Wednesday, August 23, 2017

Crypto Mining - Should I Try It?

Youtube references:
Building Crypto Miner
Angry Chicken

Crypto Assets?
UBIQ Maybe

This is a good youtube post on how to set up mining
Get Ethereum Address
Claymore Miner This is a post explaining Claymore
Edit start.bat file

Choose a Pool or Mine alone

video
1080TI
1070
1060 6GB

Windows limit to 8 cards due to drivers

I hear Exodus wallet fees are high

EVGA Precision

I'm not sure about any of this but here is what I think . . .

The Address:
Before you start mining, you will need an address for the currency you wish to mine. This address must be provided to the mining software.
Examples:

Bitcoin:
https://www.bitaddress.org
If you go to bitaddress.org it will start processing a Bitcoin address for you. You could simply process your Bitcoin address right here and now. A more secure way to process that address would be to download the page as an html file to your desktop. Now when you open this file in your browser, the file will be run from your desktop and not online on their website. Your results will be the same but not done online. This is more secure. If you are truly paranoid, you can move the html file to a thumb drive and run it on a machine that has never been on the internet or run it on a live CD or USB. I think this is excessive.

You are producing 2 things. A private key (or address) and a public address. These two addresses will also be represented by QR codes. This is how it will appear.


You will have chosen English :) It allows you to make more than one address. I'd choose one, choose to encrypt and provide a password.

This will create a paper wallet. That piece of paper you print will be your wallet. It will contain the addresses you will need to access you information and the Bitcoin block chain. 

You can check your address on https://bitref.com/.
Bitaddress will get you a number and you can start mining. Getting the coin from the address will need access by some other wallet that can handle transfers.

Another possibility that has more curious quirks.
Blockchain Info
Will give you an online wallet and also an address.. No idea how you view the private key.

Things I wonder:
1. When creating the address off line, how do we know the address is not the same as another off line created address?
2. Creating this paper wallet provides an image of your numbers but you need to manually record the numbers to make them usable for copy/paste functions. Yes the QR code will work with a mobile wallet but . . .
3. 

I am using a bitaddress.org address and mining with EasyHash. I have one 1080 mining right now at an estimated $50 per month earning.

When the payout comes I will try to sweep the address to my ledger nanoS.

This address/wallet thing is still a mystery to me.

Paper Wallet seems like a place to send your mining proceeds.
(This can get you mining and/or provide secure storage for large sums.)
When Paper Wallet Private Address is used all funds must be moved and that wallet never used again.
(This does seem inconvenient)
This may be the advantage of Hardware Wallet. The Private Address is never used on the Internet.


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