics card which is supported by the GPU miners like cgminer. Most modern Radeon or Nvidia cards are supported. Requirements compared to CPU mining are only the additional graphics card you need – or even better several of them – and mining makes much more fun.

ASIC: ASIC hardware are specialized devices produced for only one task: To mine coins. But this in the most efficient way: This gives you the best hash rate/power consummation ratio of all of the three methods mentioned. However, you have to have access to such a device so there is an additional cost.

To jump directly into mining and gain my first experiences, I have chosen for the first option, the CPU mining way.

So, these are the steps we will follow:

  • Download cpuminer for your OS
  • Join a mining pool
  • Run cpuminer with appropriate parameters for your pool
  • Watch the numbers and have it run for a while

That’s it really. So lets have a look at this in detail:

Download cpuminer
Depending on your operating system, you have to download cpuminer (minerd) from this site or you use the OS internal packing system (like apt or yum). If you have to download it, make sure to pick the right architecture (eg x86 or x86_64), download the archive and extract it to a directory of your choice.

To install with a Debian based system like Ubuntu you simply run “sudo apt-get update” and “sudo apt-get install cpuminer” and the system does the magic.

Join a mining pool
There are several mining pools out there, all with different rules like fee’s and payout models.

  • Bitcoin mining pool comparison
  • Litecoin mining pools comparison

I tried my luck with a Litecoin pool and picked minersdream.com: most green boxes and no block fees. So browse to your chosen pool’s website and register your account. When done you have to add a “worker”. You need a worker for each of your device you will have to support your mining activity. As we just give it a try with our cpuminer, you need to add only one for the time being. Remember the name and the password of your worker, we need it in a second.

When you got your worker, we will start our miner soon. Depending on your OS, open up a terminal or command prompt and type in the following command:

minerd –url=stratum+tcp://stratum-eu.minersdream.com:3333 –userpass=USERNAME.WORKER:PASSWORD

(Please make sure to redirect to the correct path for your minerd binary. Replace USERNAME, WORKER and PASSWORD with you own values)

When you typed in everyt correctly, you should get an output like this:

cpuminer running in commandline

cpuminer running in commandline

 

Perfect, our first test is running successful; our CPU miner is mining.

Tip to have minerd  running in the background
To have cpuminer running in the background while you are  working, you can decrease the priority of it. In Windows you start up the task manager, tab “Processes” and then right-click on minerd and select priority “lowest”. (Not having windows, hope this all correct…)

In Linux you run the command like this:

nice -n 19 minerd –url=stratum+tcp://stratum-eu.minersdream.com:3333 –userpass=USERNAME.WORKER:PASSWORD

This sets the minerd task to the lowest priority and have it running in the background.

 

Posted in: Tutorial Tagged: asic, bitcoin, cpuminer, for dummies, gpu, litecoin, miner, minerd, mining, mining for dummies, newbie, tutorial

Get a wallet to store your coins

20. November 2013 by digital-coin.net Leave a Comment

Before we start to collect or even mine coins, we have to get a wallet to keep our money safe and be able to receive even money.

You got two options to store your coins:

  • you keep it local, either on your computer or your smartphone
  • or you use an online wallet

Local wallet
This is simply an application which is connected to the (bit-)coin network and runs on your computer or smartphone. Everything locally on your device. Privacy is a big advantage of this option, as you have to trust no one else except yourself. Disadvantage on the other side if you loose your wallet file (for example you delete it by accident) or your phone got stolen, you also lost all your coins.

Online wallet
With this option you sign up for an account at a provider to keep your money safe, meaning you trust a third party. Hugh advantage is you can not loose your wallet file. You got other risk as wit every other online account.

Whether you decide to go for a local or online wallet is up to you. I myself prefer to have everything controled, hence I decided to have my wallet local.

Download and install the wallet
Let’s go to the practical part and download a wallet. Or even two, as I like to play around with Bitcoins and also Litecoins. For Bitcoin I selected “Multibit”, which is a cross platform application written in Java, and for Litecoins the “Litecoin QT” application. You can download both apps from below links:

Multibit: Available for Windows, Linux and MacOS.
Litecoin: Available for Windows, Linux, MacOS and Git repository

Instructions
To install your wallet, you have to basically follow these steps:

  • Download the wallet client
  • extract the archive into a directory of your choice
  • start the application
  • wait for finished synchronization with the network

Once the wallet app started, it needs to synchronize with the network. This can take quite some time, depending on your connection, as it downloads all of the transactions happened so far on the entire network.

In the meantime, we can checkout your wallet address. See below screenshots for Multibit and for Litecoin QT to see where to find it:

Wallet Litecoin

Wallet Litecoin with highlighted address

Wallet Multibit

Wallet Multibit with highlighted address

 

Whenever someone likes to send you coins, this is the information they need. To collect your first coins, try the “Coins for free” site to collect the first coins and see them arriving in your wallet.

Posted in: News Tagged: bitcoin, coin, coins, litecoin, mine, mining, multibit, wallet
Earn Free Bitcoin

1 BTC = $23977.29 USD  (via Coinbase)
1 ETH = $1901.65 USD  (via Coinbase)
1 LTC = $61.90 USD  (via Coinbase)
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