WHAT IS BITCOIN?
For those who have spent the time to learn about the mining process of digital currencies it has been a time of joy in learning something new combined with losses in equipment and coin prices as the downfall. Overall though it is fun to be a part of the cryptocurrency mining community and help shape the future of financial services forever.
There are many different kinds of coins to mine in the world today. Below is a quick list of some of the most popular mining algorithms.
SHA-256 ( Used by BTC, MYR, UNO, WDC, NMC, & More)
POW Scrypt – (Used by LTC, POT, EMC2, FLT, & More)
Scrypyt N – (VTC, SPA, & More)
X11 – (DRK, CRYPT, HIRO)
X13 – (X13C, BOOST, CLOACK, & More)
Keccak – (Max, 365)
Quark – (QRK, SRC, FZ)
Groestl – (GRS, DMD)
To mine coins you need to use computer related equipment to connect to a coins network or pool and begin processing transactions. Helping complete transactions on the network is how you earn coins with mining. A certain percent of the coin is shared or gained once completed.
Mining Equipment Include but not limited to:
ASIC Chip Based Devices
ASIC Scrypt Based Devices
& any system that can can calculate hard to solve math related problems.
Many pools have the mining instructions on them for whatever particular coin you want to mine. They also usually provide links to the mining software and suggested configurations. Take a look at our list of Top Rated Pools to see which one you would like to get started with.
Check out our BitcoinGalaxy Shop also to see if there is any new or used Bitcoin related mining gear available.
If you have any questions about mining please contact us and we will try to help you as best we can or send you in the right direction. Happy Mining to All!