What is Cryptocurrency?

Forgot banks, forget the middle man, the future is Cryptocurrency and it’s purely internet based. Nobody owns or controls it, this is pure power to the people currency. I knew about it back in 2009, but unfortunately didn’t take it seriously back, but I’d argue I’m still not late to the party. The true potential of Cryptocurrency hasn’t even been realised yet, with many people in the public eye still in denial or hell bent on its destruction. 

Satoshi Nakamoto is allegedly the brain child behind Cryptocurrency, but nobody has ever met him, so the rumour is this might be a code name for a small to medium group of developers. One thing is for certain though, this band of coders have single handily helped change the future and history of money forever. 

The currency is decentralised, this means that banks are left out in the cold, in fact there’s no need for banks in the new world of crypto, and that’s why the likes of Goldman Sachs and other longstanding banking establishments are secretly bricking it. This innovation in Cryptocurrency has recently dented the future of banks even further, with the arrival of Blockchain, a sales ledger if you like, that rubber stamps every transaction within the world of Cryptocurrency. 

How Blockchain works is actually easy to understand, each and everyone’s transaction are verified by big beefy computers with the latest and greatest GPUs, from all over the world. They perform massively complex computational tasks to prove that the transaction is valid, as part of a massive chain of computers, making it next to impossible to hack any of the computers present within the Blockchain, the people who own these computers are known as miners. They help to keep Cryptocurrency safe and prove that each transaction is valid, but nobody ever knows when that transaction will be checked. 

The miners sell their computational power to help perform these transactions, and get paid a tidy sum in rewards depending on the power they throw at these complex calculations. Some websites such as NiceHash pay their miners in Bitcoin, but the true rewards for miners are when they club together outside of websites the likes of NiceHash. 

To get started you’ll need a wallet, but do your research as there’s a big difference between software and hardware wallets, I highly recommend the Nano S Ledger, this clever bit of hardware allows you to store your Cryptocurrency offline. For buying Cryptocurrency, I personally recommend Coinbase and GDax, the latter is owned by Coinbase, but these are trusted and easy places to buy Cryptocurrency, unless you fancy jumping on  mining bandwagon. 

There’s risks in everything, if you’re not sensible you can easily lose your hard earned crypto, so like everything in life, if you go into something half hearted, this probably isn’t for you at this stage and infancy of Cryptocurrency. Don’t believe anything anyone tells you, do your research, but one thing is for sure, Cryptocurrency is here to stay, if the people want it. 

Nvidia is about to go Crypto!

All signals coming from Nvidia at the moment are that they’re about to shock the mining world with a card that is specific and powerful enough for mining only. This is something that has never been considered before by any GPU manufacturers, until now. 

It turns out that Nvidia does want our mining money, after months of negative press speculation about how Nvidia hated miners and how miners were ruining things for gamers. March 26 is the date we should all look out for as Nvidia will be officially announcing their next level of GPU gear, the rumours around hardware are coming thick and fast, but does anyone really know what is being planned? 

If these cards are specifically made for mining, one can only imagine the potential for huge profits, especially if they increase the amount of cores and the ability to overclock. GTC 2018 should answer all of our questions, and it can’t come soon enough as prices for Nvidia’s high end 1080 Ti have shot up in a matter of weeks from £799 to over £1000. 

C’mon Nvidia, let’s make mining great again! 

Make a Million Dollars In Crypto with $1,000 in 2018?

Let me start by stating I'd love to retire early, but is it really that easy? I've not long watched this video and I have to say, whilst the maths doesn't impress, the theory seems sound. This mining and cryptocurrency lark is definitely fast becoming like a drug to me, maybe I should be worried ;-)

Should you use NiceHash in 2018?

The world’s largest crypto-mining marketplace.
Without question, NiceHash is the best interface of all the Mining sites I've seen. it offers the most intuitive experience for anyone new trying to break into mining. They do absolutely everything for you, all you have to do is set your RIG to mine. Just to be clear, NiceHash uses your computational power to mine for altcoin and then pays you in bitcoin (thx to John Files for pointing that out).

If you build, the Bitcoins will come!

New mining Rig parts slowly arriving in a drip like fashion. My 4GB of DDR4 - 2133mhz Memory module turned up today, not very exciting I know, but the suspense is building, just need to order 6x Geoforce GTX 1080 Ti GPU's and I'm pretty much all set to go! My Gigabyte Motherboard should be here tomorrow, hoping to do a build video on putting it all together, configure the BIOS, Install software and show it mining. Hopefully will put that together soon. C'mon Nvidia, pull your finger out and meet the supply and demand for GPU's. 

Turn your passion into profit

Here's a quick look at what you will need, this is just my recommendation on what would make a really profitable Rig and beat those electricity costs. You don't need to worry about CPU, H.D.D drive space or anything like that, as mentioned, its mostly about powering up the GPU's to allow them to run riot at the mathamatical computations.

My first Mining Rig!

One of the questions I needed answers to early on was how much will it cost me? How much can I make and how soon will it pay for itself. The guide to your left shows total monthly income from mining, the payback section is whatever you want it to be, but I wanted to recoup costs as quickly as possible, this also includes covering costs for electricity. The cash balance is what you walk away with at the end of the month.

Beginners Guide to Crypto Mining?

I first heard about Bitcoin way back in 2012, my wife mentioned it to me over dinner "This Bitcoin is the future you know", I didn't have a scooby what she was going on about. She tried to explain it to me, but to be honest, my eyes started to glaze over and unfortunately for me, I didn't take it seriously, "a flash in the pan" I quietly and smugly thought to myself. If only I could rewind time and go back to that evening meal and say "what was that again, Bitcoin you say, tell me everything you know?".