My bitcoin wallet address change mining scrypt coins with asic
Step 5: The media constantly says Bitcoin mining is a waste of electricity. You can input parameters such as equipment cost, hash rate, power consumption, and the current bitcoin price to see how long it will take to pay back your investment. This pie chart displays the current distribution of total mining power by pools: Simply put, currency with no backing but faith in its controllers tends to be short-lived and ruinous in its hyper-inflationary death throes. Step 4: Therefore, you would need to buy different ASICs for each coin that you wanted to. One of the reasons Ravencoin has gained popularity so quickly is the X16R algorithm it uses for proof-of-work mining. To successfully attack the Bitcoin network by creating blocks with a falsified transaction record, a dishonest miner would require the majority of mining power so as to maintain the longest chain. Also in this guide there are two methods involved 1. If only 21 million Bitcoins will relative offset monero bitmain antminer s3+ 478 gh s be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? Given the sluggish global economy, new and promising industries should be celebrated! Jordan Tuwiner Last updated February 8, Instead it uses a Vertcoin team issued one-click miner. Hey man great article. While this difficulty gets re-adjusted every 2. This short documentary explores the inner workings of a Chinese mining operation. However, the truth is an ASIC can be designed for any coin.
Mining altcoins in 2019 – Best cryptocurrencies to mine this year
Consult local counsel for further assistance in determining whether Bitcoin mining is legal and the tax implications of doing the activity. Any advice? Mining hardware is now only located where there is cheap electricity. This pie chart displays the current distribution of bitcoin price prediction 2023 investments that track bitcoin mining power by pools:. For example: What is Ripple? For example:. Use this guide on calculating mining profitability for more information. Because only a when a transaction has been included in a block is it officially embedded into Open a coinbase account bitcoin cryptocurrency explained blockchain. As in, customers got paid to use the electrical. Due to the costs and logistical issues with ASIC mining, it inevitably leads to powerful mining farms taking over huge percentages of the hash rate. It must be kept in mind however that this electricity is expended on useful work: Monero is regularly recognized as the most advanced privacy coin out. Reply Togo August 6, at Here this is a beginners guide and a quick tutorial on how to solo mine Altcoins. Apply this solo mining guide only on coins in which you could expect results.
Certainly the possibily of enabling such exciting and potentially transformative technologies is worth the energy cost… particularly given the synergy between smart devices and power saving through increased efficiency. Most people should NOT mine bitcoins today. Close Log In. Bitcoin mining represents an excellent, legal way to circumvent such restrictions. This field is for validation purposes and should be left unchanged. For this service, miners are rewarded with newly-created Bitcoins and transaction fees. Paul is a crypto-enthusiast, strategy game world champion, mathematician, and educator based in Taiwan. You can store your Monero coins on the official Monero desktop wallet. Crypto Journal Mining. Smart, interconnected devices offer great promise in terms of self-reporting of problems and supply shortages, even the self-calibration and the self-diagnosis of problems. This imposes a high monetary cost on any such attack. And with great power comes great electricity. Acceptable blocks include a solution to a Proof of Work computational problem, known as a hash. Counterparty is an example of a Bitcoin-based platform which enables tokenization, as famously? However if you understand this setup then with few tweaks you can get them working. No widgets added. Namecoin, the very first altcoin, uses the same SHA Proof of Work algorithm as Bitcoin, which means miners any find solutions to both Bitcoin and Namecoin blocks concurrently.
How to Set Up a Bitcoin Miner
Use this guide on calculating mining profitability for more information. A good option is to head to the homepage of the currency you intend to mine and seek out the download link for the default wallet app. It is also always in the top 5 or so on WTM in my experience. This benefits Bitcoin by extending it to otherwise unserviceable use-cases. Next, enter the script using the following formula note that this method assumes you are mining a currency that uses the scrypt algorithm:. May 23, You are actually not doing any mining, you are rather getting coins airdropped for keeping the app running — it is a version of proof of elapsed time. If you are using cgminer, you will see more information than you would with cpuminer. As Bitcoin could easily replace PayPal, credit card companies, banks and the bureaucrats who regulate them all, it how long to get btc from coinbase cryptocurrency trading robot the question: After all, social pressure to sustainably power the Bitcoin project is sensible. Litecoinfor example, uses a different proof of work algorithm to bitcoin, called Scrypt. If your graphics card is detected, you should be good to go. In turn, it is actually relatively easy to mine Monero on your PC. Last updated: Believe it or not, solo mining is very much possible and even with a single GPU you can hit a block. Bitcoin mining seems crazy! Usually you can find these coins listed on websites like CoinwarzMy bitcoin wallet address change mining scrypt coins with asic or Whattomine. CPU how much can be stored on trezor how to get bitcoin gold from paper wallet optimizes for quickly switching between different tasks. Hello somebody can help me to install a minerpool or solomining? To solve a block, miners modify non-transaction data in the current block such that their hash result begins with a certain number according to the current Difficultycovered below of zeroes.
Once you found one, do your research before you get in to the mining scene. Economies of scale have thus led to the concentration of mining power into fewer hands than originally intended. You are actually not doing any mining, you are rather getting coins airdropped for keeping the app running — it is a version of proof of elapsed time. While this difficulty gets re-adjusted every 2. Miners want to avoid the scenario of investing millions of dollars in developing and manufacturing an ASIC only for it to become worthless. The cryptocurrency profitability information displayed is based on a statistical calculation using the hash rate values entered. One of the other key parameters here is network difficulty. The more confirmations have passed, the safer a transaction is considered. However, they recently saw a spike in demand from people wanting to use their chips to mine Ethereum. Without a mining pool, you would only receive a mining payout if you found a block on your own.
What is Bitcoin Mining?
Chapter 4 What is Bitcoin Mining Hardware. As it starts getting some traction and recognition in the community, people start turning their attention and rigs towards it making it more difficult to mine with every new rig that enters its network. A full node is a special, transaction-relaying wallet which maintains a current copy of the entire blockchain. To achieve it, an attacker needs to own mining hardware than all other honest miners. Say you decide not to sell your coins the moment you mine them but rather to hold onto them for a while. Various companies are combining Bitcoin mining and heating into smart devices, to the benefit of both industries. Continuing the theme of Bitcoin integration with household and industrial devices, this is the precise business model of potentially-disruptive Bitcoin company, As with any profitable activity, there are some pretty substantial risks to be aware of when mining a cryptocoin:. Pools are groups of cooperating miners who agree to share block rewards in proportion to their contributed mining power. This holds true, even if you have only a laptop with integrated graphics; though this may not prove terribly effective and is not a set-up we would recommend. If you pasted correctly — as a string hash with no spaces after the exclamation mark — the SHA algorithm used in Bitcoin should produce:. In order to protect gamers, some retailers are now limiting the quantities people are allowed to buy and giving discounts to those buying other components for an actual gaming rig, not a mining rig. For pool mining no client is needed. Bitcoin Mining Hardware There are three main hardware categories for bitcoin miners: So, the best way to find coins that are easy to mine is to sift through forums and crypto groups and picking out coins that sound promising but still lack stronger name presence in the community. First, download the appropriate file for your operating system. Power companies paid their customers to use more power so that the energy could be safely dispersed.
Because only a when a transaction has cash card for bitcoin most private cryptocurrency included in a block is it officially embedded into Bitcoin's blockchain. How to Mine Litecoin and other Altcoins. Mining should be considered as a side activity which can slowly drip funds into your wallet and give you some extra money. So it is completely safe. Like other business, you private keys on bittrex iota token review usually write off your expenses that made your operation profitable, like electricity and hardware costs. Also in the software you tell the pool which Bitcoin address payouts should be sent to. Using an app like Crypto Miner or Easy Miner you can mine bitcoins or any other coin. How to Set Up a Bitcoin Miner. Bitcoin mining is profitable only for large-scale operations like the abovementioned mining pools, with the Chinese based Bitmain apparently raking in more than 3bn dollars in profit last year. What is Ripple? As in, customers got paid to use the electrical. Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. There are a variety of these available, depending on your operating. However to solo mine you need to setup local environment and enable RPC port. Bitcoin was designed with one monetary goal foremost in mind: Do nothowever, use a word processor such as MS Word. Arina P Habich. Versions of cgminer following version 3. Obviously the internet loved the idea and Dogecoin is currently holding an impressive 34 th place on coinmarketcap.
Wallets at the ready
No widgets added. Jordan Tuwiner Last updated February 8, As Bitcoin could easily replace PayPal, credit card companies, banks and the bureaucrats who regulate them all, it begs the question: Green sends 1 bitcoin to Red. It is of course possible to put more than one chip in a box. It will take some time for it to download the entire bitcoin block chain so that it can begin. Secure nodes also do not require locking your tokens so if you decide you want to sell one day you are free to move your coins and do so. Well, it's much, much more than that! Whether it was the Roman Empire debasing its coinage or modern central banks inflating the supply of fiat money… The end result of currency debasement is, tragically and invariably, economic crisis. Mining is a growing industry which provides employment, not only for those who run the machines but those who build them. This Week in Cryptocurrency: By joining a mining pool you share your hash rate with the pool. These websites compare various cryptocurrencies mining profitability to Bitcoin to determine if a cryptocurrency is more profitable to mine than Bitcoin. Nowadays all serious Bitcoin mining is performed on ASICs, usually in thermally-regulated data-centers with access to low-cost electricity. While it is now considered too late for hobbyists without expensive ASIC processors to start mining bitcoins , many of the alternative digital currencies are still well suited for mining on your home PC. Blockchain in the Public Sector:
Vertcoin was also designed to be ASIC resistant. Because these chips have to be designed specifically for that task and then fabricated, they are expensive and time-consuming to produce — but the speeds are stunning. This phenomenon has created localized bubbles and unaffordable housing conditions hitbtc country cash to crypto reivew residents. By joining with other miners in a group, a pool allows miners to find blocks more frequently. If you would like to do more research into litecoin specifically, we have a guide on how to get started. But, there are some problems with mining pools as we'll discuss. AMD graphic cards are best suited for this task although Nvidia cards work. It could also make mining that much more competitive that your profits remain the. But why do miners invest in expensive computing hardware and race each other to solve blocks?
Without a mining pool, you would only receive a mining payout if you found a block on your. Going solo means you get to keep the full rewards of your efforts, but accepting reduced odds of being successful. Bitcoin mining software is how you actually hook your mining hardware into your desired mining pool. She studied media and communication informatics. To achieve it, an attacker needs to own mining hardware than all other honest miners. When I start the cgminer with the machine idize diff very high. If you would like to do more research into litecoin specifically, we have a guide on how to get started. ATI and Nvidia. Any advice? But he took mining ethereum with intel embedded bitcoin miner free download pool. Read More. The only downside for home miners is that mining rigs are often noisy and un-anaesthetically-pleasing devices. Each and every client is a little bit different so you may encounter some errors at the start. Say you decide not to sell how to stop bitcoin illicit transactions dumpprivkey bitcoin core coins the moment you mine them but rather to hold onto them for a. As a result, they tend to be sequestered in the basement or garage for the sake of domestic harmony. As an additional benefit, mining rigs may be precisely controlled via common computing hardware, low income bitcoin how bitcoin machines atlanta that a customized heating schedule or adaptive climate control system may be programmed with relative ease. You can store your Monero coins on the official Monero desktop wallet. Last updated:
Any advice? As soon you switch to battery power or your CPU activity picks up it will pause mining until it sees it is safe to start again. By contrast, Bitcoin mining represents an effective means to preserve wealth without creating such undesirable and risky market distortions. Fetch this IPv4 address of both your mining rig and your PC. As mentioned under Reason 2 , mining in a cool climate is advantageous as the mining process generates a great deal of waste heat. As it starts getting some traction and recognition in the community, people start turning their attention and rigs towards it making it more difficult to mine with every new rig that enters its network. Follow the steps below to setup a solo mining environment. However, if these coins become popular and more profitable to mine, you might see a game of cat and mouse, with constant hard forking to dodge the new ASICs being developed. Finally, it must be noted that efficiency of Bitcoin mining is constantly improving, so less power is used to provide more cryptographic security. For the purposes of this guide, though, we are making the assumption that you are using the Windows OS.
Apple xrp how much ethereum hashing power do i have me of follow-up comments by email. But if you are a small time fish looking to dip your toes into the crypto mining for the first time worry not, as these mining mechanics have been utilized by numerous altcoins as well, to ensure constant and fair distribution of their tokens. However, the truth is an ASIC can be designed for any coin. For the most part, cryptocurrencies employ either SHA or scrypt as their proof-of-work hashing algorithm, but many of the newer currencies have opted for scrypt. The role of miners is to secure the network and to process every Bitcoin transaction. ETN is basically built on its own chain of blocks that comes from bitcoin. May 24th, May 24, Alex Moskov. However, if these coins become popular and more profitable to mine, you might see a move bitcoin from coinbase to wallet ico 30 day crypto of cat and mouse, with constant hard forking to dodge the new ASICs being developed. Currently, it is easy to use mobile devices for fast transactions and easy payments. Without Bitcoin miners, the network would be attacked and dysfunctional. Transfer your coins regularly from your online storage if using a cloud mining service into your detachable wallet so they do not accumulate online. Wait for at least one. So to solo mine any other Altcoin all you have to do is apply the same procedure. As Bitcoin could easily replace PayPal, credit card companies, banks and the bureaucrats who regulate them all, it begs the question: The ASIC industry has become complex and competitive. Miners provide security and confirm Bitcoin transactions. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor hurrican harvery litecoin donation nem investment engaging in such practices.
If you pasted correctly — as a string hash with no spaces after the exclamation mark — the SHA algorithm used in Bitcoin should produce:. Block Reward Halving Satoshi designed Bitcoin such that the block reward, which miners automatically receive for solving a block, is halved every , blocks or roughly 4 years. Over the millennia, history has repeatedly shown that prosperity depends on sound money. Wait for at least one. There are many examples of data centres re-using heat for example, IBM Switzerland warming a public swimming pool which Bitcoin miners could follow. What is Bitcoin Mining Actually Doing? Leave a reply Cancel reply. CPU design optimizes for quickly switching between different tasks. The ASIC industry has become complex and competitive. If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? Therefore, you would need to buy different ASICs for each coin that you wanted to mine. We regularly publish content about Bitcoin, Ethereum, Altcoins, wallet guides, mining tutorials and trading tips. These websites compare various cryptocurrencies mining profitability to Bitcoin to determine if a cryptocurrency is more profitable to mine than Bitcoin.
September 17, Look at it this way: Mining hardware is now only located where there is cheap electricity. Somewhat similar to Namecoin in concept, but more closely tied to Bitcoin, are side-chains. Going solo means you get to keep the full rewards of your efforts, but accepting reduced odds of being successful. The zip file can be extracted to anywhere on your hard drive, as long as you remember where it went. So as with every crypto-related activity, you need to set up some reasonable goals and perform a cost — benefit analysis which will give you how to buy a portion of a bitcoin ethereum gas fee calculator clearer idea of how much or if anything you wish to invest into becoming a miner. So, how to set up cpuminer with the parameters needed for your mining pool? ATI and Nvidia. Furthermore, the instructions below how to build a crypto currency bot best cryptocurrency program again assume you will be mining a scrypt currency. Just the pool address, username and password is. Most people should NOT mine bitcoins today. In MarchMotherboard projected this:. I mine verge a day, for instance, on a 3 year old computer running GTX 3Gb using Begrip Miner from buzzilio. Consult local counsel for further assistance in determining whether Bitcoin dwarfpool not showing shares zcash zcash wallet sites is legal and the tax implications of doing the activity. Sarah Wurfel March 26, 3.
Well, you can do it. Unless you possess specific mining hardware, there are two ways to mine cryptocurrencies: As soon you switch to battery power or your CPU activity picks up it will pause mining until it sees it is safe to start again. Counterparty is an example of a Bitcoin-based platform which enables tokenization, as famously? Once the blockchain has been downloaded completely, close your wallet and open the wallet configuration file. While this difficulty gets re-adjusted every 2. Certain orthodox economists have criticized mining as wasteful. If you feel the coin is worth your time then quickly setup the mining environment and start solo mining. This will list all recognised devices on your PC.
Scrypt tends to be the more memory intensive of the two — however, home PCs with reasonably powerful graphics cards can still mine those cryptocurrencies quite effectively, as there are no dedicated ASICs to compete with —. If your graphics card is detected, you should be good to go. Apply this solo mining guide only on coins in which you could problem accessing coinbase best litecoin wallet results. This lack of centralization meant online crypto analyzer can gemini transfer cryptocurrencies Bitcoin creator, Satoshi Nakamoto, needed to come up with a way of issuing said currency. Once the batch file is saved, double click it to activate the miner program. So as with every crypto-related activity, you need to set up some reasonable goals and perform a cost — benefit analysis which will give you a clearer idea of how much or if anything you wish to invest into becoming a miner. September 17, To keep speeds up to a respectable level, most altcoin miners build dedicated machines using motherboards that can house multiple graphics cards, usually via riser cables. Bitcoin mining is done by specialized computers. This guide to setting up a bitcoin miner explains each of them, and talks about how to make them work. Subscribe Here!
Most Bitcoin mining is done in large warehouses where there is cheap electricity. In the case of the former, you will see information about the currency and the mining pool, as well as about your mining hardware. For example: There are now two competing versions of the blockchain! These websites compare various cryptocurrencies mining profitability to Bitcoin to determine if a cryptocurrency is more profitable to mine than Bitcoin. An ASIC is an application specific integrated circuit. So it is completely safe. Enterprising coders soon discovered they could get more hashing power from graphic cards and wrote mining software to allow this. Laptops are especially not suitable for mining as they are likely to overheat. Bitcoin mining is done by specialized computers. When Bitcoin was first released, you could mine coins a day using just your CPU. But we need to get from theory to practice. Enabling a monetary network worth billions and potentially trillions of dollars!
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Understanding the hardware behind Proof of Work is essential for analyzing the sustainability and level of decentralization of different coins. Chapter 4 What is Bitcoin Mining Hardware. It has two mining pools based on your computing power. Instead, seek out the version appropriate for your needs. So, it might be cool to setup a miner on your Android phone to see how it works. Continuing the theme of Bitcoin integration with household and industrial devices, this is the precise business model of potentially-disruptive Bitcoin company, So, a hash is a way to verify any amount of data is accurate. ATI and Nvidia. Miners are paid rewards for their service every 10 minutes in the form of new bitcoins. But is there a website where it lists all the newest alt coins that are out? Given the sluggish global economy, new and promising industries should be celebrated! Mining shitcoins whose value will drop before you sell them means that you are likely to end up holding bags filled with the bad kind of dust. This short documentary explores the inner workings of a Chinese mining operation. A suitable comparison would be lottery. The only downside for home miners is that mining rigs are often noisy and un-anaesthetically-pleasing devices. As a result, the majority of mining takes place in countries with cheap electricity. However, you can increase your earnings by purchasing a graphics card that will increase your computing power so that you can mine even more Monero.
By this stage, you will understand how bitcoin worksand what mining means. Good guide except you need to remind people to re-open the wallet before the final step when running the configured miner. Mining should be considered as a side activity which can slowly drip funds into your wallet and give you some extra money. AMD graphic cards are best suited for this task although Nvidia cards work. Is Bitcoin Mining Profitable for You? Any advice? Bitcoin mining hardware ASICs are high specialized computers used to mine bitcoins. This enables a mining hardware manufacturer to buy the chips in volume, and then customize them for bitcoin mining before putting them into their own equipment. If there are no conflicts e. Also in this guide there are two methods involved 1. I have Bitcoin wallet and the whole synchronization is OK. Unlike other options discussed later, these units can be used with cryptocurrencies other than bitcoin. However, more and more people are investing this kind of money, with some regularly sinking largest bitcoin transaction in history free cryptocurrencies clam bitcoin cash of dollars in mining hardware. GPU mining is largely dead these days. Previous How to get the elite strategies of top Fx, crypto and binary options traders.
Enabling a monetary network worth billions and potentially trillions of dollars! Chapter 3 How to Mine Bitcoins. But is there a website where it lists all the newest alt coins that are out? Programmer Billy Markus based a fully functional internet cryptocurrency capable of storing value and being used for transactions… on a meme image of a rather perplexed looking shiba inu. Library failed to load please disable adblock monero setup raspberry pi navcoin debasement punishes savers in particular, as the value of their stored wealth is eroded. Save it and then run it. Feathercoin is a cryptocurrency which was launched as an alternative option for Bitcoin, the most popular currency. The only downside for home miners is that mining rigs are often noisy and un-anaesthetically-pleasing devices. Investing in a mining operation brings a steady stream of bitcoins; a form of money largely beyond the control of the ruling class. This local IP address can only be accessed within your private network and is normally hidden from the outside world.
Currently, it is easy to use mobile devices for fast transactions and easy payments. Just take a listen. Hello somebody can help me to install a minerpool or solomining? Before you start mining, you will need a wallet to keep your hard-earned coins in see our guide to storing bitcoin. However if you understand this setup then with few tweaks you can get them working. Bitcoin mining is the backbone of the Bitcoin network. Now, open Notepad or your preferred text editor. Remember to leave one or two cores free to control your GPUs, though. Is Bitcoin mining just free money? You could either mine a block or you could never solve a block even after mining for a long time. If only 21 million Bitcoins will ever be created, why has the issuance of Bitcoin not accelerated with the rising power of mining hardware? Mining provides a smart, decentralized way to issue cryptocurrency while creating an incentive for more people to mine, ensuring that new coins are produced every 10 minutes time required to mine a single BTC block. Laptops are especially not suitable for mining as they are likely to overheat. Newsletter Sidebar. Paul Andrew. There are three main hardware categories for bitcoin miners: Previous How to get the elite strategies of top Fx, crypto and binary options traders. TradingView is a must have tool even for a hobby trader. Don't have an account? Now the mining software of choice is set up, you will see various statistics scrolling across your command line terminal.
Bitcoin mining is profitable only for large-scale operations like the abovementioned mining pools, with the Chinese based Bitmain apparently raking in more than 3bn dollars in profit last year. Bitcoin casino roulette bitcoin on kraken is xbt major determinants of profitability bitcoin wallet vs coinbase coinbase vs coincheck the fiercely competitive world of Bitcoin mining are low electricity costs, access to cutting-edge ASIC mining hardware and deep knowledge of Bitcoin and business. Given the relative costs and risks of other wealth-preservation measures, it may even be worthwhile to mine Bitcoin at a loss! USB does not copy. By associating particular units of bitcoin with digital, financial or physical assets, ownership of such assets may be exchanged. The media constantly says Bitcoin mining is a waste of electricity. This software connects your computer to the network and enables it to interact with the bitcoin clients, forwarding transactions and keeping track of the block chain. It aims at capturing the mobile games and online gambling market. I have Bitcoin wallet and the whole synchronization is OK. Obviously the internet loved the idea and Dogecoin is currently holding an impressive 34 th place on coinmarketcap. The higher your hash rate compared to the current average hash ratethe more likely you are to solve a transaction block. Versions of cgminer following version 3. Webchain WEB seems to be missing in this otherwise pretty accurate list.
Traditional currencies--like the dollar or euro--are issued by central banks. If your graphics card is detected, you should be good to go. It will take some time for it to download the entire bitcoin block chain so that it can begin. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. If you are using cgminer, you will see more information than you would with cpuminer. Litecoin , for example, uses a different proof of work algorithm to bitcoin, called Scrypt. Now in your mining rig enter the IP address of your wallet machine in the URL field of your batch file. This guide to setting up a bitcoin miner explains each of them, and talks about how to make them work. These coins want to encourage more users to be able to mine from the comfort of their own home. While this difficulty gets re-adjusted every 2. Not just of electricity, but of money, time and human resources! Here is the. The current up-front investment and maintenance cost required to solve the mathematical problems makes Bitcoin mining simply not profitable for individual miners using consumer-level hardware. Is Bitcoin Mining Legal in your Country? You can find out more about that in our upcoming guide on how to join a mining pool. Good news for miners who own PCs with dedicated graphics cards: You need to use the software to point your hash rate at the pool. A mining pool that is run by dishonest administrators from bady regulated countries could skim coins from your earnings or take off with the complete coin haul.
The bot is pretty accurate. Bitcoin mining is profitable only for large-scale operations like the abovementioned mining pools, with the Chinese based Bitmain apparently raking in more than 3bn dollars in profit last year. Step 1: Buy Bitcoin Worldwide is for educational purposes only. It is also always in the top 5 or so on WTM in my experience. You may well need mining software for your ASIC miner, too, although some newer models promise to ship with everything pre-configured, including a bitcoin address, so that all you need to do is plug it in the wall. It is based on a proof-of-work hashing algorithm known as CryptoNight , which is designed with certain specifications that make it difficult for Monero mining using ASICs to work well. Difficulty is likely to increase substantially as ASIC devices come on the market, so it might be worth increasing this metric in the calculator to see what your return on investment will be like as more people join the game.