Easiest Way to Try Mining Cryptocurrencies Like Bitcoin
Hi Steemit,
Want to get in on mining cryptocurrencies like Bitcoin and Ethereum? It's pretty tough to make money right now. It takes a pretty serious commitment to buying hardware and strategizing around energy costs.
A little time spent on looking at profitability calculators like the one on cryptocompare for Bitcoin or Ethereum can be more than a little depressing and confusing.
While you are slogging through the process of getting educated about ming consider trying out CoinFactories. It's an extension for Chrome that will mine a cryptocurrency called Monero in the background while you surf the web, watch YouTube, etc.
The way it works is that you install the extension (plugin), register on coinhive to get a sitekey which you paste in, and then it should just work. There are options for turning mining on and off, changing your throttle level on your CPU, setting behavior for when you are on battery power, etc.
You won't get rich using this extension but you will:
- Dip your toe into cryptocurrency mining world
- Get an appreciation for just how much computing power is required to make serious $$$
- Have a reason to pay attention in a new way to the crypto market
- Get your hands on some Monero which went from $16 last Jan to over $300 now. Hard to say what it will be worth in the future of course but picking up a small amount now that you just sit on might be worth it later.
Here's a direct link to the Chrome Store to check it out if you are interested.
Korak
PS - I can vouch for the honesty of the extension. I wrote it. If you have any trouble just reply here and I'll help you out.
The only problem is, the extension will not teach you anything about mining except that, you cannot make any money mining with this extension. Though, maybe that is a good thing.
That is mostly true. It will show just how little is generated off of CPU. For someone totally new to mining it will offer some context around the basics of what is a hashrate, etc. Also, it will cause a new person to get into needed to create a wallet separate from an exchange perhaps for the first time to transfer to, consider how they want to secure said wallet, etc. There are some nuts and bolts around crypto that if so far Coinbase is your experience messing with this extension will help someone move beyond before spending $$$ on graphics cards. At least I hope that is the case.
Good point about the wallet.
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