Bitcoins have been around since 2009 but they weren’t a huge success at their launch, however, they are now worth over $200 each and that number looks likely to increase even more. Bitcoins are a cryptocurrency and they have been so popular because of the lack of centralization, meaning nobody can manipulate its value. Banks can manipulate inflation by releasing more paper money and dictating as they please, but with bitcoin it’s a digital currency run by average people, or peer to peer (p2p). There are lots of miners (programs to generate new coins) around and most of them take a bit of getting used to, especially for beginners. I started using them recently and I found it difficult to obtain a true newbie guide, instead having to read through countless tutorials just to find the answer to basic questions. A Google search was no use either because it kept leading to the same, unrelated information. I spent about 7 days reading through forums and eventually got the hang of it. Virwox is perhaps the easiest place for newcomers to buy bitcoins. Once I figured out bitcoin I moved to litecoin.
Litecoin is another cryptocurrency but it’s newer than bitcoin. Since it’s newer it’s easier to find new coins using mining software, although they are only worth about $2-3 just now. Some say litecoin will fail but the evidence seems to suggest that it will be a success, mainly because there is now so many people mining it, which is exactly how bitcoin became so successful. I decided to make a video showing beginners how too begin mining bitcoin and litecoin in a few minutes, which I would have killed for when I first started. For anyone who is already familiar with mining coins the video won’t be of much use.
The first video I made just show the quickest and easiest ways to get started, with little emphasis on why you need to do what you do. It shows you how to use USB block erupters for optimal performance and minimal power usage. I then decided to make another video showing how to mine solo for bitcoin and litecoin, something that is a bit more technical. A good thing about that video is how it shows you what a .conf file is, know as the configuration file. It goes inside the folder that a program is stored in and tells it what to do, nothing too difficult really, but learning the commands can be tricky and even a misplaced comma will prevent your miner from starting. You don’t need too much hardware to mine but a nice graphics card is a bonus, otherwise you won’t be able to do much. It’s hard to mine for profit but as a hobby it’s quite fun, plus it runs in the background so once you get set up you don’t need to do a thing, just sit back and get some cash!
Here is the first video showing how to get set up quickly, the next video shows you how to solo mine with both bitcoin and litecoin, enjoy!
PLEASE NOTE: To view the video descriptions and config files you need to watch the videos on YouTube.